Edun credits Tinubu’s reforms for stopping economic bleeding

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has credited President Bola Tinubu’s initiative with halting a major economic drain, which he described as costing the country five per cent of its GDP annually.

Speaking in Bauchi on Monday at the opening of the National Council on Finance and Economic Development (NACOFED), Edun explained that the president’s reforms had addressed a significant financial issue that was benefiting only a select few, while imposing heavy costs on the nation’s economy.

He elaborated: “The major macroeconomic reforms in place now have stopped the bleeding that was draining five per cent of our GDP each year, offering no value except to a few individuals and neighbouring countries.

“The fuel subsidy, along with a related foreign exchange subsidy, was a structure that benefited a limited group, leaving the majority of Nigerians with no real gains.”

Edun highlighted that the removal of these subsidies would result in more resources flowing into the Federation Account, benefitting federal, state, and local governments.

This, in turn, he said, would enable greater investment not only in infrastructure but also in essential social services such as education and healthcare.

He also emphasized the government’s commitment to creating a more favourable environment for private sector investment.

“The road is now clear for private sector investors. We are seeing a resurgence in the petroleum refining sector, where crude oil is now being refined domestically, providing petroleum products and raw materials for industry,” Edun said.

“With a more stable and sustainable macroeconomic environment, Nigeria is not only poised to compete on the domestic market but also to export competitively.”