In a recent announcement, the Federal Government has clarified that it does not intend to seek financial assistance from either domestic or international entities as a result of its decision to eliminate the petrol subsidy and align exchange rates.
Chief Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, conveyed this during the conclusion of the inaugural session of the Federal Executive Council on Monday in Abuja.
Edun emphasized that the proceeds from discontinuing the subsidy would be reinvested across various sectors to enhance government earnings and enhance the business climate for both local and foreign investments.
The Finance Minister highlighted that the surplus revenue from the subsidy withdrawal has enabled the implementation of various support measures to mitigate its impact in the short, medium, and long terms.
He reemphasized the commitment of the administration led by President Bola Tinubu to rejuvenate the nation’s economy and steer it away from past challenges.
Likewise, Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, reported a surge in investment proposals spanning diverse sectors such as oil and gas, healthcare, solid minerals, and agriculture.
Uzoka-Anite pledged that her ministry would collaborate with other governmental bodies to fulfill the President’s goal of generating employment opportunities for Nigeria’s burgeoning youth population.
Dr. Ali Pate, the Minister of Health, outlined plans to leverage key segments of the healthcare industry to foster economic growth and job creation for Nigerian citizens.
Pate underscored that the President had urged them to make bold and innovative decisions for the nation’s benefit, citing previous actions taken by the President in this direction.
He further stated that the President had promptly addressed the need to stimulate progress in the economy by initiating the removal of petrol subsidy from the very beginning of his term.
Alhaji Mohammed Idris, the Minister of Information and National Orientation, noted that the President had instructed cabinet members to maintain transparency in their activities, particularly when communicating essential information.
Idris encouraged the media to take advantage of opportunities for verification and fact-checking in order to avoid disseminating inaccurate information to the public.