By Tony Obiechina, Abuja
The Minister of Finance and Coordinating Minister of the Economy Mr Olawale Edun said the last time Nigeria’s economy looked stable was about a decade ago.
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He stated this during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.
The minister said, “if we think back to when was the last time when the economy was stable , when it was growing when inflation was low when the exchange rate was stable and when interest rates were affordable , that period is about a decade ago .
“We are not where we should be, the economy is barely growing above the rate of population growth. But it was not always so and I think in trying to see the way forward, if we look back, if we now have a situation of slow growth , double digit inflation, weak depreciating exchange rate as well as security concerns that is resulting in an economy that is not growing that is not lifting our Nigerians out of poverty”.
“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.
“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Speaking further, Mr. Edun noted that the prevailing circumstances that necessitated the economic growth of the 2010s were not present today hence the government has to allow private funding for certain problems.
He specifically mentioned FDIs and domestic investment by Nigerians as ways in which the private sector can contribute to President Tinubu’s strategy of economic recovery.
He said the President’s antecedents of deploying private investment in areas such as infrastructure, power, waste management etc. during his time as Governor of Lagos serves as a pointer towards the plan of the current administration.
Speaking on the key priority areas President Tinubu will focus on, the finance minister said, “The key priorities are to improve the lives of Nigerians by providing food security by ending poverty.
“His plan for the economy is economic growth, job creation, access to capital- particularly consumer credit that makes goods affordable to the average Nigerian.
“Utilising our human resources- our vast, capable human resources, by focusing on inclusivity-women, youth and making all have the opportunity to contribute to prosperity and likewise focusing on security, rule of law and corruption. He intends to create a fairer, safer playing field for all”
Commenting on how the President hopes to measure performance, Mr Edun said objective measure of performance will be used, he made reference to inclusivity, adding when he said “In the area of inclusivity, we will measure literacy rate, out-of-school children and see how successful the trend in reducing out-of-school children, rule of law, anti-corruption etc likewise other metrics will be used to check how well the administration is doing”
He further stated that the key to achieving President Tinubu’s agenda is increasing revenues so that there is enough funding from the government to carry out its expenditure.
The minister’s words: “On the one hand is by increasing tax revenue not by increasing taxes but by bringing greater efficiency and to maximise the revenue. There will be an emphasis on efficiency in government expenditure and effective debt management so that borrowing has linked to it, the effective debt management.
“Overall, the President is going to provide a better life for all by encouraging investment that improves productivity, grows the economy and thereby creates jobs and reduces poverty”
On the the way forward, the Minister pointed out that the President’s eight priority areas where he’s going to take Nigerians and his key priorities to improve the lives of Nigerians by providing food security by ending poverty .
He said, “His plan for the economy is economic growth, job creation, access to capital particularly consumer credit that makes goods affordable to the ordinary Nigerians. And his concerned about utilizing our vast capable human resources by focusing on inclusivity, women, youth , making all have the opportunity to come to the table and contribute to the growth of the economy and society and likewise by focusing on security, rule of law, and anti corruption, he tends to create a fairer and safer playing field for all.
“For the team he has put together, he’s going to have specific targets, objective measures of performance so that Nigerians can see the target he set and measure him and the team against them, so in the area of inclusivity, we will measure literacy rate, measure out of school children and see how successful the trend in increasing literacy and reducing out of school children will go etc , measures will be put in place for security, for rule of law, anti corruption, and likewise for the other metrics, there will be measures that allow Nigerians to check how well the administration is doing” .
Edun further stated that “In terms of how to get to where Mr president is going to take us: the key is to increase revenues so that government has enough funding to carry out it’s obligations and to stabilize the economy as a whole.
“On one hand it is by increasing tax revenue not by increasing taxes necessarily but by bringing greater efficiency, the aim is to bring greater efficiency to cut leakages and to maximize the legitimate revenue that should come to government. Likewise in order to gain and build public trust , there will be emphasis on efficiency in of government expenditures and similarly effective debt management so that borrowing has the link to it , the return on investment, we will borrow and you will see the cash flow that will repay that borrowing.
“The president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and there by creating jobs and reducing poverty”.