As Nigeria prepares for its 64th Independence Day, the federal government has announced that President Bola Tinubu’s economic reforms are yielding positive outcomes. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this statement on Thursday at a press briefing in Abuja, marking the 64th Independence Anniversary.
Speaking at the event, Edun affirmed that despite challenges, the administration’s efforts have begun to stabilize the economy. He highlighted several positive developments such as falling inflation, stabilizing exchange rates, rising reserves, and decreasing budget deficits.
“In addition to stabilizing the economy, we are now focusing on growing it through agricultural production and local industrialization. The ongoing local refining of petroleum products and potential for export is a testament to this growth,” Edun explained.
Edun also noted the government’s pivot toward Compressed Natural Gas (CNG) initiatives as part of a strategy for sustainable economic development. He acknowledged that Nigeria, after 25 years of uninterrupted democratic governance, still faces food importation challenges, but the government aims to address these by boosting local production.
The minister lauded the removal of the petroleum subsidy as a courageous move by President Tinubu, attracting international support and concessional financing. He added that domestic refiners are now allowed to purchase crude oil from the Nigerian National Petroleum Corporation (NNPC), further encouraging local industrial growth.
Minister of Works, Senator Dave Umahi, provided updates on ongoing infrastructure projects, revealing that e-tolling would soon begin on major highways like Lagos-Ibadan, Makurdi-9th Mile, and Abuja-Kano Roads. He also announced that the government saved $60 billion by renegotiating the Kano-Abuja road contract.
Minister of Water Resources, Professor Joseph Utsev, also addressed the recent breach of the Alau Dam in Maiduguri, stating that President Tinubu had commissioned a technical committee to assess all dams across Nigeria for necessary repairs and upgrades.
Despite these advancements, Minister Edun admitted that Nigeria still has a long way to go but remains optimistic that the measures being taken will lead the nation to long-term prosperity and stability.