- Minister Wale Edun emphasized President Tinubu’s commitment to reducing poverty and stabilizing the economy through targeted policies and reforms
- Edun highlighted the removal of fuel and foreign exchange subsidies, which previously cost Nigeria 5% of its GDP annually, enabling infrastructure investments
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasized President Bola Tinubu’s dedication to reducing poverty in Nigeria.
Speaking in Bauchi on Monday at the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference, Edun highlighted the administration’s focus on policies designed to improve citizens’ lives.
“President Tinubu inherited assets and liabilities but remains determined to stabilize the economy and move forward. Edun stated that his plans aim to attract domestic and foreign investments, boost productivity, economic growth, and job creation,” Edun stated.
He added that major macroeconomic reforms have been implemented, including removing fuel and foreign exchange subsidies. He said these previously cost the country 5% of its GDP annually while benefiting only a few individuals and neighbouring countries.
“Removing these subsidies means increased federal, state, and local government resources. This will enable greater investments in infrastructure, education, and healthcare,” the minister explained.
Edun assured Nigerians that the current economic environment is stable and conducive for private-sector investment, particularly in industrialization. He noted progress in the petroleum refining sector, where crude oil is refined locally, producing fuel and industrial raw materials.
He urged Nigerians to remain optimistic, pointing out that the improved environment would allow businesses to compete locally and export internationally.
Bauchi State Governor Bala Mohammed also spoke at the event, expressing pride in hosting the conference. He emphasized the importance of collaboration in addressing economic challenges and pledged his state’s commitment to fostering Nigeria’s economic development.
The conference, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development,” brought together policymakers and stakeholders to chart a sustainable economic path for the nation.