Addressing the 16th edition of the Leadership 2023 conference in Abuja on March 5, President Bola Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris, vehemently debunked claims of economic distress, asserting that Nigeria's current challenges are surmountable. The President emphasized that the nation is not helpless and presented a comprehensive roadmap for economic revitalization.
President Tinubu began by challenging the prevailing notion of Nigeria's economic distress, emphasizing that the country is far from being at the mercy of uncontrollable forces. Acknowledging the challenging times, he outlined the unprecedented opportunities for a reset, steering away from past practices marked by rent-seeking and wasteful expenditures.
The President highlighted significant achievements since the removal of petrol subsidies, including a 50% reduction in petrol imports and a surge in revenues for the three tiers of government. These increased funds are earmarked for critical infrastructure, social security, and other essential areas, such as the negotiation for a new minimum wage.
To support Nigerian businesses, President Tinubu approved the disbursement of N200 Billion Naira through three new special intervention funds. These include the Presidential Conditional Grant Scheme, the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund. Additionally, a Federal Student Loan program is set to launch, covering students in tertiary institutions and vocational programs.
The President addressed the cost of transportation, announcing a 100 Billion Naira initiative for a Presidential Initiative on Compressed Natural Gas (CNG). CNG-powered buses are expected to reduce transportation costs significantly.
In the agricultural sector, President Tinubu revealed ongoing dry-season farming programs and committed 100 Billion Naira to the National Agricultural Development Fund for 2024. The repositioning of the Bank of Agriculture is also underway.
Highlighting economic indicators, President Tinubu shared impressive statistics, including $30 billion in Foreign Direct Investment (FDI) commitments, a 3.46% year-on-year growth in Q4 2023, and a 66% increase in capital importation. The Nigerian Stock Exchange All Share Index reached its highest ever at 100,000 points in January 2024.
In closing, President Tinubu called for continued patience, support, and responsible media reporting. He urged the media to emphasize not only the challenges but also the solutions and opportunities, portraying Nigeria's story as a nation taking the right steps toward a promising future.
