Jane Otu, South South
DAILY COURIER – President Bola Tinubu has highlighted a gradual economic rebound in Nigeria, attributing it to ongoing reforms targeting key sectors.
Addressing the All Nigerian Editors Conference in Yenagoa through the Minister of Information and National Orientation, Mohammed Idris, the President underscored his administration’s 18-month journey in establishing a solid foundation for a more prosperous Nigeria.
In his keynote address, President Tinubu noted the impact of recent reforms in reducing the debt-service-to-revenue ratio, a critical step toward economic recovery. "I am pleased to let you know that through our sustained reforms, we are witnessing our economy gradually making a rebound on the most important foundational level," Tinubu stated. He reported a significant decrease in the debt-service-to-revenue ratio, which has dropped from nearly 100% to around 65%, reflecting increased financial stability.
Tackling long-standing economic challenges
The President emphasized that one of the administration’s primary focuses has been to eliminate major obstacles to Nigeria’s economic potential, including the removal of the fuel subsidy regime and a reform of the foreign exchange system. He described these issues as major drains on national resources that had hindered Nigeria’s economic growth for years.
“Two of the most significant are very well known to you: a ruinous fuel subsidy regime that deprived us of billions of dollars annually that could be going into investments in critical physical and social infrastructure, and a foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse,” he said.
These reforms, according to Tinubu, have bolstered revenue across all levels of government – Federal, State, and Local – which has, in turn, enabled greater investment in social services, infrastructure, and social security initiatives.
Strengthening governance and grassroots development
President Tinubu welcomed the recent Supreme Court ruling in favor of local government autonomy, a decision prompted by a lawsuit filed by the Federal Government. The ruling, he stated, was a step toward strengthening governance and fostering grassroots development. This autonomy is expected to empower local governments to have a direct impact on their communities, enhancing the administration's aim to build a Nigeria where no citizen is left behind.
A Strategic Approach to Economic Growth
Addressing the conference theme, "Economic Growth and Development Strategies in a Resource-Rich Country," the President reiterated his vision for a Nigeria that fully leverages its vast resources for national development. He outlined several new initiatives aimed at transforming Nigeria’s resource wealth into sustainable growth and development.
Among these initiatives, he highlighted the introduction of a new minimum wage of N70,000 across federal government establishments, with a growing number of state governments following suit. Furthermore, the Nigerian Education Loan Fund has disbursed over N5 billion, benefiting more than 46,000 students in 59 tertiary institutions. The administration has also earmarked N100 billion to support the first batch of 500,000 civil servants under the Consumer Credit Scheme.
Diversifying the Economy and Fostering Green Solutions
Although oil remains a key revenue source for Nigeria, Tinubu emphasized his commitment to diversifying the economy. He introduced the Presidential Initiative on Compressed Natural Gas (CNG) as a major strategy to reduce transportation costs and promote a cleaner environment. In the past year, this initiative has attracted close to $200 million in private sector investments, reflecting the administration’s drive toward sustainable and diversified economic growth.
Targeted Interventions for Economic Relief
President Tinubu also outlined several targeted interventions aimed at providing economic relief to Nigerians. These include the Presidential Loans and Grants Scheme, the Consumer Credit Corporation Initiative, the Renewed Hope Housing and Estates Initiative, the Renewed Hope Infrastructure Development Fund, and the Presidential Unlocking Health Value Chains Initiative. Each of these programs, he asserted, is strategically designed to deliver impactful, long-term benefits to millions of Nigerians.
Collaboration with the Media for National Progress
In his address, the President commended the media’s role in nation-building and emphasized its importance in upholding Nigeria’s democratic values. He stressed the need for collaboration between the media and the government, calling for a cooperative relationship rooted in mutual respect.
“The media has a duty to hold elected and appointed officials accountable and ensure that we are doing our work in a manner that strengthens democracy – not weakens it,” he remarked, urging the press to work alongside the government in achieving shared national goals.
The conference, with its focus on economic growth strategies in a resource-rich Nigeria, provided a platform for President Tinubu to share his administration's progress, challenges, and aspirations as he seeks to drive the nation toward a more resilient and inclusive economy.
