Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, emphasised President Bola Tinubu’s commitment to alleviating poverty among Nigerians.
Gatekeepers News reports that during the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Edun highlighted that approximately 70.8 million Nigerians, or 31 percent of the population, live in extreme poverty, as reported by the World Poverty Clock.
At the conference, Edun noted that Tinubu is actively pursuing initiatives aimed at improving the livelihoods of all citizens.
He mentioned that the president is dedicated to devising effective policies and programs to facilitate economic advancement and enhance the quality of life for Nigerians, ultimately aiming to lift many individuals out of poverty.
“President Tinubu’s administration inherited assets and liabilities and there is no looking back but it’s a question of charting a way of looking forward and making plans in order to first of all stabilise the economy,” he said.
“He is working hard to get investments through private sector investors both domestically and foreign direct investors to increase the productivity of Nigeria, grow the economy, create jobs and of course move a large number of people out of poverty.
“When you look at where we are now, essentially, the major macroeconomic reforms are in place.
“He has stopped the bleeding that was costing 5 percent of the GDP of the country every year that was adding no value except to a few people and 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 and health.”
Edun assured Nigerians that the road is clear for private sector investors, stressing that the country is back in business and en route to industrialisation considering the reforms in the petroleum refining sector.
He also said crude oil is being shipped abroad and refined locally to provide petroleum products and raw materials for the manufacturing industry.
The minister, who asked Nigerians to be encouraged, said the country now has a more stable and sustainable macroeconomic environment that is friendly to investors.
