At Editors’ Conference, Tinubu Says Nigeria’s Economy Gradually Rebounding

*Lists gains of his economic reforms, others 

*Reveals reduction of debt service-to-revenue ratio from 100% to 65% 

*Attributes 25 years of uninterrupted democracy to media

*Obaigbena: If Dangote Refinery fails, Nigeria’s reforms fail, urges support for FG
*Amuka, Osoba lament effect of economic hardship on media

Emmanuel Addeh, Sunday Aborisade, Olawale Ajimotokan   in Abuja  and Olusegun Samuel in Yenagoa

President Bola Ahmed Tinubu, yesterday, said Nigeria’s economy was gradually making a rebound, attributing the progress to sustained reforms being implemented by his administration across various sectors.
Tinubu applauded the role of the media in the fight to enthrone democracy and the successes recorded by the country in its uninterrupted 25 years’ democratic journey.
The president spoke during the opening ceremony of the All Nigerian Editors’ Conference (ANEC) in Yenagoa, the Bayelsa State capital.

Tinubu, who was represented by Minister of Information and National Orientation, Alhaji Mohammed Idris, stated, “As we gather to discuss a theme that is both timely and urgent: ‘Economic Growth and Development Strategies in a Resource-Rich Country,’ we find ourselves at a critical juncture in our nation’s journey toward sustainable growth and prosperity.”
The president said the country’s debt service-to-revenue ratio had come down drastically, from 100 per cent to 65 per cent, through the sustained reforms his administration put in place in the past 18 months. He said this was supporting the recovery of the Nigerian economy.

He pointed out that his administration spent the last 18 months laying the foundation for a prosperous Nigeria, saying the vision of his government is aimed at rekindling the faith and hope of all Nigerians in the ability of their country to flourish and provide an environment that allows everyone in it to flourish.
The president explained that while oil remained a significant source of revenue for Nigeria, the country was also investing heavily in other sectors to diversify the economy for sustainable growth.
He said the launch of the Presidential Initiative on CNG was a deliberate strategy to harness the abundant gas resources in the country to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for citizens.

Speaking on the theme of the conference, the president said, “Nigeria is richly endowed with human and natural resources that could place us among the world’s most prosperous nations. The age-old question, however, is: ‘How do we translate these resources into meaningful growth and development?’
 “This is the question that I believe Nigerians elected me to answer decisively, 18 months ago. And it is the question that has fuelled my vision for a country that truly lives up to its full potential, that leaves none of its people behind in poverty and disease, and that is overwhelmingly respected on the global stage.”
Tinubu said, “Two of the most significant decisions we have made are very well known to you: a ruinous fuel subsidy regime that deprived us of billions of dollars annually that could be going into investments in critical physical and social infrastructure, and a foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse.

“Like the fuel subsidy, another needless drain on our limited national resources, and a cap on our ability as a nation to reach full potential.
“These and other fiscal and macroeconomic burdens have inspired us to undertake one of the boldest programmes of economic reform in the history of Nigeria, with the goal of shifting from a consumption-based economy to a production-oriented one.

“I am pleased to let you know that through our sustained reforms, we are witnessing our economy gradually making a rebound on the most important foundational level. Today, our debt service to revenue ratio has come down drastically from almost 100 per cent to about 65 per cent.”
Tinubu stated that revenues accruing to the federal, state and local government had grown, with more funds now available for the provision of social services and infrastructure, as well as investment.
He said, “The local government autonomy granted by the Supreme Court based on the suit filed by the federal government was aimed at strengthening the governance structure at the local level as well as promoting grassroots development.”

He highlighted other achievements of his government to include a new minimum wage of N70,000; Nigerian Education Loan Fund across 59 tertiary institutions with a disbursement of over N5 billion, and over 46,000 students already benefiting; and Consumer Credit Scheme, with the release of N100 billion. He said the first batch of 500,000 civil servants was set to benefit from the scheme.

According to the president, “While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth.
“The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for our citizens.

“This initiative has unlocked close to $200 million in private sector investments in the last one year.”
The president also saluted the longstanding legacy of the media and its contributions to nation-building.
He said Nigeria’s democracy would not be possible without the media.
He also saluted media personalities and individuals for their collective efforts, not just in the past, but also today, as the country celebrated a quarter of a century of unbroken democratic experience.  
According to Tinubu, someone who was privileged to be in the thick of the pro-democracy struggle, with a front-row view of how it played out, would always acknowledge the important role of the media in the struggle.

 He said, “Indeed, in this room are many veteran journalists who played very important roles in ushering in the age of enduring democracy in Nigeria.

“I salute your individual and collective efforts not just at that time, but even right through to today, as we celebrate a quarter of a century of unbroken democratic experience.  
 “In any thriving democracy, the roles of the government and the media are intertwined, both essential in serving the public interest. And of course, the media has a duty to hold elected and appointed officials accountable and ensure that we are doing our work in a manner that strengthens democracy – not weakens it.

“That important work must be done in a spirit of mutual respect and collaboration, not recrimination and opposition; this alignment enables us to achieve common goals that benefit society at large.
“Indeed, our roles are most effective when they are not adversarial but cooperative.
“By viewing each other as allies in nation-building, we can create an environment where transparency, accountability, and mutual respect thrive.

“Together, the government and the media can empower citizens, strengthen democratic institutions, and build a more informed and resilient sociey.”
Chairman of the conference an Chairman/Editor-in-Chief of THISDAY/ARISE Media Group, Prince Nduka Obaigbena, urged editors to support the economic reforms of the Tinubu-led administration anchored on protection of the poor and vulnerable
According to him, the future could be better “if we stay the course  of economic reforms.” He added that the poor should be given  necessary incentives to survive and thrive.
Obaigbena said if the Nigerian economy was fixed, the country would be in a better position to compete favourably with other countries.

He stated that to move forward, the four refineries managed by the Nigerian National Petroleum Company Limited (NNPCL) must work to create room for competition with the only functioning refinery owned by Dangote Group to promote competition and price discovery.

He also said there was need to support domestic refining of petroleum products.
He called for the protection of local industries noting  that Trump has vowed to use tariffs to protect American companies. “Nigeria should start thinking of protecting its own industries”
He warned that Nigeria should not allow cheap petroleum imports to ruin local refining capacity. He described Dangote Refinery as a game changer for the country,  warning that “if Dangote Refinery fails, our economy would fail.

He challenged those  accusing Dangote of monopoly, to go and build their own refinery and compete. “I believe the accusation of monopoly will disappear if NNPCL’s four refineries become functional.”
Obaigbena called on the federal government to ensure the four refineries are restored to working conditions which will create an environment for proper competition in refine products in the country.
Speaking at the occasion, Bayelsa State Governor, Senator Douye Diri, decried a situation where the state, as a major contributor to Nigeria’s oil and gas production, still faced severe environmental challenges and economic hardship.

He said the country must rethink the outdated idea that states had rights to surface land, while the federal government monopolised valuable underground resources.
Diri charged media practitioners to protect their integrity, saying it is not only the cornerstone of their profession but also builds trust with the public and fortifies the foundations of a healthy democracy.
The governor said the press, as the fourth pillar of democracy, had become more critical in serving as a beacon of hope and in promoting understanding and unity.
Describing the theme of the conference, “Economic Growth and Development Strategies in Resource-Rich Country,” as relevant and timely, the Bayelsa governor said Nigerians were at a pivotal moment in the country’s journey towards sustainable development.

He lamented that while Nigeria brimmed with abundant resources, poverty and underdevelopment persisted across countless communities, a situation he described as paradoxical.

Diri said, “ln Bayelsa State, for instance, a major contributor to Nigeria’s oil and gas production, we face severe environmental challenges and economic hardship.

“As editors and chief communicators in our society, you have the power to shine a light on these injustices. Therefore, we implore you as editors and influential voices to advocate for policies that prioritise sustainable development and empower local communities.

“The discussions are not just abstract concepts. They directly affect people’s lives, particularly those suffering from resource exploitation, environmental harm, and unequal economic access.”

Veteran journalist and Publisher of Vanguard Newspapers, Mr. Sam Amuka, stressed that the media industry was in distress following the effect of the removal of fuel subsidy on the transportation sector.

Amuka stated that revenue from newspaper sales could no longer sustain transport cost, adding that the newspaper business is at the verge of going extinct. He emphasised that online editions were not the same as hard copies.

He stated that advertisement revenue, which often supported newspaper sales, had dwindled, adding that the once ubiquitous newspaper vendors have disappeared from the scene due to drop in patronage.

Amuka applauded President of the Nigerian Guild of Editors (NGE) and Editor of Vanguard Newspapers, Mr. Eze Anaba, for the survival of the media outfit.

Amuka stated, “Without Eze, there will be no Vanguard. Vanguard would have been dead. With his resilience, Vanguard has continued to be on the streets because we have to publish.

“If we don’t publish, we will be an online publication and that will not be good.

“What the newspaper proprietors earn now is not enough to transport the papers.”

Amuka regretted that due to the economic hardship, many colleagues could no longer afford to fuel their cars.

Earlier, Chief Segun Osoba, a veteran journalist and former Governor of Ogun State, urged editors to resolve the leadership crisis bedevilling the Nigerian Union of Journalists (NUJ).

Osoba said the crisis had become so deep that in the past two years, NUJ had not held elections. He urged the NGE to intervene.