Subsidy Removal, Increased Allocations Show Commitment To Reforms –Tinubu

President Bola Ahmed Tinubu has attributed his administration’s achievements over the past 17 months to strategic decisions to foster inclusive and sustainable growth.

Speaking at the 54th Annual Accountants Conference in Abuja, President Tinubu emphasised that the “Renewed Hope” agenda has been central to addressing decades of under-investment and economic challenges.

The president, represented by the minister of budget and national planning, Atiku Bagudu, noted that the GDP growth for the first and second quarters 2024 was positive, while inflation also turned downward.
He added that the stability of the foreign exchange market and significant investment interests further encourage existing reforms.

“The Necessary Choices, pleasant and otherwise, we made in the last 17 months were designed to stop the decline and put us on a path to higher, sustainable, and inclusive growth.

It is encouraging that GDP growth was positive for the first and second quarters of 2024 while inflation turned downwards. The foreign exchange market is stabilising, and we see encouraging investment signals.

“We are continuing with innovative reform measures: digitisation of revenue collection and government services, consumer credit system to boost manufacturing and enable access to goods and services, mortgage system reform to provide wider opportunities for home ownership, CNG penetration to offer cheaper and alternative energy sources, and agriculture development fund to further de-risk agricultural investments.”
The President added.

President Tinubu further recognised the removal of “punitive subsidies to the Nigerian economy” and increased allocations to the three tiers of Government as evident results of their administration’s commitment to continually reforming the Nigerian economy.

“Our reforms include removing punitive subsidies to the economy. Revenue bleeding has reduced, and the three tiers of Government are receiving higher allocations, which enable more support to vulnerable populations. Social investment spending is increasing, the minimum wage has increased, student loans are available, and interventions to support NANO, MSME, farming, fishing, and the livestock sector have increased.

He added that the Federal government is committed to leveraging cutting-edge technologies to boost transparency and cultivate strategic partnerships that promote sustainable development.

“Our collective vision for Nigeria’s future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability.”

He highlighted the conference theme, saying Governance Reimagined captures the aspirations of its administration and marks a significant milestone in the journey towards refining governance and fortifying accountability across Nigeria.

“We convene at a time when the governance landscape is dramatically evolving, presenting challenges and opportunities that demand innovative solutions and proactive strategies.

The advent of emerging technologies opens new avenues for enhancing accountability and transparency. To harness these opportunities effectively, we must foster robust collaboration and networking among policymakers, regulators, and professionals.”

President Tinubu noted that the expertise of the accountants fortifies the foundation of trust on which Nigerian societal progress is built.

“Your role as accountants in cultivating transparency, upholding integrity, and managing our nation’s resources adeptly is indispensable.

“Your profession provides you with the skill set to appreciate a company or Government strategy. Some of you are at the heart of or have been involved with turnaround for companies and choices necessary for survival in a competitive environment.” The President added.