CurrentReport Blog In a World Press Conference held in Abuja on Wednesday, the Secretary to the Government of the Federation (SGF), George Akume, emphasized the notable achievements of the Tinubu administration. Akume acknowledged the economic challenges currently faced by Nigerians, attributing them to several bold policy decisions taken by the administration.
Economic Prosperity as a Core Goal
Akume stressed that economic prosperity remains the ultimate goal of President Tinubu’s administration. He highlighted the importance of a strong economy as a driver of progress, lifting families out of poverty, and building resilient societies. “Economic prosperity is the engine that drives progress, lifts families from poverty, and builds strong, resilient societies,” Akume stated.
Call for Peace and Stability
Emphasizing the necessity of peace and stability, Akume remarked that these elements are the foundation for trust, cooperation, and shared purpose. “When peace reigns, policies yield results, businesses thrive, investments flourish, and creativity is unleashed,” he said, calling for nationwide tranquility and stability amid the planned protests.
Bold Economic Reforms
Akume noted that the Tinubu administration, which commenced in May 2023, inherited an economy in urgent need of significant reforms. One of the major policy measures implemented was the removal of the unsustainable fuel subsidy regime. “This, it must be admitted, has resulted in unexpected adjustments that impact all facets of the economy and our daily lives,” Akume explained.
Mitigation Measures for Economic Impact
To cushion the effects of these economic adjustments, the Tinubu administration has taken several steps:
- Financial Support to States: The release of five billion Naira to each state to mitigate the impact of the fuel subsidy removal.
- Wage Award for Workers: Approval of a Wage Award of Thirty-five Thousand Naira for six months, higher than the minimum wage, to support workers.
- New National Minimum Wage Act: Signing into law a new National Minimum Wage Act prescribing N70,000, a significant increase from the previous N30,000 minimum wage, effective retroactively from April.
