According to President Bola Tinubu, the country’s economy is not in distress as many people in different parts of the country have believed.
This was said by Tinubu on Tuesday in Abuja during the Leadership Conference and Awards.
The President stated that the nation is simply confronting difficult times with “unprecedented opportunities to reset” the economy, through the Minister of Information and National Orientation, Mohammed Idris.
In addition to the student loan program and the compressed natural gas, or CNG, vehicle initiative, he said that his administration has taken some daring steps to put Nigeria back on the path of economic prosperity, emphasizing that the Federal Government has set aside N200 billion to support Nigerian businesses.
He said “I should start by respectfully challenging the notion that the Nigerian economy is in distress.
“Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.
“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day.”
The President claims that more money has been allotted to the three levels of government since the fuel subsidy was eliminated.
He stated “For the poorest and most vulnerable among us, the social investment programme, currently under review to reposition it for maximum impact, will support millions of households with direct cash transfers that will enable them to meet their basic needs.
“Since we assumed office in May 2023, we have attracted $30 billion in foreign direct investment, FDI, commitments into the real sectors of the economy, including manufacturing, telecoms, healthcare, oil & gas, and others.’’
