President Bola Tinubu has dismissed claims that the Nigerian economy is in distress, as he backed up his claim with some of the recent indicators and statistics indicating that progress is being made despite the challenges.
Tinubu spoke at the ‘Leadership Conference and Awards 2023’, which was held yesterday at the Congress Hall of the Transcorp Hilton hotel in Abuja, where he was honored with the ‘Leadership Person of the Year 2023’ by the Leadership Group Ltd.
The newspaper Group said the award was conferred on President Tinubu in recognition of his exceptional leadership and the bold decisions he has made to reposition Nigeria toward economic prosperity since he assumed office on 29 May, 2023.
The President, who was represented at the event by the Minister of Information and National Orientation, Mohammed Idris, recounted key initiatives and investment efforts by his administration to support Nigerian businesses, students, and vulnerable households, as well as to enhance food security and attract foreign direct investment.
He said: I should start by respectfully challenging that notion that the Nigerian economy is in distress. Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.
We are in challenging times, no doubt; but, these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day.
President Tinubu disclosed that intervention funds totalling N200 billion have been set aside to support Nigerian businesses; in addition to a new Federal Students Loan programme, and the Presidential Initiative on CNG.
The N200 billion, according to the President, will be disbursed through three (3) new special intervention funds established to support Nigerian businesses.
On the Presidential Initiative on CNG, the President noted the imminent rollout of these CNG-powered buses which will bring down the cost of transportation by as much as 50 percent.
The President also highlighted the substantial increase in revenues accruing to the three tiers of Government since the removal of the petrol subsidy. This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas, he said.
Other efforts of the Federal Government, aimed at bringing economic relief to Nigerians, include the commencement of negotiations, between the Federal and State Governments and Organized Labour, for a new minimum wage for the country; and the scaling-up of the social investment programme.
For the poorest and most vulnerable among us, the Social Investment Programme, currently under review to reposition it for maximum impact, will support millions of households with direct cash transfers that will enable them to meet their basic needs.
The President reiterated the gains of his administrations robust investment drive:
While seeking support and patience from Nigerians, President Tinubu also paid tribute to the founder of the Leadership Group Ltd,, Late Sam Nda-Isaiah, and commended his wife, Zainab Nda-Isaiah for her continuing leadership.
Furthermore, he emphasised the importance of media reporting that focuses on successes, and not just challenges.
