Jalingo: The Minister of Information and National Orientation, Mohammed Idris, has announced that the removal of the fuel subsidy has created fiscal space for the Federal Government to pursue developmental projects across Nigeria. Idris made this statement during an official visit to Governor Agbu Kefas of Taraba, coinciding with the 35th anniversary celebrations of the state’s existence.
According to News Agency of Nigeria, the minister highlighted that since President Bola Tinubu took office on May 29, 2023, various reforms have been introduced to reposition the Nigerian economy. Among these reforms are the removal of the fuel subsidy and the unification of the foreign exchange market. These measures were necessary as Nigeria faced some of its toughest economic challenges, with 27 out of 36 states unable to pay salaries and wages due to the difficult economic situation.
Idris emphasized that the removal of the fuel subsidy has provided federal and state governments with additional fiscal capacity to undertake developmental programs, leading to visible construction and other development projects across the country. He noted that these initiatives would have been difficult to execute without the resources generated through the reforms.
The minister also discussed the Nigerian Education Loan Fund (NELFUND) as a flagship program of the Tinubu administration, which has benefited over 1.2 million young Nigerians by providing tuition support and stipends without political, ethnic, or religious discrimination. This initiative aims to ensure that every young Nigerian with the credentials and desire to pursue education is given the opportunity to do so.
Idris further explained that foreign exchange reforms have created greater predictability for businesses, improving planning and investment conditions. International financial institutions have become more willing to engage with Nigeria, and the country’s removal from the Financial Action Task Force (FATF) grey list has enhanced its reputation as a destination for legitimate business and investment.
In addition, Idris mentioned that Nigeria’s gross domestic product is growing, while inflation rates are trending downward. The improved economic environment has attracted increased interest in Taraba State due to collaboration between the state and federal government.
Governor Kefas expressed gratitude for the federal government’s support under President Tinubu, noting that this cooperation has allowed Taraba to declare free education for primary and secondary school students and improve security in the state. He highlighted ongoing and completed projects across Taraba as a result of this collaboration and expressed optimism that the establishment of state police would further enhance security and development.
Kefas congratulated the people of Taraba on the state’s 35th anniversary and committed to building on past achievements to prepare the state for a more prosperous future.