Tinubu’s Economic Reforms Tough, Painful But Necessary For Building Nigeria – FG

 The Minister of Information and National Orientation, Mohammed Idris, has urged Nigerians to be patient amid economic crisis facing the country, due to subsidy removal and other government policies.

Speaking at a press briefing on Friday on the backdrop of the Supreme Court judgement, Idris noted that the economic reforms of President Bola Ahmed Tinubu might be tough and painful in the short term, but are necessary foundations for the growth and prosperity that the people deserve.

The minister added that the removal of petrol subsidies, made by the Petroleum Industry Act of 2021, was freeing up significant resources for federal and state governments to invest in infrastructure and welfare programmes for the benefit of citizens.

He said the President made it clear that he was for all Nigerians regardless of regional, ethnic, partisan, or religious affiliations.

“No serious government seeks to inflict burdens on its people. We are very clear in explaining that these pains being felt are a short-term sacrifice to make for the kind of country that we want and that we deserve,” he said.

“Since he assumed office, the President has signed no fewer than five Executive Orders, aimed at improving Nigeria’s business and fiscal environment, and increasing foreign exchange supply.

“There was establishment of a Presidential Fiscal Policy and Tax Reform Committee to reform the tax system while also reducing tax burden on Nigerians. The committee has this week presented its first set of reform proposals to the President, and Nigerians can rest assured that they will be implemented. I must emphasize that one of the primary mandates of the committee is to reduce the tax burdens and complications faced by Nigerians.

“We are finalizing the process for payment of a Cash Transfer of N25,000 monthly to 15 million of the poorest and most vulnerable households in Nigeria, for three months,” he said.

“At the Federal Executive Council (FEC) on Monday, Council approved a number of financing packages that will see several states receiving significant support to deliver on various programmes, including access to education for adolescent girls.

“Work is currently at an advanced stage on the 2024 Federal Budget. Last week we approved the Medium-Term Expenditure Framework (MTEF) and the Fiscal Sustainability Paper (FSP) that underpin the budget.

“Nigerians should rest assured that this, the first Appropriation Act of the Tinubu Administration, will be one that is wholly focused on the economic welfare and prosperity of all,” he said.