THE Federal Government on Monday said it would no longer borrow from any local or foreign organisations as the proceeds from the fuel subsidy removal would be ploughed back to the various sectors to boost the economy.
The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, disclosed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.
He said that the proceeds accruing from the subsidy removal would imorove government revenue and enhance the business environment for investment.
According to him, the increased revenue from subsidy removal, has enabled the government to provide palliatives for Nigerians to cushion its effect adding that President Bola Tinubu’s administration is committed to turn the economy around
Also, 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 commitment to creation of jobs for the teeming youthful population of Nigeria.
Similarly, 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 them to be courageous and innovative in taking decisions that would benefit the country, adding that the president 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.
On his part,the Minister of Information and National Orientation, Alhaji Mohammed Idris, said that the president charged the cabinet members to be transparent 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.
Credit: NAN
