Nigerian Minister of Finance and Co-Ordinating Minister of the Economy, Wale Edun, has disclosed that the President Bola Ahmed Tinubu’s led administration in its bid to elevate the suffering of the masses has opened the grain stores and made available 32,000 metric tons of grains into the food market.
Edun who made this disclosure in his address and formal opening of the 2024 two-day Ministerial Retreat with the theme: “Achieving the 8 Presidential Priorities: the Role of the Ministry” in Uyo, Akwa Ibom State said another 60,000 metric tons will be released with an intention to drive down the food prices and make food available, adding that “Right now that is the key priority of the government”.
According to him, “It is a rare gathering, a key economic movement of key economic battle particularly against speculators”.
The Minister added that he is happy that this event is happening at this time of economic transformation, economic recovery, economic renewal and rejuvenation under the able leadership of President Bola Ahmed Tinubu.
He hinted that since May 29, 2023 that the country had been set on the course of Macro Economic Recovery, where the unsustainable and wasteful has been done with and now the finances of the nation have been restored.
The Minister said, “The President has taken away from the few and given to the many. He has solved expenditure of the few and given to expenditure of the many”. Adding that transformation to the right course does not come so easily, emphasizing that it comes with commitment and corrective actions.
Edun also said that the Central Bank of Nigeria is doing all it can to streamline the rate of forex and even bring it down, stating that it is a battle for a tactical change.
He stated, “We need to restore the value of the naira, restore the expenditure and restore our confidence in the naira, adding that it is a battle the Federal Government and the CBN will win, emphasizing that he is not in doubt that every necessary thing is been done to ease the pains of Nigerians.
The Minister said he has the privilege of chairing the Social Investment Programme Committee which has recommended Direct Payment to the poorest and most vulnerable, adding that the arrangement for the payment is in top gear.
He added that the commitment is to ensure the use of technology to have a seamless payment between the register and the direct payment without having any manual process, explaining it is taking time to automate that process, promising that immediately that is done, direct payment will resume.
He disclosed that there are 3 million beneficiaries now, even as the rate has gone up to 12 million who can benefit from households and people, who are most vulnerable, the poorest and the weak.
The Minister while commending the people and government of Akwa Ibom State, urged the participants to focus on how to restore the economy, adding that it is a challenge but they have to work with each other for a common purpose.
“So as to have a clear understanding and contribute immensely to the way we should approach our tasks and deliver according to our plan, hammering on more communication, stating that more effective communication would bring better results.
Earlier, the Permanent Secretary Special Duties, Federal Ministry of Finance, Okokon Ekanem Udo in his welcome address said “Our commitment to this retreat is evident that we are poised to deliver on the Ministry’s mandate.
Adding that, the success of this retreat will be measured by our ability to appreciate our direction of travel, consolidate our collective objectives and generate creative solutions to enhance performance and successful delivery on the Ministry’s mandate.
Udo while congratulating the Minister of Finance and Co-Ordinating Minister of the Economy, Wale Edun ,the Chief host for his drive and team spirit that birthed the gathering, said the choice of the venue was because of its serene environment, which is conducive for rest and sober reflection on issues of our collective concern.
He added, “There is no gainsaying that information technology-driven system has revolutionized the way we work and is set to further change the Public Service landscape as we move into a fast-paced world shape by artificial intelligence, cutting edge technologies and other innovations, stating that emphasis is now on enterprise content management, through digitalization.”
According to the statement released by the Ministry, the Perm Sec appreciated the people and Governor of Akwa Ibom State, Pastor Umo Bassey Eno, ably represented by his deputy, Sen.Akon Eyakenyi, for honouring the invitation and hosting of the retreat.
Reiterating, “Our commitment in this two-day retreat is evident that we are poised to deliver on the Ministry’s mandate, adding that it is particularly encouraging to note the effective representation of all the key stakeholders in the public financial management at this retreat.
“With the sole purpose of working in synergy to deliver our collective mandate, urging the participants to make the most use of the opportunity to consolidate on our collective objectives and generate solutions.”
The Permanent Secretary said, “We must not relent in implementing Mr. President’s priorities for our country and managing the nation’s finances in most transparent and accountable manner for prosperity of the current and future generations.”
He advised ,”We should be seen as playing key roles in reducing the unintended hardship occasioned by the ongoing reform initiatives of the government, nothing that growth is returning, investor’s confidence reawakening and we are momentarily moving through the rough road onto a path of sustainable growth.”
The Governor of Akwa Ibom State Pastor Umo Bassey Eno represented by his deputy, Senator Akon Eyakenyi, in his good will message said the “Management Retreat is timely and absolutely important because the participants are those charged primarily with the responsibility of implementing Mr. President’s Economic Agenda, reviewing same when necessary and advising him and the Federal Executive Council as far as the national economy is concerned”.
Eno said, “The economy is the lifeblood, the heart and fulcrum which dictates the well-being of the nation and defines the achievements of the administration”.
“To that extent, being appointed to be a part of such a critically important team is a rare vote of confidence and sacred trust which must keep you awake and on your toes at all times.
“It is tantamount to Mr. President handing you an assignment which can make or mar his administration. I’m sure you know that you can’t afford to disappoint him. Remember, “To whom much is given, much is expected.”
He emphasized that the retreat with its instructive theme – “Achieving The 8 Presidential Priorities of Mr. President: The Role Of The Ministry” is indicative of the preparedness of the Ministry to play its role in the actualization of the Renewed Hope Agenda of Mr.President.
“The retreat will afford you the opportunity to subject critical national policies, especially the budget to critical review, assign responsibilities to persons and earmark timelines for the accomplishment of tasks.
“Thank you for this foresight and sacrifice.
Beyond the President, Nigerians look up to you to fix the economy, tame the spiralling inflation, restore the strength of the naira and stabilize the exchange rate, pull more citizens out of multidimensional poverty, recreate a vibrant middle class, make the nation less import dependent, among others. Your responsibility is enormous and critical.
He mentioned that as a responsible sub national, Akwa Ibom State will continue to play its role in national development because for the nation to be great, all citizens, units, segments, sections, sectors, institutions and govts must be alive to responsibilities and consciously perform optimally.
“Nation building is a collective responsibility”, promising that in furtherance of this objective of holistic national development, this administration in Akwa Ibom State will continue its strategic investments in the aviation, maritime, tourism, education, healthcare, agriculture, rural development and other sectors through the ARISE Agenda.
The Governor strongly recommend to the retreat, the formulation of policies that will genuinely take us back to the farm, leveraging Information and Communication Technology and the utilization of our abundant solid minerals resources for the diversification of the economy.
He appreciated the Honourable Minister for approving the choice of Akwa Ibom State for this historic retreat. It will be on record that the retreat which led to the economic rebirth of Nigeria took place in Akwa Ibom State.
“Rest assured that we are rooting for you as you work tirelessly to pull the Nigerian economy out of the woods. More importantly, we are irrevocably committed to the success of the federal government under the able leadership of our dear President, Bola Ahmed Tinubu.
While wishing the participants fruitful deliberations and a memorable time in Akwa Ibom State, the Governor commended President Bola Ahmed Tinubu for his choice of Wale Edun whom he said is a well trained, competent, globally exposed and highly experienced banker and economist, adding, “We believe in your capacity to turnaround our economy and set the nation on the path of a genuine and sustainable economic growth.”
The retreat has in attendance Directors of the Federal Ministry of Finance, heads of agencies under Federal Ministry of Finance such as : Nigeria Customs Service, Federal Inland Revenue Service (FIRS), Debt Management Office, Pension Transition Administration Directorate, Nigeria Sovereign Investment Authority among others.