The Minister of Information and National Orientation, Mohammed Idris, has said that the current economic policies of the President Bola Tinubu-led administration are anticipated to blossom next year.
The Minister stated this on Thursday during the end-of-year World Press Conference held in Abuja.
He said the president made a bold and strategic move immediately after his swearing-in with the removal of fuel subsidy.
“The reforms initiated by President Tinubu across the various sectors of our economy are sowing the seeds of transformative change, and as we enter 2024, we can anticipate the fruits of these efforts beginning to blossom.
“These reforms are not instantaneous miracles but deliberate steps towards building a stronger and more prosperous Nigeria.
“In the economic realm, initiatives aimed at creating jobs, attracting investments, and fostering sustainable growth are taking root.
“As we move forward, we can expect to witness the tangible outcomes of these efforts, with increased economic opportunities, improved infrastructure, and a business environment conducive to innovation and prosperity,” the minister said.
He said this decision, borne out of a commitment to fiscal responsibility and a keen eye on national progress, is a testament to the administration’s dedication to effective resource allocation and blocking avenues of waste.
The Minister said the removal of the fuel subsidy is a decisive step towards channelling resources where they matter most—impacting sectors critical to our national development.
By redirecting these funds, Idris said President Tinubu aims to bolster key areas such as healthcare, education, infrastructure, humanitarian aid, security, and other sectors that directly influence the well-being and prosperity of our citizens.
“This move is not without its challenges, but it signifies our unwavering commitment to making difficult decisions in the interest of the greater good. It aligns with our vision for a Nigeria that thrives on efficiency, transparency, and responsible governance.
“Fuel subsidy removal is a crucial step towards a more sustainable economic future, and we are working tirelessly to ensure that the benefits of this decision are felt by all citizens.
He said the president is attracting foreign direct investment as he crisscrosses the globe to boost the country’s image and foster international partnerships.
Idris said these diplomatic missions demonstrate the president’s commitment to position Nigeria as a prime destination for foreign investments.
“The President seizes every opportunity to affirm his status as the Chief Marketing Officer of Nigeria, consistently reiterating the message that Nigeria is open for business and investment and that the Federal Government will do everything to guarantee the sanctity of all domestic and foreign investment.
“The international shuttles are yielding positive outcomes, with expressions of interest from various quarters to invest in key sectors of our economy. President Tinubu’s engagements have not only highlighted our nation’s potential but have also demonstrated our commitment to being a responsible and collaborative player in the global community.
“Indeed, we have begun to see the tangible impact of these efforts with well over $15 billion in pledges of foreign direct investment (FDI) in energy, steel, defence, automotive, and other sectors.
On security, the minister said that Nigeria faces challenges of insecurity, particularly the menace of banditry, kidnapping, and insurgency.
He said that in the face of these threats, President Tinubu has demonstrated his commitment to securing the lives and property of every Nigerian.
“Recognising the urgency of the situation, President Tinubu has made the fight against insecurity a top priority of his administration, as contained in the Renewed Hope Agenda.
“Comprehensive strategies are being implemented to address the root causes of these issues and ensure a safer, more secure Nigeria.
“From the various reports we are getting from our security agencies, it is evident that Nigeria is winning the war against terrorism, banditry, insurgency, and other forms of criminality.
“For instance, the South-East Region has been stabilised with the degrading of the operational capacity of IPOB and the Eastern Security Network. You would recall that the Army recently launched an Exercise Code named “Exercise Golden Dawn III” in the South East to support other security agencies in the region during and after the Yuletide period.
“In the north-east and north-west of the country, the Nigerian Air Force has been very busy, with several successful airstrikes on bandits’ and terrorists’ camps and hideouts in Katsina, Zamfara, and Borno States.
“In our maritime environment, on October 25, the Eastern and Central Naval Commands flagged off a Joint Sea Exercise, Exercise SEA Guardian 2023.”.
He said the lion’s share of this year’s supplementary budget of N2.17 trillion went to security, and a sizeable portion of the 2024 budget will also go to security.
The minister said this is necessary in order to acquire and deploy additional platforms, recruit more security personnel, and conduct training, among others.
Furthermore, Idris said that to cushion the effect of the high cost of transportation fares, the Federal Government targets lifting five million (5,000,000) commuters during this Yuletide season with a 50% transportation rebate.
He said that in addition, all train services are free for all Nigerians travelling from today, Thursday, December 21, 2023, to Thursday, January 4, 2024.
The Minister announced the participating road transport companies for the 50% rebate to include GIG (God is Good), Chisco Transport, Young Shall Grow, God Bless Ezenwa, and Area Motor.’
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