President Bola Tinubu has challenged the notion that the Nigerian financial system is in misery, highlighting the progress his administration has made, up to now, and the alternatives for development and improvement within the nation.
The President spoke in an deal with on the Management Convention and Awards, 2023, in Abuja on Tuesday, March 5, 2024.
Represented by the Minister of Info and Nationwide Orientation, Mohammed Idris, the President shared key initiatives and funding efforts by the administration to help Nigerian companies, college students, and weak households, in addition to to boost meals safety and appeal to international direct funding.
He mentioned: “I ought to begin by respectfully difficult that notion that the Nigerian financial system is in misery. Misery suggests helplessness, being on the mercy of one thing now we have no management over. However that’s not the case right here.
“We’re in difficult instances, little doubt, however these instances have additionally been marked by unprecedented alternatives, to reset course and to construct a brand new and sustainable financial system, away from the rent-seeking and the waste that was as soon as the order of the day.”
Tinubu disclosed that intervention funds totaling N200 billion have been put aside to help Nigerian companies; along with a brand new Federal College students’ Mortgage program and the Presidential Initiative on CNG. The N200 Billion Naira, in response to the President, shall be disbursed by way of three (3) new particular intervention funds established to help Nigerian companies.
On the Presidential Initiative on CNG, the President famous the “imminent rollout of those CNG-powered buses which can carry down the price of transportation by as a lot as 50 p.c.”
The President additionally highlighted the substantial enhance in revenues accruing to the three tiers of Authorities for the reason that removing of the petrol subsidy. “This implies extra funds can be found to instantly affect the lives of Nigerians by way of investments in vital infrastructure, social safety, and different areas,” he mentioned.
Different efforts of the Federal Authorities, geared toward bringing financial reduction to Nigerians, embody the graduation of negotiations, between the Federal and State Governments and Organized Labour, for a brand new minimal wage for the nation; and the scaling-up of the social funding programme.
“For the poorest and most weak amongst us, the Social Funding Programme, at present below evaluate to reposition it for optimum affect, will help hundreds of thousands of households with direct money transfers that may allow them to fulfill their fundamental wants.”
The President reiterated the features of his administration’s sturdy funding drive: “Since we assumed workplace in Could 2023, now we have attracted $30 billion in Overseas Direct Funding (FDI) commitments into the actual sectors of the financial system, together with Manufacturing, Telecoms, Healthcare, Oil & Gasoline, and others.
“These investments have already began coming into the nation. Just some days in the past, I used to be in Qatar on an official go to, the place the Emir assured me {that a} senior authorities delegation would go to Nigeria after Ramadan, to start taking motion on a number of the new investments they’re taking a look at right here.
“I’ve requested the Minister of Finance and Coordinating Minister of the Economic system to instantly interface with the Qatari authorities to make sure that speedy progress is made.”
Whereas in search of help and endurance from Nigerians, Tinubu additionally paid tribute to the Late Sam Nda-Isaiah, founding father of the Management Group Restricted, and recommended his spouse, Zainab Nda-Isaiah, for her persevering with management.
“I can’t shut with out paying particular tribute to the reminiscence of Sam Nda-Isaiah, the person who made this doable, who envisioned and constructed this into the media empire that it’s as we speak.
“Your reminiscence will proceed to dwell on, not solely in our hearts but additionally in your good writings and within the household and the enterprise legacies that you simply left behind,” he mentioned.
Moreover, he emphasised the significance of media reporting that focuses on successes, and never simply challenges.
“I ask for the persevering with endurance and help of all Nigerians, together with the elite that could be very effectively represented on this room as we speak.
“To the Nigerian media, I urge you to try to report not solely the challenges but additionally the options and the alternatives as effectively.
“Ours is a narrative of a rustic that’s taking the proper steps, and feeling the fleeting pains that may include this plan of action. An excellent daybreak is certainly assured.”
