The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has commended President Bola Tinubu for implementing policies that have stabilized Nigeria’s economy, particularly the removal of the fuel subsidy.
Speaking on Monday during the opening ceremony of the National Council on Finance and Economic Development (NACOFED) in Bauchi, Edun highlighted how Tinubu’s economic reforms have averted significant financial losses for the country. The event, themed *”Fostering Economic Growth in Challenging Times,”* drew policymakers and stakeholders from across the nation.
According to the minister, the previous fuel subsidy regime drained 5% of Nigeria’s Gross Domestic Product (GDP) annually, benefiting only a few elites and neighboring countries.
He praised Tinubu for ending the subsidy and redirecting resources to benefit the federation’s three tiers of government. “The President has stopped the bleeding that was costing five percent of the GDP of the country every year,” Edun stated.
“That structure added no value except to a few people and, of course, neighboring countries. Now, the resources previously lost are available for investment in critical sectors such as education, health, and infrastructure.”
Edun also lauded the economic prospects unlocked by recent reforms. “The road is clear for private sector investors. We are now back in business on the path to industrialization. Crude oil is no longer just being exported; it is now being refined locally to produce petroleum products and raw materials for industry,” he explained.
The minister expressed gratitude to Bauchi State Governor Bala Mohammed for hosting the conference, describing it as a pivotal platform for charting economic strategies.
Governor Mohammed, in his remarks, assured participants that the conference would yield meaningful outcomes. “We will spare no effort to ensure that this gathering surpasses expectations,” he promised.
The NACOFED conference is expected to produce actionable recommendations to navigate the country’s economic challenges and foster sustainable growth.
