President Bola Ahmed Tinubu has admitted that Nigerians are currently facing challenges but stressed that the country’s economy is not distressed.
While emphasizing that the current circumstances are not beyond repair, he said there are ongoing efforts to steer the country out of its current challenges.
Naija News reports that the president disclosed this at the 16th edition of the Leadership 2023 conference and Awards held at the Transcorp Hotel, Abuja.
The Minister of Information and National Orientation, Mohammed Idris, who represented President Tinubu, admitted that the country is facing some challenges, but it is not helpless.
He said: “Interestingly, that last line offers itself as a perfect answer to the question that is the theme of today’s event, which is “An Economy in Distress: Which Way Forward?”
“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 added: “The revenues accruing to the three tiers of Government – Federal, State, and Local – have grown by between 50 percent and 100 percent since the removal of the petrol subsidy. This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas.
“For example, the additional funding we are receiving is going into a new minimum wage for which negotiations have started, between the Federal and State Governments and Organized Labour.
“I have approved the disbursement of N200 Billion Naira, through three (3) new special intervention funds established to support Nigerian businesses.
“The first is a 50 Billion Naira Presidential Conditional Grant Scheme (PCGS) that will provide business grants and loans to traders, food vendors, transport workers, ICT businesses, creatives, and artisans. Verification of all submitted applications is ongoing, and disbursements will commence through the Bank of Industry (BOI) as soon as this verification is completed.
“The second is a 75 Billion Naira FGN MSME Intervention Fund that will provide single-digit-interest loans to our MSMEs.
“The third is a 75 Billion Naira FGN Manufacturing Sector Fund targeting manufacturing businesses, with selected beneficiaries eligible to access up to 1 Billion Naira each.”
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