The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has credited President Bola Tinubu’s initiatives, particularly the decision to halt the importation of fuel, for rescuing Nigeria from a potential economic disaster.
Edun made this statement on Monday, November 18, in Bauchi, during the opening of the National Council on Finance and Economic Development (NACOFED) conference, which carried the theme, “Fostering Economic Growth in Challenging Times.”
He explained that while President Tinubu’s administration inherited both the nation’s assets and liabilities, decisive steps were necessary to stabilise the economy and move forward.
According to Edun, one of the key actions taken was ending the fuel subsidy, which he described as “bleeding” the economy at a rate of five percent of Nigeria’s GDP annually.
The subsidy, he noted, only benefitted a small segment of society and neighboring countries, while Nigerians at large gained little from the arrangement.
“The President has stopped the bleeding,” Edun said.
“The fuel subsidy was costing the country billions and providing no real benefit to the masses. It was only helping a few individuals and neighboring nations, while Nigeria’s own resources were being drained.”
With the subsidy removed, Edun highlighted that the federal, state, and local governments would see increased revenue flows into the federation account.
These funds, he emphasised, would be used to invest not only in critical infrastructure but also in vital social services such as education and healthcare.
“The way is now clear for private sector investment, and we are back on track for industrialisation,” Edun continued, pointing to developments in Nigeria’s domestic petroleum refining sector.
“Crude oil is no longer just being exported; it is being refined locally, providing both fuel for the domestic market and raw materials for industries.”
Edun also took the opportunity to thank Bauchi State Governor Bala Mohammed for hosting the event and commended the organisers for their efforts in making the conference a reality.
In his remarks, Governor Bala Mohammed assured the attendees that every effort would be made to ensure the conference exceeded expectations, promising a productive and successful gathering.
