YENAGOA, Nigeria – President Bola Tinubu has highlighted early signs of economic recovery in Nigeria, attributing this progress to a series of targeted reforms across key sectors of the economy.
Speaking at the All Nigerian Editors Conference in Yenagoa, Bayelsa State on Thursday, November 7, 20244, Tinubu outlined his administration’s commitment to long-term stability and growth under the “Renewed Hope Agenda.”
In a keynote address delivered on his behalf by the Minister of Information and National Orientation, Mohammed Idris, President Tinubu cited a significant reduction in Nigeria’s debt service-to-revenue ratio, which has fallen from nearly 100% to approximately 65%.
He emphasised that the past eighteen months have been dedicated to “laying the foundation for a prosperous Nigeria,” adding that the Renewed Hope Agenda seeks to “rekindle the faith and hope of all Nigerians in their country’s potential to flourish.”
Addressing Key Economic Challenges
President Tinubu highlighted two major obstacles to Nigeria’s economic progress: the costly fuel subsidy and an inefficient foreign exchange regime.
The fuel subsidy, he noted, was “draining billions of dollars annually” that could otherwise be invested in essential infrastructure and social programmes.
The revised foreign exchange policy, Tinubu explained, is aimed at reducing financial manipulation and freeing up resources for national development.
As a result of these reforms, revenue has increased across federal, state, and local governments, enabling broader investment in social services, infrastructure, and security initiatives.
Tinubu also lauded the recent Supreme Court ruling granting local government autonomy, a move he described as crucial for strengthening governance at the grassroots level and fostering local development.
Economic Diversification and Sector Investment
Beyond Nigeria’s reliance on oil, President Tinubu detailed his administration’s efforts to diversify the economy.
He said the Presidential Initiative on Compressed Natural Gas (CNG) is one such strategy, aimed at harnessing Nigeria’s gas resources to reduce transportation costs and create a cleaner environment.
The initiative has already attracted $200 million in private sector investment over the past year.
President Tinubu also introduced several major initiatives, including the Presidential Loans and Grants Scheme, the Consumer Credit Corporation Initiative, and the Renewed Hope Housing and Estates Initiative.
These programmes, he explained, are designed to provide economic relief to Nigerians and to enhance living standards across the nation.
Additionally, a new minimum wage of N70,000 has been implemented for federal government employees, with several state governments signalling their commitment to matching the increase.
Support has also been extended to over 46,000 students through the Nigerian Education Loan Fund, alongside plans to assist 500,000 civil servants through a N100 billion Consumer Credit Scheme.
Strengthening Partnerships with the Media
Acknowledging the vital role of the media in Nigeria’s democracy, President Tinubu praised its commitment to nation-building and accountability.
“The media has a duty to hold elected and appointed officials accountable,” he stated, calling for a collaborative relationship between the government and the press.
“Our roles are most effective when they are not adversarial but cooperative, as this alignment enables us to achieve common goals that benefit society at large.”
The address concluded with Tinubu’s message of optimism, as he underscored his administration’s focus on economic transformation, national stability, and a commitment to shared progress.
