The Coordinating Minister of the Economy, who is also the Minister of Finance, Mr. Wale Edun said protest in whatever form will “slow down” the nation’s economic reforms.

He said  President Bola Ahmed Tinubu is a democrat who believes in the freedom of speech and fundamental  human rights.

The Minister who featured at a special press briefing hosted by the Secretary to Government of the federation, Senator George Akume in Abuja  said the president’s only concern was for the protest not to upturn the gains the country has made in the last 15 months.

 

 “Mr. President is a democrat to the core. He believes in federalism, he believes in freedom of speech and human rights.

 

“His concern and that of many people in this country, and even beyond, that the protest would remain peaceful such that the gains that have been made over the last 12 to 15 months should not be disillusioned.

“ He is concerned that the momentum that has been achieved in turning around the Nigerian economy should not be dislodged, disturbed. 

 “I think, amongst many other well-meaning Nigerians, the President truly understands the concerns that are being expressed, particularly the high and the elevated cost of living,  which is not particularly good for Nigeria at this stage. 

“ With wars breaking out in Gaza and Sudan, there’s disruption around the world, and there has not even been a full recovery from COVID. 

“ So inflation is high around the world. Costs are high around the world.  And with our import dependency from raw materials and so forth, we, too, are feeling the effects. 

“However, inflation is falling around the world, and in Nigeria. Over the last 15 months or so, the economy has been totally,  and I will even say, dissimulated from the precipice. 

“I will not repeat all the specifics of the initiatives that were written down by the Minister of Information and National Orientation. Mallam Mohammed Idris  but I will conclude with them. 

“I think that, on  one hand, we have come from a situation where the nation was living on debts. That is no longer the case. “The revenue of Nigeria as a result of diligent accumulation of technology and new processes, has doubled compared to the first half of 2023. 

“In 2024, the revenue from the Federal Government has doubled and is expected to maintain that trajectory. 

“On the cost side, there has been reconfiguration of procedures and processes, such that costs are now under control. Spending is now visible and accountable and the money of Nigerians is being well spent. 

“So, that was the basis on which we implemented  measures that were necessary, reform measures that were needed to save the economy. Yes, they have led initially to a spike in costs because, just like medicine, you take the medicine and then the effect comes. So, the cost is the medicine and it comes first.

“ However, already we are seeing that the benefits are coming.  The economy, in the first half of this year, has grown.  

“Why is there  lack of foods? It is because Agriculture was contracting. In the first quarter of this year has started growing back again and we expect that and we are doing everything to maintain that. 

“Industry is growing. Led by ICT technology, led by solid minerals, it is growing and creating employment and likewise, of course, services, even at relatively high scale, the services are also growing.  So, that is the turnaround and the momentum that we do not want to see slowdown in any way. .

“And so, as  said earlier by the Minister for Information and National Orientation, ,  a series of measures in agriculture,  for small-scale industry,  even for the larger industries, there is financing at 9% that is being made available. 

“For transportation costs, CNG, which is 30% of the cost of PMS  for fueling vehicles, is being made available and it is important to point out that  in implementing reforms, there are times when what is planned and the timetable that is planned sometimes slips. 

“But the answer is not to throw out the effort. The answer is not to stop.  The answer is to keep going and keep trying. That was the case with the direct benefits, the direct payments to 15 million households, covering 75 million people.

“At first, it was quite hard for me to plan,  so there was a pause. And now, under a much better and technologically strong configuration, payments to individuals have started going out again. 

 “In the last six years, it was restarted, one million households, covering 5 million people,  have received benefits. And in the last week alone,  300,000 payments were made. 

“So under the new system, we can expect a scaling up, a speeding up of the payments.  And Mr. President is committed to giving to the poorest and the most vulnerable to help them.

“So what has happened is that we have implemented a comprehensive plan that covers agriculture, covers young people, it covers transportation costs in the urban sector, it covers grants to smaller enterprises, 50,000 Naira for micro-enterprises, and it covers, as I said earlier,  funding at an affordable interest rate. Inflation is slowing, but interest rates are still high.

“We have heard about the other key elements of what is being done to get the economy growing  and to get jobs created. It’s when you make investments that you increase productivity, that you grow the economy, you create jobs, and then reduce poverty.

“And the key element there also is that  our major resource, what we have to rely on most, is the God-given resource of oil at a time when crude oil prices are high. 

 “And we have the commitment of those in charge of the oil industry  that there will be a substantial  21% increase in oil production  to 2 million barrels per day. 

“ And the benefit of that is immediate. It allows funding across the board,  social services, infrastructure, business support, agriculture. And the commitment of Mr. President is in the immediate time  to bring down food prices. And that’s why there are initiatives in addition to supporting farmers to produce.

And then just three days ago, in conjunction with the Ministry of Agriculture and Food Security.  I led an initiative to reorder some funding that was available to Nigeria for one of the multilateral developments with the Green Deal. 

“So these are elements of a concerted plan by Mr. President to build a better, stronger,  more prosperous Nigeria.

“And what he’s saying in the meantime is that we need to give ourselves this golden opportunity to take Nigeria forward. We need to be patient with each other. We need to listen to each other  as he is listening to Nigerians and showing  example to lead us to a better future,” he said.

The Minister of Information and National Orientation, Mohammed Idris on his part listed some of the things the president has done to put the country back on track, including the approval of N70,000 new  minimum wage.

He also said the recent Local Government autonomy will bring governance closer to the people at the grassroots.

Another effort of the government to ameliorate the suffering of the people, he said is the dispatching of trucks of rice to states to be sold at N40,000 per bag against the prevailing market price of N80,000. 

 He said: “After one year in office, President Bola Tinubu has performed creditably in laying the foundation for a Nigeria that would be economically viable, sufficient, and secure, so much that the dispensing of energy to organize a ‘national protest’ by some Nigerians, would be better put towards looking into the several opportunities available to Nigerians by the Tinubu administration.

 “A pushback to current policies of the government in the guise of protests only indicates the inability of the organizers of the ‘protests’ to come to terms with the realistic conditions necessary for growth and development; and in the case of Nigeria, a retooling of our economic system, provision of grand-scale infrastructure, investment in health, agriculture, human capacity through the student loans, amongst several others. 

 “One key development in the wake of the petroleum subsidy removal – the energy transition from petroleum to Compressed Natural Gas (CNG), for vehicles and other machinery, opens a world of opportunities for Nigerians to massively participate in the vast value chain of the CNG energy transition, which requires infrastructure rollout across Nigeria. 

 “The Presidential Compressed Natural Gas Initiative will bring down transportation costs for Nigerians by as much as 50 percent, while also unlocking the nation’s huge potential in the gas sector.

“ CNG conversion centres are growing exponentially across the country, creating more job opportunities. Since the launch of the initiative last year, we have seen over USD 50 million in private-sector investments in setting up CNG conversion and fueling facilities nationwide. Nigerians should please key into this wealth-creating sector. 

 “The Federal Government has also made available 30,000 kits for the conversion of 30,000 petrol-powered commercial vehicles to CNG-powered engines at no cost within the next 90 days. Also, the first batch of CNG Mass Transit Buses procured by the Federal Government for distribution to the 36 states and FCT has arrived.

“To further cushion the effects of the petroleum subsidy removal, the Tinubu administration introduced the Presidential Grants and Loans Scheme, with the disbursement of the N50,000 grants under the 50 Billion Naira Grants component of the Scheme, and it is ongoing. So far, over 600,000 Nigerians have received N50,000 grants across the 774 Local Government Areas.  

“Also, disbursement of the N150 billion MSME and Manufacturing loans will commence after the completion of the ongoing final stage of verification, by August. The MSME loans will expectedly stimulate industry and Nigerians need to seize the opportunity. 

“President Tinubu’s commitment to the welfare of Nigerian workers is evident in his approval of a New National Minimum Wage of N70,000 which the National Assembly has passed and transmitted to President Tinubu who has assented to the bill (now an Act).

“ This time around, the minimum wage will be reviewed every three years to reflect and reconcile new economic realities and living standards with workers’ remuneration. If we recall, the soon-to-expire national minimum wage was N35,000, now increased by more than 100 percent.

“To swiftly commence the payment of the new minimum wage, the National Assembly has also approved an N6.2 trillion supplementary budget sent to it by the Federal Government, out of which, about N3 trillion will be expended to cover the minimum wage and augment salaries to be paid under the new national minimum wage.

“Unarguably, one of Nigeria’s drawbacks to rural socioeconomic development has been the non-receipts of federal allocations to elected Local Government Administrations in more than 20 years, thus President Tinubu’s landmark move to implement Local Government Autonomy by approaching the Supreme Court for a decisive verdict. 

“This is a testament to his administration’s commitment to restructuring the nation, strengthening governance and development at the grassroots, and entrenching effectiveness and accountability in local government administration. 

 “With this game-changing institutional empowerment, local governments will witness unprecedented socio-economic transformation. The Federal Government will ensure that the Supreme Court judgment is enforced as intended. 

 “Strategic Interventions: The Tinubu administration is undoubtedly the most youth-friendly government in Nigeria’s history, with a swathe of policies to match the entrepreneurial spirit of young Nigerians.

 “Nigeria Education Loan (NEL Fund): One of the most defining approaches to easing the burden of tertiary education tuition payments on parents is the newly introduced Nigeria Education Loan (NEL-Fund), with enough budget to cover two million students. The Fund is active with cheques to some beneficiaries who in addition to tuition, also collect upkeep stipends. So far, over 110,000 applications have been received. All successful applicants starting fresh academic sessions will get credited without delay.”

Bagudu on his part said the president took the tough path because he believes, “that sentiments will not solve this problem. Blame games will not solve this problem.

“Those solutions involve choices that are both pleasant and tough, but needed to be taken. And responsible leadership sometimes necessitates a leader to take tough choices. 

“ As most of you can imagine, there’s nothing that a politician loves other than to be clapped for or applauded. 

“ But a responsible leader, while desiring that, would say, well, we have to take tough choices for the future.

“ So that’s why, in delivering on those renewed agenda priorities, including the restoration of macroeconomic reforms, we are instructed that we should ensure a plan-based governance and budgeting to be equitably involved within our constitutional federalism. 

“ It’s not only important for the federal government, but it’s equally important for the sub-nationals, to generate more revenue on a sustainable basis.

“Not surprisingly, our budget reflects our priorities and innovation.  We have increased funding for security, as you have heard from the other speakers, and I’m not going to go into the details.

“ We have increased funding for infrastructure, for human capital development, education, health, social transport to support the vulnerable, as well as innovation and industrialization. 

“We have brought initiatives that we believe are transformative, that can help us generate high levels of growth based on choices that we have seen other countries make.”

He also added, “That is why the four budgets that we have now in this administration reflect that prioritization that we are not as rich as we are, we don’t have the revenue, we have to be creative, we have to do what other countries have done, and ensure that we are fully mobilized.”

He also explained that the president believes in dialogue 

Bagudu added:  “This is a president who believes that governance is not a monologue, but dialogue. 

“He has always appreciated that we live in an ever-changing world, where even the well-designed strategy, like ours, the Renewed Hope Agenda, needs to be effectively communicated.

“ This requires engaging and listening to others, most especially our younger ones.  Mr. President believes in them, believes in listening to them,  and is increasingly giving them a place of pride in the Renewed Hope Agenda administration.”

The Minister also reminded those behind the planned protest of ongoing “Economic warfare” ,

He cited  the case of a technology giant, Binance, “participating in economic warfare against our nation. 

“So as our young persons express themselves, we expect them to be cognizant and mindful  so that tasteless technology-protected persons or agenda are not utilized to undermine our country.”

On his part, the Minister of Solid Minerals Development, Dele Alake urged Nigerians to see the current pains as a sacrifice for a prosperous future.

He said all the developed countries went through the same path in their journey to greatness.

He therefore warned that the more we run from the reality staring us in the face, the more we postpone the doomsday.