President Bola Tinubu has asserted that his administration is implementing safety nets to shield Nigerians most affected by recent economic reforms. During the seventh Nigeria International Energy Summit in Abuja, Tinubu highlighted the reinstatement of social investment programs, which he mentioned had improved operations following a six-week hiatus, as announced by the Minister of Finance, Mr Wale Edun, after a Federal Executive Council meeting.
The President emphasized that these programs aim to ensure an equitable sharing of the burden caused by subsidy removal and protection for the most vulnerable citizens. Tinubu defended the decision to discontinue subsidies on petrol and unify foreign exchange rates, asserting that it will save government funds for infrastructure expansion, despite challenges such as currency value instability and rising food prices.
Addressing participants at the summit, Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris, acknowledged the immediate impact of the reforms on citizens, particularly those with lower incomes. He assured the commitment to social intervention programs to share the burden of subsidy removal equitably.
As Nigeria approaches a new era of energy transition, President Tinubu highlighted the shift toward cleaner and more sustainable energy sources. Speaking on the theme “Navigating the new energy world order: security, transition, and finance,” Tinubu stressed the importance of innovation and collaboration for a smooth and inclusive transition.
The ongoing 7th Nigeria International Energy Summit, NIES 2024, in Abuja is expected to bring together over 6,000 foreign and local delegates, exhibitors, and visitors. The summit, convened by the federal government with the Nigerian National Petroleum Company Limited as the national host, focuses on energy, oil, and gas, aiming to chart a sustainable path forward to accelerate energy security, transition, and finance. Messages of goodwill were received from various stakeholders, including the Minister of State for Petroleum Resources, Heineken Lokpobiri, and OPEC Secretary General, Haitham Al Ghais.
