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FG will mobilise MDAs to reduce inflation, stabilise naira — Minister


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President Bola Tinubu’s led administration has said it is mobilising Ministries, Departments and Agencies to “bring down inflation, stabilise the foreign exchange rates and create an enabling environment for business and investment.”

The Minister of Information and National Orientation, Mohammed Idris, disclosed this in a statement he signed on Sunday, titled ‘Amidst challenges, Nigeria will forge ahead.’

According to the statement, Nigeria’s economy is receiving investment inflows worth $14bn from Indian businesses that pledged to invest in the country at the G20 Summit held last September.

While describing the recent killings in Plateau State as “regrettable,” it vowed that its perpetrators must face justice.

Idris noted, “Regarding the economy, all relevant Ministries and Agencies of the Federal Government are working in a coordinated fashion to bring down inflation, stabilise foreign exchange rates, and create a truly enabling environment for business and investment.

“The Nigeria that President Tinubu seeks to build is one where no one is left behind. Impactful interventions are being rolled out, including a Students’ Loan Scheme, a Presidential Initiative to deploy lower-cost CNG mass transit buses to provide alternatives to petrol and diesel, and various low-interest loan schemes for businesses.”

Speaking further in the statement, Idris said the CNG interventions will reduce the cost of transportation by more than 50 percent, urging Nigerians to take advantage of these opportunities as they emerge, as they have been designed for the benefit of all.

On security, he said the recent rise of kidnapping and killings across the Federal Capital Territory and other parts of the country, including the massacre in Plateau will be tackled.

It said, “The resurgent crisis in Plateau State is indeed highly regrettable, and we assure that all perpetrators of violence there, and everywhere else in the country, are being brought to book. Justice will be done, and peace will be restored in all affected communities.”

It commended the gallantry of security and intelligence agencies, which it said, “are leaving no stone unturned to ensure that we are safe in our homes and on the highways and that criminals have no breathing space.”

On Foreign Direct Investment, the Information Minister said, “The Indian businesses that pledged $14bn in new investment in Nigeria on the sidelines of the G20 Summit in India in September 2023 have since started making good on those pledges.”

“We are ready to give you the best returns for investment possible; there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now,” Tinubu told Indian business leaders from the pharmaceutical, power, petrochemical, and agricultural sectors.

He said, “Among these new investments, Indorama Petrochemical Limited has pledged a new investment of $8bn in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.”

The FG said while it is not “downplaying the reality of the challenging season” that the nation is experiencing, it argued that “that is only part of the story.”

Therefore, it cautioned citizens against receiving and propagating misinformation from those it called divisive elements.

It said, “Even as we tackle our challenges with urgency and dedication, it is also necessary to remind all Nigerians of the need to resist all forces and narratives of misinformation and division.

“For example, it is not true that the relocation to Lagos of the Headquarters of the Federal Airports Authority of Nigeria, and of certain departments of the Central Bank of Nigeria, are political moves aimed at marginalising a section of the country.

“These allegations are unfounded. Instead, these are pragmatic administrative steps to improve operational efficiency and reduce operating costs.”

Idris urged “all Nigerians to be especially mindful of all persons and groups at home and abroad, who specialise in making false and inciting claims on radio, TV and social media, as well as in peddling altered videos and images for viral dissemination.”

The minister called on citizens to “stand together as one, against these forces that constantly seek to test and break the bonds that hold us.”


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