We Are Only In Challenging Times, Nigerian Economy Not In Distress, Says President Tinubu

President Bola Tinubu has said the nation’s economy is not in distress as widely assumed by many in various quarters of the country.

Tinubu stated this at the Leadership Conference and Awards on Tuesday in Abuja.

The President, represented by the Minister of Information and National Orientation, Mohammed Idris, said the country is only facing challenging times marked with “unprecedented opportunities to reset” the economy.

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

“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,” he said.

According to him, 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.

“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,’’ he added.