The Federal Government has emphasized that President Bola Tinubu is introducing transformative reforms aimed at correcting past mistakes and positioning Nigeria to become a global economic power.
The Minister of Information and National Orientation, Mohammed Idris, made this statement in Abuja during a press briefing on Thursday. The event was part of the activities marking Nigeria’s 64th Independence Anniversary.
Idris explained that under President Tinubu’s leadership, key reforms have been initiated to address past errors and drive Nigeria towards prosperity. Despite global economic challenges and the difficulties caused by some of these reforms, the President remains focused on reviving the economy and ensuring sustainable growth for the nation.
One of the key areas of concern, according to Idris, is the limited development in rural areas due to the lack of financial control by local governments. To resolve this, President Tinubu has taken a bold step by pursuing local government autonomy through the Supreme Court. This move, Idris said, shows the President’s commitment to deeply restructuring the nation for greater accountability and development at the grassroots level.
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The minister also outlined several economic reforms that aim to stabilize the economy, including efforts to streamline the tax system and stabilize the foreign exchange market. These reforms, he added, are designed to reduce the financial burden on Nigerians and revitalize the oil and gas sector, making it more attractive to investors.
On energy reforms, Idris highlighted the removal of the petroleum subsidy, which is part of President Tinubu’s plan to transition the country towards using Compressed Natural Gas (CNG) for vehicles and machinery. The ongoing CNG rollout is expected to lower transportation costs by up to 60%, create jobs, and attract both local and foreign investments.
The minister also pointed to initiatives in education, such as the Student Loans (Access to Higher Education) Act 2024, which has established the Nigerian Education Loan Fund (NELFUND) to provide financial aid for students. Alongside this, the newly created Consumer Credit Corporation will offer low-cost loans to Nigerians, providing more opportunities for economic growth.
Idris commended Nigerians for their resilience and patience during these challenging times, assuring them that the government’s efforts will soon lead to tangible results. He expressed optimism, stating, “There is light at the end of the tunnel, and our sacrifices will not be in vain.”
