- The student loan programme initiated by President Bola Ahmed Tinubu will commence in full effect from January 2024
- This development was made known by President Tinubu during his speech at the 29th Nigeria Economic Summit organised by the Nigerian Economic Summit Group (NESG)
- On the other hand, the NESG pledged its commitment to always recommend game-changing policies of best economic practice
Tinubu stated this in Abuja on Monday, October 23, at the 29th Nigeria Economic Summit organised by the Nigerian Economic Summit Group (NESG) in partnership with the Federal Ministry of Budget and Economic Planning.
At the event, Tinubu assured Nigerians that government-owned tertiary institutions will no longer go on strike.
He admitted that Nigerians are feeling the short-term negative impact of his reforms but promised that everyone will soon enjoy the benefits.
During his opening remark, the chairman of the NESG, Mr Niyi Yusuf, said the NESG had kept faith with the government and Nigerians as a dialogue partner, watchdog, connector, and Intervener.
He said the eight targets of President Tinubu's 'Renewed Hope" agenda are possible " if public and private sector leaders work together towards the same national vision."
Mr Yusuf said:
"This year’s Summit has been calibrated as a burning platform to answer the question of the essential pillars of economic transformation that would get us to the future envisaged by the Government.
"The need for urgent strategic shifts that impact the ease and cost of doing business within a relatively short period is a matter of existential threat to the survival of enterprises and entrepreneurs.
"The low access to and increasing cost of FX, high cost of inventory, imported inputs, and operations, coupled with the diversity of taxes, continue to erode business balance sheets, with resultant contraction in production and employment."
NESG commits to FG in policy-making
Mr Niyi also harped that with over 133 million Nigerians living in multidimensional poverty, a low-growth and low-investment period raises concerns about potential stagnation and distress.
He said the future of Nigerian children in all regions and the ageing population are in jeopardy.
The NESG chairman lamented that it's likely that retirees could see their savings and investments depleted within the first few years of retirement.
He stated that to attain a multi-trillion dollar economy, substantial sacrifices are required from all citizens.
Mr Niyi said the Nigerian Economic Summit Group (NESG) is prepared to assist the government in formulating tough decisions and implementing measures to mitigate the short-term effects on the population.
N764 to $1: Ex-President Obasanjo reveals how to save Naira from falling
In another report, a solution has been recommended to the federal government to combat the frequent fall of the Naira to the dollar.
The federal government has been urged to transition from a single-resource economy to a diversified one.
Ex-President Olusegun Obasanjo suggested this recommendation at a public event in Abeokuta, Ogun State.