Nigeria Not In Economic Distress – Tinubu

Victor Eke
Victor Eke March 5, 2024
Updated 2024/03/05 at 7:46 PM
Bola Ahmed Tinubu

Bola Ahmed Tinubu

President Bola Tinubu has refuted claims of Nigeria’s economy being in distress, asserting that the nation is amidst a period ripe with opportunities for growth and advancement.

Speaking at the Leadership Conference and Awards 2023 in Abuja, Tinubu challenged the perception of economic helplessness, emphasizing the potential for resetting course and establishing a sustainable economy.

Represented by the Minister of Information and National Orientation, Mohammed Idris, Tinubu highlighted various government initiatives to bolster Nigerian businesses, students, and vulnerable households. He disclosed the allocation of N200 billion in intervention funds, alongside the introduction of a Federal Students’ Loan program and the Presidential Initiative on Compressed Natural Gas (CNG).

According to a statement by Rabiu Ibrahim, Special Assistant (Media) to the Minister of Information and National Orientation, the N200 billion intervention funds will be disbursed through three new special intervention programs aimed at supporting Nigerian businesses.

Regarding the Presidential Initiative on CNG, Tinubu anticipates significant cost reductions in transportation upon the rollout of CNG-powered buses, potentially slashing costs by up to 50 percent.

Tinubu also highlighted the surge in government revenues following the removal of the petrol subsidy, signaling increased funds for critical infrastructure and social security programs.

The President spoke about ongoing negotiations for a new minimum wage and the expansion of the social investment program, targeting the most vulnerable segments of society.

Since assuming office in May 2023, Tinubu noted attracting $30 billion in Foreign Direct Investment (FDI) commitments across various sectors. He cited recent discussions with Qatari authorities during an official visit, affirming forthcoming investments in Nigeria.

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