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FG committed to economic reforms, poverty alleviation — Wale Edun
By Francesca Hangeior.
The Federal Government of Nigeria has expressed confidence that President Bola Tinubu’s economic reforms have laid the foundation for local investments that will drive industrialisation and lift citizens out of poverty.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this statement at the opening ceremony of the 2024 National Council on Finance and Economic Development conference, held at the Dr Sulaimanu Adamu Square, Bauchi Government House, on Monday.
Edun noted that Nigerians should be encouraged by the fact that the country now has a more sustainable macroeconomic environment, one that is friendly to investors.
The minister, who expressed profound appreciation to Bauchi State Governor Bala Mohammed for hosting the conference, added: “What transpires in this formal conference is very important because conversations will take place that will clarify matters and build trust and confidence among individuals.”
He continued, “It is vital to understand each other’s situations, financial and economic needs, available resources, and the skills and specialisations on the ground.”
He maintained that the conference would facilitate an understanding of what can be offered individually and collectively, enabling the country to fulfil its potential.
Edun further stated, “President Bola Tinubu’s administration inherited both the assets and liabilities, but there was no looking back. The focus was on charting a forward path, making plans to first stabilise the economy. Then, we sought to attract investments from both domestic and foreign private-sector investors to increase Nigeria’s productivity, grow the economy, create jobs, and, of course, lift a large number of people out of poverty.”
“When we look at where we are now, essentially, the major macroeconomic reforms are in place.”
“The President has stopped the bleeding that was costing 5 per cent of the country’s GDP every year. This was adding no value except to a few individuals and neighbouring countries benefiting from the fuel subsidy and related foreign exchange subsidy.”
“These benefits were reserved for just a few, while the mass of Nigerians saw no advantages from these structures,” he said.
According to him, these structures have been removed, and the federation account will benefit from the increased flow of resources to the federal, state, and local governments.
This will allow more investment not only in infrastructure but also in social services like education and health.
“The path is now clear for private-sector investors, and as we know, we are back in business on the road to industrialisation, particularly with what is happening in the petroleum refining sector. Crude oil is no longer just shipped abroad; it is being refined locally to produce petroleum products and raw materials for industry.”
“We should be encouraged that we now have a more stable, sustainable macroeconomic environment that is investor-friendly and will enable them to produce competitively for the domestic market, as well as for export,” he concluded.
In his remarks, Bauchi State Governor Bala Mohammed expressed his delight that, 17 years later, Bauchi State is hosting this historic event again.
He said, “It is a privilege and highlights the importance of collaboration in addressing the economic challenges and opportunities before us. Seventeen years ago, Bauchi State hosted the same conference, which was widely regarded as successful and impactful.”
“This year, I assure you that we have spared no effort to ensure that this gathering surpasses expectations. Your presence is a testament to your commitment to advancing Nigeria’s financial and economic landscape.”
He urged all participants to contribute constructively to the benefit of all Nigerians.
Rivers State Administrator, Retired Vice-Admiral Ibok Ibas marked Easter on Sunday with a worship service at the Chapel of Everlasting Grace, Government House, Port Harcourt.
Ibas was accompanied by his wife, Dr. Theresa, their children, and key state officials including the Secretary to the State Government (SSG), Prof. Ibibia Lucky Worika, and his family.
A statement signed by the SSA media, Hector Igbikiowubo, said the administrator joined worshippers in a service filled with uplifting hymns and prayers for peace in Rivers State and the country.
Chaplain Pastor Barasin Ogan delivered a message, reminding the congregation of the transformative power of Christ and assuring them of divine justification, deliverance, healing, and righteousness through faith.
Special prayers were offered for President Bola Tinubu, Administrator Ibas, and the continued progress of Rivers State, reinforcing unity and faith as the foundation for a brighter future.
The Nigerian Correctional Service (NCoS) has strongly denied reports linking it to the alleged kidnapping of a 12-year-old girl in Rivers state, describing the claims as false, malicious, and a figment of the writer’s imagination.
In a statement issued by the Service’s Public Relations Officer, Umar Abubakar, the NCoS said the allegation was aimed at misleading the public and tarnishing the image of the Service.
Abubakar stated that a thorough check of available records showed no inmate named “Chi Boy” is in custody at any facility under the Enugu State Command.
He added that the failure to provide the full names of the alleged inmate or the kidnapped victim further undermines the credibility of the report.
He emphasized that the NCoS is unaware of any kidnapping incident linked to its facilities in Rivers State or any other command, as claimed in a circulating press statement and viral video.
Abubakar also clarified that no investigative agency has tracked any suspected kidnapper to any correctional facility in either Enugu or Delta State Commands.
“Therefore, the Service is not in the position to confirm payment of ransom or whatsoever transaction as alleged in the fictitious report and video.
“The Service has no role in the said kidnap story, and as a security organization, it does not operate in isolation; rather, it partners with sister agencies to ensure adequate security. The Service will never turn down requests for investigation activities from sister agencies,” Umar said.
Benjamin Netanyahu has said he has instructed Israel’s military to intensify pressure on Hamas after the Palestinian militant group rejected a temporary truce proposal.
In a televised address, the Israeli prime minister said that while war came with a heavy price, Israel had “no choice but to continue fighting for our very existence, until victory”.
On Thursday, Hamas rejected an Israeli proposal for a temporary pause in fighting, describing the offer as demanding “impossible conditions”.
Hamas currently holds 59 hostages, with 24 of them believed to be alive. It says it will only return them in exchange for the release of more Palestinian prisoners, a full Israeli withdrawal from Gaza, and a lasting truce, as called for in the now-defunct ceasefire agreement reached earlier this year.
Netanyahu’s remarks came after the Hamas-run health ministry in Gaza said Israeli strikes had killed more than 90 people in 48 hours.
Women and children were among 15 people who were killed overnight on Friday in the southern city of Khan Younis, according to hospital staff.
At least 11 of those who were killed were sheltering in a tent in the designated humanitarian zone of al Mawasi, where hundreds of thousands of displaced people are living, the hospital workers said.
A further four people were killed in separate strikes on the city of Rafah, including a mother and her daughter, according to Gaza’s European Hospital, where the bodies were taken.
Israel says its latest campaign is to put pressure on Hamas to release more hostages and ultimately agree to disarm and leave the territory.
For weeks, Israeli troops have also blockaded Gaza, barring the entry of food and other goods.
Last month, 15 aid workers were killed and buried in a shallow grave after being fired upon by Israeli troops.
Hamas’s armed wing said the fate of Israeli-American hostage Edan Alexander was unknown after a guard who was holding him was found killed.
On Tuesday, Hamas said it had lost contact with a group of militants holding Mr Alexander in Gaza.
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