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Nigeria’s Economy Is Growing, Federal Government Now Has Enough To Clear Debts — Finance Minister Wale Edun

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Wale Edun, minister of finance and coordinating minister of the economy says President Bola Ahmed Tinubu has approved an emergency economic plan that would be implemented within the next six months.

Edun made this known on Tuesday in Abuja during the sectoral report of President Bola Tinubu’s first year in office.

He stated that the president gave the approval to further stabilise the economy.

“A fresh intervention approval from Mr. President today is the economic emergency plan for stabilising the economy and to be implemented over the next six months,” Edun said.

“This was put together by the president’s economic team, by the private sector representatives, by the sub-national or the state governments.

“We have all sat together in recent weeks and we had a package from the President’s desk this afternoon for his approval.

“Why it was afternoon was because it was this morning that we got the final clearance from a state governor who had said he wanted the final chance to review  the inputs.

”With that clearance, we’re now good to go in terms of the major economic plan for mr. president to approve.”

Speaking further, the minister said the government now has enough to clear debts.

According to Edun, unlike when the administration came into power, the government did not have enough to pay its way.

He said through the implementation of technological change and procedures, the revenue of the country has been totally revamped and increased substantially.

“What that means is that the government can now pay its way. The government is paying its debt service without resulting in Ways and Means, particularly international debt service,” the minister said.

“That process that has been put in place, is one that we have mandated not just by Mr. President, but even the national assembly in passing the 2024 budget, insisted that Nigeria’s money that was in the hands of parastatals, agencies, or other enterprises needed to be brought in.

“That has been done by the government, not in as comfortable a situation as we would like to be, but onwards where we’ve paid our way domestically, internationally.”

Edun also said outstanding payments of $200 million have been made with the Islamic Development Bank in shareholding.

“Things that do not allow confidence to be built and do not allow Nigerians to have that vital place when they sit at a table and they are pulling money. All those are a thing of the past. They have all been paid out,” he added.

On economic growth, Edun said Nigeria’s economy is experiencing a positive gross domestic product (GDP) growth rate of 2.98 percent  compared to the 2.3 percent growth seen in the first quarter (Q1) of 2023.

He said the agricultural sector, which is critical to the economy, is now showing marginal growth.

“This growth in agriculture provides the monetary authority with the leverage needed to stabilise foreign exchange (FX) rates,” he said.

“By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.

“This sector’s progress is expected to play a significant role in combating inflation, especially through a favourable wet season harvest that should stabilise food prices.”

Edun said the ministry is, therefore, looking at a situation where inflation comes down.

He said when the inflation rate comes down, it would give the monetary authorities a chance to stabilise the exchange rate, as well as an opportunity for interest rates to come down and investments to come in.

This, Edun said, would in turn increase productivity, create more jobs, and reduce poverty.

 

Credit: The Cable.

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President Tinubu Orders Reintroduction Of History In Basic School Curriculum

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Tunji Alausa, the minister of education, says President Bola Tinubu has reaffirmed that “history” should and will be reintroduced as a subject in Nigeria’s basic schools.

“History,” reports indicate, was removed from Nigeria’s basic school curriculum in 2007, eliciting sharp criticism that spanned years.

In many cases from then on, historical topics were taught with little depth as part of “social studies.”

In 2018, the federal government ordered the nationwide re-introduction of “history” as an independent subject in the curriculum of primary and junior secondary schools in the country.

Adamu Adamu, the then minister of education, had stated that the Nigerian Education Research and Development Council (NERDC) would need to first carry out a disarticulation of “history” from the social studies curriculum.

He said a curriculum would be designed with topics to help students appreciate “history” as a national integration and nation-building tool.

The ex-minister said a total of 3,700 “history” teachers were shortlisted for the first round of training to enhance the teaching of “history.”

Education ministries at the state level, including those of Lagos and Taraba, have since been moving to implement the federal policy.

Tunji Alausa spoke on a Tuesday Channels TV show where he expressed concern that Nigeria’s youth are disconnected from its “history.”

“Let me go to basic education, the curriculum is good. What has been missing in the past is Nigerian “history.” We now have people of 30 years disconnected from our “history.” It doesn’t happen in any part of the world,” the minister said.

“President Bola Tinubu has mandated that we put that back in our curriculum and that is back. From 2025 our students in primary and secondary schools will have that as part of their studies.”

While validating the federal policy of re-introducing “history” as a basic school subject, the former minister Adamu Adamu argued that its absence had led to declining morals, erosion of civic values, and a disconnection of the citizenry from the country’s past.

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2025: President Tinubu’s Reforms Will Unlock Nigeria’s Potentials — First Lady To Nigerians

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The First Lady of Nigeria, Senator Oluremi Tinubu, has expressed optimism about the nation’s future, describing 2025 as a year of “prosperity and abundance.”

In a New Year message to Nigerians posted on X on Wednesday, she called for unity and renewed efforts toward building a thriving nation.

Tinubu emphasised the need for collective investment in rebuilding societal bonds and fostering inclusivity across all regions and demographics.

She urged Nigerians to rise above divisions and work toward mutual respect and understanding.

“As we journey through 2025, let us rise above our differences and rebuild the bridges that connect us—bridges of love, respect, and understanding.”

“It is a year to invest in one another; to nurture our youth and protect the dignity of our elders; to create a country where every Nigerian can thrive, regardless of where they are born, what they believe, or what language they speak,” she said.

The First Lady highlighted the administration’s commitment to ongoing economic reforms aimed at unlocking Nigeria’s vast potential under the leadership of President Bola Tinubu.

She stated, “I assure you all that the administration of President Bola Ahmed Tinubu, GCFR is truly committed to and is already undertaking deepening reforms that will unlock our nation’s economic potentials.”

Senator Tinubu encouraged Nigerians to stand together and support one another, pledging that the government remains steadfast in its vision for a prosperous nation.

“Together, we can build the Nigeria we all desire. Together, we will. Happy New Year, Nigeria,” she added.

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Federal Government To Establish Credit Guarantee Company, Targets 15% Inflation In 2025

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President Bola Tinubu says his administration will establish a National Credit Guarantee Company before the end of the second quarter (Q2) of 2025.

Tinubu spoke on Wednesday during his New Year speech.

The president said his administration would consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“In 2025, our government is committed to intensifying efforts to lower these costs by boosting “food production” and promoting local manufacturing of essential “drugs” and other “medical supplies,” he said.

“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.

“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

“The company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, the private sector, and multilateral institutions.”

Tinubu said the initiative would strengthen the confidence of the financial system, expand credit access, and support underserved groups such as “women” and “youth.”

The president also said the company would drive growth, reindustrialisation, and better living standards for Nigerians.

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