Be patient, my economic reforms ‘ll stabilize Nigeria, Tinubu tells Nigerians
President Bola Ahmed Tinubu’s address at the 16th Edition of LEADERSHIP Annual Conference and Awards was not just a call for patience but also a comprehensive outline of his administration’s economic reforms and the envisioned future for Nigeria. Represented by the Minister of Information and National Orientation, Mohammed Idris Malagi, Tinubu highlighted key initiatives and achievements, aiming to reassure Nigerians of a more stable and prosperous future.
Tinubu’s speech emphasized that while the path to economic stability may be challenging, Nigeria is making significant strides. He pointed to the controversial removal of fuel subsidies as a crucial step, leading to substantial savings and increased government revenue. This, in turn, has enabled the funding of various social and economic support programs, including negotiations for a new minimum wage and the approval of a N200 billion disbursement through three new special integration funds.
The first of these funds, the 50 billion Naira Youth Entrepreneurship Support (YES) program, is targeted at traders, artisans, ICT professionals, creatives, and transport workers, providing them with business grants or loans. The second fund, totaling 75 billion Naira, aims to support small and medium-sized enterprises with single-digit interest loans, while the third fund, also 75 billion Naira, focuses on assisting manufacturing businesses. Additionally, a federal student loan program will soon offer interest-free financing to students in tertiary institutions and vocational skill programs.
Tinubu also highlighted investments in key sectors, such as a N100 billion initiative for Compressed Natural Gas (CNG) to reduce transportation costs and a 100 billion Naira allocation for the National Agricultural Development Fund. These initiatives, coupled with positive economic indicators like $30 billion in foreign direct investments and significant GDP growth, are seen as evidence of Nigeria’s economic transformation.
While acknowledging the current challenges, Tinubu stressed that these are part of the necessary reforms to build a new, sustainable economy. He urged the Nigerian media to provide balanced reporting, focusing not just on the challenges but also on the opportunities and solutions. Tinubu’s speech painted a picture of a nation undergoing a transformative journey, with a promising future ahead.
