The Federal Government of Nigeria has announced its commitment to no longer rely on borrowing from local or foreign organizations, thanks to the removal of petrol subsidies and the harmonization of exchange rates.
Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, made this revelation following the inaugural Federal Executive Council meeting held on Monday in Abuja.
Edun emphasized that the funds saved from the removal of subsidies will be reinvested into various sectors, focusing on increasing government revenue and fostering a favorable business environment for both local and foreign investments.
Furthermore, Edun stated that there are plans to implement short, medium, and long-term measures to mitigate the impact of subsidy removal.
He reiterated the commitment of President Bola Tinubu-led administration to resuscitate the economy, which has faced significant challenges in recent times.
Similarly, Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, highlighted that investment opportunities are emerging in various sectors, such as oil and gas, health, solid minerals, and agriculture.
Uzoka-Anite also mentioned that her ministry will collaborate with relevant government departments and agencies to fulfill the President’s pledge of creating job opportunities for the Nigerian youth.
Addressing the importance of the health sector, Dr Ali Pate, the Minister of Health, stated that critical segments of the healthcare value chain will be fully leveraged to enhance the economy and generate employment for Nigerians.
Pate acknowledged the President’s directive to be bold and innovative in decision-making for the benefit of the country, citing the removal of petrol subsidies as one of the President’s impactful moves.
In terms of information dissemination, Mohammed Idris, the Minister of Information and National Orientation, emphasized the President’s call for transparency among cabinet members and the media.
Idris urged the media to exercise due diligence in fact-checking their stories to avoid spreading misinformation.
NAN
