The Federal Government on Monday said it had no intention to borrow from local or foreign organisations with its removal of subsidy on petrol and exchange rate harmonisation.
The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday, in Abuja.
He said the benefit of subsidy removal would be ploughed back into various sectors of the economy to boost government’s revenue and improve business environment for local and foreign investors.
Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long term basis.
He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the mess it has found itself over the years
This was as the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.
She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s mandate on creation of jobs for the teeming youthful population of Nigeria.
For his part, the Minister of Health, Dr Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.
He said that the president had directed ministers to be courageous and innovative in taking decisions that would benefit the country, adding he has already taken such moves.
Pate said that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol from the first day on his inauguration.
Also speaking, Minister of Information and National Orientation, Alhaji Mohammed Idris, said that the president charged the cabinet members on transparency in their dealings, especially in disseminating necessary information.
He urged the media to avail themselves of the opportunity of verifying and fact checking their stories in order not to misinform the public.
