At UNIBEN Lecture, Regional Minister Momoh Defends Tinubu's Economic Policies, Insists Reforms Bitter Pills For Better Tomorrow
The Minister of Regional Development, Engr. Abubakar Momoh, has stoutly defended the economic policies of President Bola Tinubu.
Engr. Momoh who spoke Monday at the 55th Founder’s Day Lecture of the University of Benin (UNIBEN) said that the reforms are bold and necessary measures needed to prepare Nigeria for a future of shared prosperity.
The minister who spoke on the topic “Reforms for a Shared Prosperity”, noted that millions of Nigerians feeling the immediate pains of the reforms may not fully comprehend the reasons for the government's decisive action on long-standing structural distortions in the economy.
He conceded that the economic transition has imposed hardship on ordinary Nigerians, he however expressed optimism that it is building the foundation for long-term stability.
Engr. Momoh declared: “The reforms, though challenging in the short term, are necessary to build a Nigeria where prosperity is shared, sustainable, and inclusive. Nigeria stands today at a difficult yet decisive juncture."
He reiterated his confidence in the administration’s path, insisting that tough reforms today would position Nigeria for the kind of economic transformation that other successful nations achieved by taking painful decisions decades earlier.
The guest lecturer, who took a degree in Chemical Engineering from the institution insisted that President Tinubu inherited entrenched problems that previous administrations lacked the political courage to confront.
He remarked that the removal of petrol subsidy on the president’s first day in office was one of the most critical steps taken to rescue the economy from a system that drained resources and incentivised smuggling, rent-seeking, and corruption.
Engr. Momoh defended: “No previous administration had summoned the courage to confront this situation until President Bola Ahmed Tinubu introduced decisive reforms.
“On 29 May 2023, during his inauguration, President Tinubu made the historic declaration: ‘Subsidy is gone.’ That was the first major reform by the administration - bold, necessary, and collective."
The Edo-born minister explained that the petrol subsidy regime was a burden that offered little benefits to ordinary Nigerians but enriched a few powerful interests, adding that it was absurd to sell cheap refined petroleum products in Nigeria only for the subsidised products to be smuggled to neighbouring countries.
The former House of Representatives member maintained that the administration chose to endure public criticism now rather than postpone tough decisions that would only worsen Nigeria’s economic trajectory.
Engr. Momoh also justified the unification of Nigeria’s exchange rate, describing the previous system as one that rewarded arbitrage rather than genuine productive activity, adding:
“Those who genuinely needed foreign exchange could not get it while a few people gamed the system. The reforms were designed to restore transparency and strengthen investor confidence."
The minister highlighted other reforms, including the operationalisation of the Petroleum Industry Act (PIA), the Host Community Development Trust, and ongoing investment in local refining.
He pointed to the Dangote Refinery’s plans to expand production from 650,000 barrels per day to 1.4 million barrels as proof that confidence was returning to the sector.
He also referenced indigenous refinery projects and modular refineries, noting that the government's new 15 percent import duty on imported fuel was part of a “Nigeria First” industrial policy aimed at strengthening domestic production.
On the energy transition, he emphasised the Presidential Compressed Natural Gas Initiative (PCNGI) as a key strategy for reducing transportation costs while aligning with Nigeria’s climate commitments., noting that CNG rollout was progressing across major cities in the country.
On power sector, the minister disclosed that the government had approved the issuance of a N4 trillion bond to clear verified debts owed to power generation companies and gas suppliers, part of a broader plan to restore liquidity.
He said revenue collection in the sector rose by 70 percent in 2024 after regulatory adjustments.
The Regional Development minister further disclosed that the Federal Executive Council had approved N68.7 billion for solar farms in eight universities and teaching hospitals, including UNIBEN.
The Vice-Chancellor, Prof. Edoba Omoregie (SAN) commended Engr. Momoh’s commitment to the university and the nation, describing him as “a worthy ambassador of the University of Benin.”
Prof. Omoregie linked the university’s development trajectory to the Federal government’s reform agenda.
He said: “As an institution, we share in the vision of the Federal Government under His Excellency on sustainable development, captured in his Renewed Hope agenda."
The vice-chancellor disclosed that of recent, the 55 year old school has benefited a lot from several federal government interventions.
He added: “Only yesterday, I received seven more tricycles to ease transportation on campus. I would be happy to put to bed the N4 billion medical expansion programme. Also from TETFund, we received N1 billion for our agricultural development, we received N5 billion for the Senate building."
Comments
Post a Comment