The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said that the initiative of President Bola Tinubu stopped the country from bleeding (referring to stoppage of imported fuel) which he said was costing five per cent of the GDP of the country every year.
The Minister was speaking on Monday in Bauchi during the opening ceremony of the National Council on Finance and Economic Development (NACOFED) with the theme: Fostering Economic Growth in Challenging Times.
He said that President Bola Tinubu’s administration inherited the assets and the liabilities and there was no looking back but in charting a way forward, decisions needed to be made in order to stabilize the economy.
“When you try to look at where we are now, essentially, the major macro economic reforms that are in place. The President has stopped the bleeding that was costing five per cent of the GDP of the country every year that was adding no value except to a few people and of course neighbouring countries that were benefiting from what was happening with the fuel subsidy and as well, a related foreign exchange subsidy.
The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures. They have been removed and the federation account will benefit from increased flow of resources to the federal, states and local governments and so much more can be done in terms of investing not just in infrastructure but in social services like education, health.
The road is clear for private sector investors and as we know, we are now back in business on the road to industrialization, based on what is happening in the petroleum refining sector.
