The Federal Government of Nigeria has announced that President Bola Tinubu is rolling out important reforms to address past mistakes and improve the country’s economic situation.
This was made known by the Minister of Information and National Orientation, Mohammed Idris, during a press conference in Abuja on Thursday. The conference also served to introduce the events planned for Nigeria’s 64th Independence Anniversary.
Idris emphasized the President’s determination to lead Nigeria towards sustainable economic growth. He stated, “Under the visionary leadership of President Tinubu, we have initiated transformative policies and reforms aimed at correcting the missteps of the past and repositioning Nigeria as an economic superpower shortly.”
He acknowledged that the global economy is facing challenges, which are also affecting Nigeria, but reassured that Tinubu remains focused on reviving the economy despite these hurdles.
One of the key areas the government is focusing on is local government autonomy. According to Idris, Tinubu has made moves to ensure that local governments have more fiscal control, starting with seeking a judgment from the Supreme Court.
This decision is intended to improve accountability and development at the grassroots level, a step that the government believes will accelerate socio-economic progress across the country.
The Minister also discussed broader economic reforms, such as stabilizing the foreign exchange market and making the tax system more efficient. He pointed out that these measures are aimed at creating a more favorable environment for businesses and investors. He noted that the reforms in the oil and gas sector, particularly the removal of the petroleum subsidy, are helping the country transition towards a cleaner energy future.
Idris further explained that Tinubu’s administration is promoting the use of Compressed Natural Gas (CNG) as an alternative fuel for vehicles and machinery. This initiative, he said, is already helping to reduce transportation costs by up to 60 percent and is attracting both local and foreign investment.
The Minister highlighted the importance of education in the country’s development, mentioning the Student Loans (Access to Higher Education) Act 2024. This law aims to provide affordable access to education by creating the Nigerian Education Loan Fund (NELFUND), allowing students to pursue higher education without financial burdens. Additionally, the establishment of the Consumer Credit Corporation is intended to give Nigerians access to low-cost loans, further enhancing economic opportunities for citizens.
