President Bola Tinubu has defended the economic policies of his administration declaring that it is yielding the desired fruits.
He spoke at the All Nigeria Editors Conference (ANEC) of the Nigeria Guild of Editors (NGE) with the theme: “Economic growth and development strategies in resource-rich country” at the DSP Alamieyeseigha Banquet Hall, Yenagoa, Bayelsa State.
No fewer than 300 editors were in attendance to search for sustainable media financing practices.
Represented by the Minister of Information and National Orientation, Alhaji Mohammed Idris, President Tinubu said his administration took a bold step to end the ruinous fuel subsidy regime that deprives Nigeria from investing in critical physical and social infrastructure and the foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse.
“While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth.
“The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources.
“This is to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for our citizens.
“This initiative has unlocked close to $200 million in private sector investments in the last one year,” he said.
He gave the assurance that his administration prioritised development of roads and railways as well as upgrading of the ports to unlock economic opportunities.
Tinubu said the infrastructure projects would not only create jobs but would also lower the cost of doing business, enhancing Nigeria’s attractiveness as an investment destination.
He said the media industry was expected to take advantage of opportunities provided by his administration.
“You can also access funds from the Bank of Industry at a single-digit interest rate for the development and expansion of your business.
“Our goal is to ensure that the benefits of growth reach every Nigerian, especially those who have been marginalised.
“The Social Investment Programme has been retooled to ensure economic relief is provided for our most vulnerable groups systematically and transparently. At the last count, 25 million Nigerians received N25,000 under the Conditional Cash Transfer.”
According to him, the interventions are all open and accessible, requiring only genuine need and qualification, rather than connections to government or influence.
He said the Federal Government remained committed to ensuring that the programmes would reach those who would need them most.
THE SUN NEWSPAPER
