Tinubu working hard to lift Nigerians out of poverty, says Wale Edun

Wale Edun, minister of finance and coordinating minister of the economy, says President Bola Tinubu is working hard to lift Nigerians out of poverty.

Edun spoke in Bauchi on Monday during the opening ceremony of the 2024 national council on finance and economic development (NACOFED) conference.

About 70.8 million Nigerians or 31 percent of the country’s population are extremely poor, according to data from the World Poverty Clock.

Speaking at the event, the minister said the president is leaving no stone unturned to ensure that life is made easy for Nigerians by developing policies and programmes that will benefit all citizens.

According to Edun, Tinubu is charting a way to move a lot of Nigerians out of poverty.

“President Tinubu’s administration inherited assets and liabilities and there is no looking back but it’s a question of charting a way of looking forward and making plans in order to first of all stabilise the economy,” he said.

“He is working hard to get investments through private sector investors both domestically and foreign direct investors to increase the productivity of Nigeria, grow the economy, create jobs and of course move a large number of people out of poverty.

“When you look at where we are now, essentially, the major macroeconomic reforms are in place.

“He has stopped the bleeding that was costing 5 percent of the GDP of the country every year that was adding no value except to a few people and 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 and health.”

Edun assured Nigerians that the road is clear for private sector investors, stressing that the country is back in business and en route to industrialisation considering the reforms in the petroleum refining sector.

He also said crude oil is being shipped abroad and refined locally to provide petroleum products and raw materials for the manufacturing industry.

The minister, who asked Nigerians to be encouraged, said the country now has a more stable and sustainable macroeconomic environment that is friendly to investors.