Tinubu: Nigerian economy not in distress — we’re only in challenging times

President Bola Tinubu says the country’s economy is not in distress as widely assumed.

The president spoke on Tuesday at the Leadership conference and awards, which took place at Transcorp Hilton in Abuja.

Represented by Mohammed Idris, minister of information and national orientation, Tinubu said the country is only facing challenging times marked with “unprecedented opportunities to reset” the economy.

He said his administration has made some bold decisions to return Nigeria to the path of economic prosperity.

The president said the federal government has set aside N200 billion to support Nigerian businesses, in addition to the student loan scheme and the compressed natural gas (CNG) vehicles initiative.

“I should start by respectfully challenging the notion that the Nigerian economy is in distress,” he said.

“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 said since the removal of the petrol subsidy, the funds allocated to the three tiers of the government have increased.

“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,” he added.

“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.

“Those investments have already started coming into the country. Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan, to begin taking action on some of the new investments they are looking at here.”

Over the past few months, the prices of food and basic items have skyrocketed — a development that has led to protests in many parts of the country.

Amid the rising price of food items, the naira is deprecating in the foreign exchange market.