
Nigeria's Finance Minister, Wale Edun, has commended President Bola Tinubu for his decisive economic strategies that have steered the country away from financial distress.
The minister highlighted the President's initiative to halt the importation of fuel as a pivotal move in stabilizing the nation's economy.
Minister Edun explained that the Tinubu administration inherited both assets and liabilities, necessitating bold decisions to stabilize the economy.
"The President has stopped the bleeding that was costing five percent of the GDP of the country every year," Edun stated, referring to the costly fuel and foreign exchange subsidies that were previously in place.
These subsidies, he noted, benefited only a select few while draining national resources.
By eliminating these subsidies, the government has redirected funds into the federation account, which will now benefit federal, state, and local governments.
This reallocation is expected to boost investments in critical infrastructure and social services such as education and health.
"The road is clear for private sector investors," Edun added, emphasizing the renewed focus on local petroleum refining and industrialization, which are key to fostering economic self-sufficiency.
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