IS THAT TRUE? Tinubu Has Saved Nigeria From Economic Bleeding” – Finance Minister, Wale Edun

November 19th, 2024



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Tinubu Has Saved Nigeria From Economic Bleeding” – Finance Minister, Wale Edun

The Minister of Finance, Wale Edun, stated that President Bola Tinubu’s brilliant initiative has prevented the country from incurring significant financial losses, which he estimated at about five percent of the GDP each year. He made these remarks on Monday in Bauchi during the opening ceremony of the National Council on Finance and Economic Development (NACOFED), which was themed “Fostering Economic Growth in Challenging Times.”

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Edun emphasized that President Tinubu’s administration has inherited both assets and liabilities, and there is no turning back. He noted that in order to stabilize the economy and chart a way forward, critical decisions must be made.

 

His words:

“When you try to look at where we are now, essentially, the major macro economic reforms that are in place. The President 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 of course 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, health.

“The road is clear for private sector investors and as we know, we are now back in business on the road to industrialization, based on what is happening in the petroleum refining sector.

“Crude oil is not just being shipped abroad, it’s being refined locally to give petroleum products and raw materials for industry. We should be encouraged that we have a more stable, sustainable macro economic environment that is friendly to investors, that will make it possible not only for them to produce competitively for the domestic market but also to export.”



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