Tinubu Says Nigeria’s Economy Improving, Claims States No Longer Borrow to Pay Salaries
- President Bola Tinubu says Nigeria’s economy is beginning to recover from earlier challenges
- Tinubu said economic reforms introduced by his administration have helped stabilise the country’s finances
- The president claimed that state governors are no longer borrowing from banks to pay workers’ salaries
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
President Bola Tinubu has said that Nigeria is gradually overcoming the economic difficulties his administration faced at the start of its tenure, and that state governments are now in a better financial position.
Source: Facebook
The president made the remarks on Monday while hosting religious and traditional leaders at an interfaith breaking of fast at the Presidential Villa in Abuja, according to a statement issued by the presidency, The Sun reported.
Tinubu says he inherited economic challenges
Speaking during the event, Tinubu said his administration inherited a challenging fiscal environment but had introduced reforms aimed at stabilising the economy.
“I am grateful for the opportunity to serve,” the president said, noting that he remains committed to carrying out his responsibilities faithfully.
He added that the country’s economic situation had begun to improve, stating that pensioners were gradually receiving relief as government reforms continued to take effect.
According to the president, the reforms have also strengthened the financial standing of state governments across the country.
Governors no longer paying salaries with loans
Tinubu said that, unlike in the past, governors are no longer approaching banks to obtain loans solely to pay workers’ salaries.
He also assured Nigerians that the government would continue to safeguard the country’s unity and stability.
The president emphasised the role of religious and traditional leaders in fostering peace and social harmony, noting that their contributions remain important in maintaining national cohesion.
Millions of Nigerians receive cash transfers from FG
Meanwhile, about nine million of Nigeria’s poorest households have received direct cash transfers, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Edun also stated that over 12 million Nigerians have been enrolled through digital ID integration, with women making up nearly 60 percent of beneficiaries.
Reflecting on the period when International Development Association (IDA20) was introduced, Edun said the initiative came at a time of global uncertainty marked by the aftereffects of the COVID-19 pandemic, supply chain disruptions and rising food insecurity.
Source: Facebook
He noted that Nigeria faced economic pressures during the period but opted to implement structural reforms. Among the measures listed were the unification of exchange rates, the removal of petrol subsidy, and the end of deficit monetisation.
The minister added that IDA’s development policy operations provided financial and technical backing to support these reforms.
FG invites Nigerians to apply for loans
Legit.ng earlier reported that the federal government announced plans to empower market women, small-scale traders, and artisans with access to zero-interest loans of up to N100,000.
The empowerment will be done through its upcoming programmes, MarketMoni and TraderMoni, targeting women, micro-entrepreneurs, artisans, and cooperatives nationwide.
MarketMoni will provide market women with interest-free loans to grow working capital, restock inventory, and expand their businesses.
Source: Legit.ng
