Wale Edun Praises Tinubu For Reversing Economic Bleeding Of 5% GDP Loss Every Year

Wale Edun Praises Tinubu For Reversing Economic Bleeding Of 5% GDP Loss Every YearThe Federal Government has praised President Bola Tinubu’s economic reforms, describing them as a pivotal step in building a strong foundation for local investments, industrialisation, and poverty reduction. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, made the remarks during the 2024 National Council on Finance and Economic Development conference, which took place at the Dr. Sulaimanu Adamu Square in Bauchi on Monday.....KINDLY READ THE FULL STORY HERE▶

Edun underscored the transformative impact of the Tinubu administration’s policies, noting that Nigeria is now operating within a more stable and sustainable macroeconomic framework, one that fosters investor confidence. He expressed gratitude to Bauchi State Governor Bala Mohammed for hosting the event, highlighting the importance of open dialogue in strengthening trust and collaboration among key stakeholders.

“This conference plays a crucial role in clarifying issues and building trust. It’s essential to understand each other’s economic and financial situations, resources, and skills,” Edun remarked, emphasizing the need for collaboration to address Nigeria’s economic challenges.

The finance minister acknowledged the difficult economic legacy inherited by the Tinubu administration but emphasized the government’s determination to stabilise the economy and create a conducive environment for both domestic and foreign investments. “We inherited both assets and liabilities, but we remained focused on stabilising the economy and attracting investments to increase productivity, create jobs, and lift many Nigerians out of poverty,” he said.

Edun pointed to the successful implementation of key macroeconomic reforms under President Tinubu’s leadership. One of the most significant achievements, he noted, was the removal of the fuel subsidy, which had been draining up to 5% of the country’s GDP each year with little benefit to the majority of Nigerians. “The President has stopped the economic bleeding caused by these subsidies, which were benefiting only a few individuals and neighbouring countries,” Edun explained.

With the removal of these subsidies, Edun said, resources are now being redirected to the Federation Account, allowing for increased investment in critical areas such as infrastructure, education, and healthcare at all levels of government. The reforms, he added, have created a more investor-friendly environment, particularly in the petroleum refining sector, paving the way for private-sector-led industrialisation.

“The path is now clear for private-sector investors, especially in the petroleum refining sector. Crude oil is no longer just exported; it is being refined locally to produce petroleum products and raw materials for industry,” Edun stated. He expressed optimism that Nigeria’s more stable macroeconomic environment would allow investors to produce competitively for both domestic and international markets.

In closing, Edun reassured Nigerians that the administration remains committed to fostering an environment conducive to investment, with a focus on enhancing productivity and creating opportunities for economic growth.

Governor Bala Mohammed Highlights Importance of Collaboration

In his remarks, Bauchi State Governor Bala Mohammed expressed pride in hosting the conference, marking 17 years since the state last held the event. He emphasized the significance of collaboration in addressing Nigeria’s economic challenges and commended the conference participants for their dedication.

“It’s a privilege to host this conference again, and it highlights the importance of working together to tackle our economic challenges and seize new opportunities,” Governor Mohammed said. He recalled the success of the previous conference in Bauchi and reassured participants that efforts had been made to ensure this year’s gathering would exceed expectations.

The governor urged all participants to engage constructively and contribute ideas that would benefit Nigeria’s economic development across all sectors.

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