By Abidemi Samuel
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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has commended President Bola Tinubu’s initiative, stating that it stopped Nigeria from bleeding due to the stoppage of imported fuel. According to Edun, this initiative has saved the country from losing five percent of its GDP annually.
Edun made this statement during the opening ceremony of the National Council on Finance and Economic Development (NACOFED) in Bauchi, where he emphasized that President Tinubu’s administration has inherited both assets and liabilities. However, the administration is focused on moving forward and making decisions to stabilize the economy.
The Minister highlighted the significant macroeconomic reforms implemented by the administration, which have stopped the bleeding caused by fuel subsidies and foreign exchange subsidies. These subsidies, according to Edun, only benefited a few individuals and neighboring countries, while the majority of Nigerians did not reap any benefits.
With the removal of these subsidies, the federation account will now benefit from an increased flow of resources to the federal, state, and local governments. This, in turn, will enable the government to invest more in infrastructure, education, health, and other social services.
Edun also expressed optimism about the country’s economic future, stating that the road is clear for private sector investors. He emphasized that Nigeria now has a more stable and sustainable macroeconomic environment, which is friendly to investors and will enable them to produce competitively for both domestic and international markets.
The Minister extended his appreciation to Governor Bala Mohammed for hosting the conference and to the organizers for making the event a success. Governor Mohammed, in his response, assured the attendees that he would spare no effort in ensuring the gathering surpasses expectations.
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