Advertisement
Advertisement
Advertisement
The Minister of Information and National Orientation, Mohammed Idris, says the removal of fuel subsidy and other economic reforms embarked upon by the Federal Government are necessary to address structural distortions and strengthen public finances.
Mr Idris made this known on Thursday in Abuja at a news conference themed “Fuel Prices and the Subsidy Question”, organised by the Ministry of Finance.
He said the reforms were introduced in response to long-standing economic challenges confronting the country and the need to reposition the economy on a stronger and more sustainable foundation.
According to him, the administration of President Bola Tinubu has embarked upon some of the most consequential reforms in Nigeria’s recent history.
He identified the removal of fuel subsidy as one of the major reforms undertaken by the administration to address distortions that had affected the economy over the years.
“It was in response to the long-standing economic challenges that the administration of President Bola Tinubu embarked on some of the most consequential reforms for our recent history.
“This includes the removal of fuel subsidy and other reforms that the President has embarked upon.
“These reforms were necessary to address structural distortions, strengthen public finances and redirect national resources towards critical priorities that support sustainable growth and development.
“Three years down the road, the results are increasingly evident. The economy is today on a stronger footing than it was when President Bola Tinubu took office in May of 2023,” he said.
He attributed the emerging economic stability to the strong foundation laid by the administration through its reform measures.
Idris said the reforms had created sufficient fiscal headroom for investment and provided opportunities for enterprises to flourish in the country.
He recalled that President Tinubu, in his Independence Day broadcast about a week earlier, described the current phase as a transition from economic reforms to prosperity.
The minister said the focus of government was now shifting towards ensuring that the gains of the reforms were translated into tangible benefits for ordinary Nigerians.
He said the objective was to ensure that the benefits of economic reforms were felt on the dining tables of Nigerians and by everyone living in the country.
Idris added that the government was also working to create a stronger environment for businesses to thrive and contribute to national economic development.
He said the administration remained committed to achieving lower living costs and improving the overall quality of life of Nigerians.
The minister acknowledged that more work must be done, stressing that the direction of the government’s economic policies was becoming increasingly clear.
He said the administration’s goal was to build an economy driven by production, investment and enterprise rather than one dependent on unsustainable interventions.
According to him, progress should be measured not only through economic indicators but also by the opportunities available to young Nigerians.
He said the strength of businesses, productivity of farms and industries, as well as the general living standards of Nigerians, should form part of the measures of economic progress.
Idris said the media had an important role to play in helping Nigerians understand the economic reforms, their impact and the challenges that remained.
He urged journalists to integrate facts, ask necessary questions and provide accurate information on the progress being made by the country.
The minister also encouraged the media to report the challenges associated with the reforms responsibly while helping citizens understand the broader national economic situation.
He stressed that Nigeria belonged to all citizens and urged the media to ensure that its activities promoted national unity, progress and prosperity.
Idris called on journalists attending the conference to listen attentively, interrogate the issues, ask questions and make constructive comments, stressing that the fuel price and subsidy debate was ultimately about the future of Nigeria.
