Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the initiative of President Bola Tinubu stopped the country from bleeding (referring to the stoppage of imported fuel) which he said was costing five per cent of the GDP of the country every year.
The minister, who stated this during the opening ceremony of the National Council on Finance and Economic Development, NACOFED, in Bauchi yesterday, said President Tinubu's administration inherited assets and liabilities, adding that there was no looking back in charting a way forward to stabilize the economy.
"When you try to look at where we are now, essentially, the major macroeconomic reforms that are in place.
"The President has stopped the bleeding that was costing five per cent of the GDP of the country every year that was adding no value except to a few people and of course, neighbouring countries that were benefiting from what was happening with the fuel subsidy and as well, a related foreign exchange subsidy.
"The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures.
"They have been removed and the federation account will benefit from the increased flow of resources to the federal, states and local governments and so much more can be done in terms of investing not just in infrastructure but in social services like education, health.
"The road is clear for private sector investors and as we know, we are now back in business on the road to industrialization, based on what is happening in the petroleum refining sector.
"Crude oil is not just being shipped abroad, it's being refined locally to give petroleum products and raw materials for industry.
"We should be encouraged that we have a more stable, sustainable macro economic environment that is friendly to investors, that will make it possible not only for them to produce competitively for the domestic market but also to export," he said.
The minister also expressed appreciation to Governor Bala Mohammed for hosting the conference and the organizers for making the conference a reality.
On his part, Governor Bala Mohammed assured his visitors that he would spare no efforts to ensure that the gathering surpassed expectations.
