Nigeria's Economy Is Not in Distress, Asserts Tinubu
President Bola Tinubu has contested the idea that the Nigerian economy is distressed, emphasizing significant opportunities for growth and development in the country. Speaking at the Leadership Conference and Awards 2023 in Abuja on Tuesday, Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris, stated that while challenging times exist, they also present unprecedented opportunities for reshaping the economy, moving away from past practices of rent-seeking and wastefulness.
This information was conveyed through a press release issued by Rabiu Ibrahim, the Special Assistant (Media) to the Minister of Information and National Orientation.
The President highlighted essential initiatives and investment endeavors undertaken by the government to bolster Nigerian businesses, assist students, aid vulnerable households, strengthen food security, and attract foreign direct investment.
Tinubu revealed that a designated sum of N200 billion has been allocated for intervention funds to bolster Nigerian businesses. Additionally, a novel Federal Students' Loan program and the Presidential Initiative on CNG were announced.
As per the President's announcement, the sum of N200 billion will be distributed through three newly established special intervention funds designed to aid Nigerian businesses.
Regarding the Presidential Initiative on CNG, the President highlighted the upcoming deployment of CNG-powered buses, expected to significantly reduce transportation costs by up to 50 percent.
Furthermore, the President underscored the noteworthy increase in revenues benefiting the three tiers of government following the elimination of the petrol subsidy.
"This translates to more funds available for direct interventions in the lives of Nigerians, particularly in critical infrastructure, social security, and other essential areas," he stated.
The government's additional endeavors to provide economic relief to Nigerians involve ongoing negotiations between the Federal and State Governments and organized labor for a new minimum wage. Additionally, there is an expansion of the social investment program, which, currently under review for optimization, aims to support millions of households through direct cash transfers to meet their basic needs, particularly for the poorest and most vulnerable.
The President emphasized the achievements of his administration's vigorous investment efforts: "Since taking office in May 2023, we have secured commitments of $30 billion in Foreign Direct Investment (FDI) for the real sectors of the economy, spanning Manufacturing, Telecoms, Healthcare, Oil & Gas, and various others."
The inflow of these investments has commenced, with recent developments confirming their initiation. During a recent official visit to Qatar, the Emir provided assurance that a high-level government delegation would journey to Nigeria post-Ramadan to initiate actions on various prospective investments. To expedite progress, I have directed the Minister of Finance and Coordinating Minister of the Economy to engage directly with Qatari authorities.
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