The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed that Chief Bola Tinubu is commitment to reducing poverty in Nigeria through targeted policies and private sector investments.
Edun made the statement on Monday during the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development.”
According to the minister, Tinubu’s administration is focused on stabilising the economy and creating opportunities for economic growth to lift a significant number of Nigerians out of poverty.
Edun stated, “ Tinubu’s administration inherited assets and liabilities and there is no looking back but it’s a question of charting a way of looking forward and making plans in order to first of all stabilise the economy.
“He is working hard to get investments through private sector investors both domestically and foreign direct investors to increase the productivity of Nigeria, grow the economy, create jobs and of course move a large number of people out of poverty.
“When you try to look at where we are now, essentially, the major macro economic reforms are in place.
“He has stopped the bleeding that was costing five per cent of the GDP of the country every year that was adding no value except to a few people and neighbouring countries that were benefiting from what was happening with the fuel subsidy and as well, a related foreign exchange subsidy.
“The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures.
“They have been removed and the federation account will benefit from increased flow of resources to the federal, states and local governments and so much more can be done in terms of investing not just in infrastructure but in social services like education and health,” he added.
Governor Bala Mohammed of Bauchi State, speaking at the event, expressed pride in hosting the conference, which he said demonstrates collaboration in addressing the country’s economic challenges. He urged participants to contribute meaningfully to discussions for the benefit of Nigerians.
“Your presence is a testament to your commitment to advancing Nigeria’s financial and economic landscape.
“I urge all the participants to contribute constructively to the benefit of all Nigerians,” he stated.
The conference brought together stakeholders to explore strategies for fostering economic growth and fiscal sustainability in challenging times.
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