The Federal Government said President Bola Tinubu is implementing a series of transformative policies and reforms designed to address the missteps of the past and set Nigeria to emerge as a formidable economic superpower in the near future.

The Minister of Information and National Orientation, Mohammed Idris, stated this in Abuja on Thursday at a press conference to unveil the activities lined up for the 64th Independence Anniversary of Nigeria.

He said, “Under the visionary leadership of President Tinubu, we have initiated transformative policies and reforms aimed at correcting the missteps of the past and repositioning Nigeria as an economic superpower in the near future. Despite global economic headwinds and the transitional pains accompanying some of the reforms, the President has remained focused in his efforts towards reviving our economy and returning the country to the path of prosperity and sustainable growth.’’

Mr Idris noted that one of the significant setbacks to rural socio-economic development in Nigeria, has been the absence of direct fiscal control by elected local government administrations.

The minister said President Tinubu had taken a decisive step toward implementing local government autonomy, by seeking a verdict from the Supreme Court.

According to Mr Idris, this action demonstrated Mr Tinubu administration’s commitment to a deep-rooted restructuring of the country.

The court directive, he added, would promote development, effectiveness and accountability in the local councils.

The minister said the reforms were also tailored at ensuring macroeconomic stability, stabilising the foreign exchange regime, reforming the tax system to make it more efficient.

He said, “The administration is reducing burden on Nigerians and repositioning our oil and gas sector, to attract new investment.” 

Mr Idris said that with the removal of the petroleum subsidy, President Tinubu is gradually guiding Nigeria into an unprecedented energy transition phase.

He said the President had launched a presidential initiative, to move the country from fossil fuels to Compressed Natural Gas for vehicles and machinery.

“The ongoing rollout of CNG and associated infrastructure is reducing transportation costs for Nigerians by up to 60 per cent, creating jobs, and attracting tens of millions of dollars in local and foreign investment. Young Nigerians now have a clearer path to sustainable tertiary education, through the Student Loans (Access to Higher Education) Act 2024, which has established the Nigerian Education Loan Fund (NELFUND). Complementing this is the new Consumer Credit Corporation, established to guarantee access to low-cost and flexible consumer credit. Therefore, we can see that, in multiple ways, the President is focused on putting more money in the pockets of the Nigerian people, and creating avenues for sustainable prosperity,” Mr Idris said.

The minister commended Nigerians for their patience and resilience in the difficult period in the evolution of the economy.

He noted that the journey had been tough, adding, “Surely, there is light at the end of the tunnel as our sacrifices will not be in vain.” 

(NAN)