With the abolition of the Fuel subsidy and the balancing of currency rates, the Federal Government has no intention of borrowing from any local or foreign organization. Chief Wale Edun, Minister of Finance and Coordinating Minister for the Economy, made the announcement at the conclusion of the inaugural Federal Executive Council meeting on Monday in Abuja.
He stated that the benefit of the subsidy elimination will be reinvested in numerous sectors with the goal of increasing government income and strengthening the business environment for domestic and foreign investment.
Edun stated that as a result of the additional revenue from subsidy elimination, several palliatives have been made available to mitigate its impact in the short, medium, and long term. He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself overtime.
Similarly, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.
She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment to creation of jobs for the teeming youthful population of Nigeria.
On his part, the Minister of Health, Dr Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians. He said that the president had advised them to be courageous and innovative in taking decisions that would benefit the country, adding that the president has already taken such moves.
Pate said that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol from the first day on his inauguration.
The Minister of Information and National Orientation, Alhaji Mohammed Malagi, said that the president has charged the cabinet members to be transparent in their dealings, especially in disseminating necessary information.
He urged the media to avail themselves of this opportunity not to misinform the public through verification and fact checking on their stories, adding that this will reduce the incidence of informing Nigerians out of ignorance.
