November 29, (THEWILL) – President Bola Tinubu has said the objectives of his government’s reforms are to increase tax efficiency and not punish Nigerians.
Tinubu stated this on Tuesday, at the 2023 National Engineering Conference, Exhibition and General Meeting of the Nigerian Society of Engineers (NSE) in Abuja.
Represented by Vice President Shettima Ibrahim, the President clarified that his government abolished the unwieldy foreign exchange regime to promote substantial inflows into a proper, efficient and efficient market.
On amenities, he noted: “In infrastructure, we are supporting the states with seed financing for a transformational infrastructure fund.”
Not oblivious of the hardship the removal of subsidy on PMS is causing Nigerians, Tinubu said the step had led to dramatic increases in sub-national revenues, meaning states have more resources to invest in infrastructure and other critical areas.
To create access to capital, the President said he had ordered the creation of a new single-digit interest rate fund to provide #75 billion to support enterprises.
Tinubu noted that the supplementary budget was to support targeted interventions and initiatives to cushion the effects of the “temporary hardships caused by our much-needed economic reforms.”
The Nigerian leader said he is not unmindful of the hardship that his policies are causing average Nigerians, stating: “The difficult times are temporary, but the benefits will be coming.”
The President admitted that achieving any of his targets would be difficult if adequate attention is not paid to the manufacturing sector, competitiveness, and economic growth. He submitted that Nigeria’s population of about 200 million is an asset.
Tinubu explained: “As the largest black population on earth, and with a median age of 19, we possess not only a large role of industrial and engineering level but also a vast market for any programme manufactured within Nigeria. The challenge before us is to turn this workforce into one of the greatest national assets the world has ever seen.”
While welcoming delegates to the conference, NSE President, Tasiu Gidari-Wudil, said Nigerian engineers were disturbed by the gradual erosion of the country’s non-oil export performance in the 1960s and 1970s.