The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has credited President Bola Tinubu’s administration with halting economic losses caused by imported fuel, which he said was draining 5% of Nigeria’s GDP annually.
Edun made this statement on Monday during the opening of the National Council on Finance and Economic Development (NACOFED) conference in Bauchi.
Speaking on the conference theme, “Fostering Economic Growth in Challenging Times,” Edun highlighted the macroeconomic reforms introduced by the Tinubu administration to stabilize the economy.
“President Tinubu stopped the bleeding that was costing 5% of the GDP every year, adding no value except to a few individuals and neighboring countries benefiting from the fuel subsidy and related foreign exchange subsidy,” he said.
The minister noted that removing these subsidies has redirected resources to the federation account, benefiting the federal, state, and local governments.
He emphasized that the additional resources can now be invested in critical sectors such as education, healthcare, and infrastructure.
Edun further discussed the broader implications of the reforms for Nigeria’s industrialization, particularly in the petroleum refining sector.
“Crude oil is no longer just being exported; it’s being refined locally to produce petroleum products and raw materials for industry,” he remarked.
“We now have a stable, sustainable macroeconomic environment that is friendly to investors, enabling competitive production for both domestic and export markets.”
He expressed optimism about the country’s economic trajectory, noting that these reforms have set Nigeria on the path to industrialization and economic competitiveness.
Edun also appreciated Governor Bala Mohammed for hosting the conference and thanked the organizers for ensuring its success.
In his remarks, Governor Mohammed assured participants of his commitment to ensuring the conference surpasses expectations.
