President Bola Tinubu on Monday gave his 45 Cabinet Ministers eight areas to concentrate on within the next three years, including economic growth, health care, Security, the rule of law, and fighting corruption.
The President presided over the meeting at the Council Chambers of the presidential villa in Abuja, which was considered the “Roadmap for the economy” presented by the minister of finance and coordinating minister for the economy, Wale Edun.
The President charged his ministers to look beyond titles and offices and stay focused on the day-to-day task of their individual and collective contributions to the transformation of the economy for the upliftment of Nigerian households.
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He noted that the hopes and aspirations of 200 million fellow Nigerians rest on their daily actions, adding that he will “relentlessly provide the focused leadership required to stop failure in its tracks so that sustainable progress can be achieved.
“We shall evolve a homegrown re-engineering of our finances, a reimagined stewardship of our resources, and we will let the economy work for the people of this country. There are so many things we can and will do. Yes, some cynics will say it is impossible. But in your dictionary of service, everything is possible, and it must be possible,” the President exclaimed.
Tinubu stated that anyone thinking that appointments are fixed term appointments is mistaken and urged them to “deliver for Nigeria without any lamentation or excuses.
“We have the talent. We have the level of intellectual capacity required to turn this country around. We will ensure that the country is on the right path to succeed on behalf of more than 200 million Nigerians who rely on us,” the President affirmed.
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President Tinubu noted that the country would rely on the experience, skill, intellect, and networking of those appointed to make headway in the challenging times, and failure would not be explained away under his watch.
“You and I know that expectations are high, and these are tough times. We must work hard and move ourselves to create a buoyant economy that will serve Nigeria. We have an unacceptable employment rate and face threats from climate change. To turn things around, you have been selected to perform your best. Our policy implementation will reform the economy, ensure inclusive growth, and strengthen Security for peace and prosperity. Without Security, there can be no investment,” the President said.
Humbled by God’s mandate, the President reminded his cabinet that he is only one man and that their innovative thinking to solve problems will shape his leadership as a President who listens.
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“It is in your hands now. I am ready to listen and to cooperate. I am ready even to be corrected. Only God is perfect. You have been asked to fetch water from a dry well. The challenges are great, but we will deliver for Nigerians. I am happy to be the captain of this vehicle.”
“It is a great commitment that you have made to the country. Since your inauguration as a minister, you have become a servant for the people, serving all of the people all the time,” President Tinubu concluded.
At the post-FEC press briefing, Edun said the council agreed that the economy is not where it should be.
He said FEC examined the eight priority areas and identified targets to deliver in the next three years.
He also affirmed that President Tinubu had charged the ministers to roll out policies and programmes to improve the economy.
Edu, who stated that the federal government is creating a stable economic system, added that they focus on attracting more economic investments.
“There would not be a reliance on borrowing because the revenue profile cannot sustain such borrowings.
He, however, expressed hopes that with the removal of subsidies from petroleum products, the government will earn more revenue to sustain infrastructure development.
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Speaking on the kind of economy the Tinubu administration met on the ground, Edu said, “We met a lousy economy, and Mr. President promises to make it better. ”
He also said that the Federal Government cannot borrow money now, emphasizing how to create a macroeconomic environment where local and foreign investors will invest and increase production.
The marching order was given at the council meeting where the “Roadmap for the economy” presented by the finance minister and coordinating minister for the economy was considered.
Edun said the council agreed that the economy is not where it should be.
He affirmed that President Tinubu had charged the ministers to roll out policies and programmes to improve the economy.
He said, “First, he congratulated everybody, emphasized the high expectations of Nigerians, and encouraged us to be courageous and innovative and urgently deliver a better life to all Nigerians.
“Essentially, we went through an exercise of looking at where things stood regarding the economy, the growth rate, the exchange rate, inflation, unemployment and so on.
“The overriding conclusion is that we’re not where we should be, and we also examined the President’s eight-point agenda, that is, the eight priority areas for moving the Nigerian economy forward and for delivering to Nigerians, and those are food security; ending poverty, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its dimensions, particularly as regards youths and women, improving Security, improving the playing field on which people and particularly companies operate, the rule of law, and course, fighting corruption.
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“It is around that matrix that the plans and the targets of what will be delivered in the next three years or so were identified, discussed and imputes were given by various ministers, and we’ll now go away with the marching order to refine further the targets in particular and within weeks to start rolling out policies and programmes to turn around the economy and make things better for all Nigerians. That is the substance of what the discussions were all about.”
Asked how the country would repay the loans since they were for consumption, he said, “Clearly, the federal government is not in a position to borrow at this time. Instead, the emphasis must be on creating a stable macroeconomic environment, inflation, and exchange rate.
“An environment within which people can invest and increase production and further grow the economy.
“Improve and create jobs and reduce poverty. So, all reforms now aim to focus on what we call equity to focus on investment to attract investment by Nigerians. Investment by foreign direct investors and investment by portfolio investors who want to invest in the financial aspects of the Nigerian economy, such as the stock market and the bond market.
Also speaking, Doris Anite, the Minister of Trade and Investment, stated that the President has charged the Ministers “to create 50 million jobs.”
Speaking on the time frame for delivering on their mandates, Ali Pate, the Coordinating Minister of Health and Social welfare, who noted that the country was going through “difficulties at the moment, assured that “boldness will allow to turn such crises into opportunities.
“The track records speak for themselves. Nigerians will begin to feel the impact of the policies very soon.”
