Bauchi State Governor Senator Bala Abdulkadir Muhammad has commended the Federal Ministry of finance for their effort to improve Nigeria’s economy, particularly in addressing macro-economic challenges that directly impacted ordinary citizens.
Senator Bala said this yesterday when he received the minister of finance Dr.Wale Edun at the Council Chamber Government House Bauchi.
The minister’s visit was part of the activities for the National Council on Finance and Economic Development (NACOFED) conference, which the state is hosting this year.
Muhammad thanked the Federal Government for selecting Bauchi State as the host of the prestigious event.
He acknowledged his role as a vocal critic of federal policies but commended Dr. Wale Edun’s efforts to improve Nigeria’s economy, particularly in addressing macroeconomic challenges that directly impacted ordinary citizens.
Governor Bala, highlighted the paradox of Nigeria being one of the top oil-producing nations while many of its citizens face significant hardship.
He urged the Federal Government to devise strategies to optimize the oil and gas sector for the benefit of the masses.
Senator Bala called for continued collaboration, inclusion, and partnerships among stakeholders to ensure transparency, equity, and justice.
He stressed the need for collective accountability to drive rapid socioeconomic growth and development in the country.
The Minister of Finance and Coordinating Minister of the Economy, Dr. Wale Edun, hailed Governor Bala Abdulkadir Muhammad for transforming Bauchi State into a business-friendly environment through various developmental projects
Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said that the initiative of President Bola Ahmad Tinubu stopped the country from bleeding (referring to stoppage of imported fuel) which he said was costing five per cent of the GDP of the country every year.
The Minister was speaking yesterday in Bauchi during the opening ceremony of the National Council on Finance and Economic Development (NACOFED) with the theme: Fostering Economic Growth in Challenging Times.
He said that President Bola Tinubu’s administration inherited the assets and the liabilities and there was no looking back but in charting a way forward, decisions needed to be made in order to stabilize the economy.
“When you try to look at where we are now, essentially, the major macro economic reforms that are in place. The President has stopped the bleeding that was costing five per cent of the GDP of the country every year that was adding no value except to a few people and of course neighbouring countries that were benefiting from what was happening with the fuel subsidy and as well, a related foreign exchange subsidy.
“The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures. They have been removed and the federation account will benefit from increased flow of resources to the federal, states and local governments and so much more can be done in terms of investing not just in infrastructure but in social services like education, health.
“The road is clear for private sector investors and as we know, we are now back in business on the road to industrialization, based on what is happening in the petroleum refining sector.
“Crude oil is not just being shipped abroad, it’s being refined locally to give petroleum products and raw materials for industry. We should be encouraged that we have a more stable, sustainable macro economic environment that is friendly to investors, that will make it possible not only for them to produce competitively for the domestic market but also to export,” he said.
The Minister also expressed appreciation to Governor Bala Mohammed for hosting the conference and the organizers for making the conference a reality.
On his part, Governor Bala Muhammà d assured his visitors that he would spare no efforts to ensure that the gathering surpasses expectations.
