Mohammed Idris, Minister of Information and National Orientation, revealed this at the International Press Institute’s 2024 Annual Conference in Abuja.

Idris emphasized that the money is being used for consumer credit programs, educational loans, digital and physical infrastructure, agricultural output, and other social initiatives.

These initiatives seek to support sustainable economic growth and lessen the financial burden on the populace.

Job Creation and the Energy Transition
Idris claims that Nigeria’s switch from fossil fuels to compressed natural gas (CNG) for industry and automobiles is one of the administration’s historic initiatives.

It is anticipated that this change will result in up to 60% less expensive transportation for Nigerians, the creation of new jobs, and an increase in both domestic and foreign investment.

President Tinubu is leading Nigeria into an unparalleled energy transition phase after eliminating the gasoline subsidy. He has started a presidential push to switch the nation from fossil fuels to compressed natural gas (CNG) for powering machinery and automobiles.

According to Idris, “the continuous rollout of CNG and related infrastructure is lowering transportation costs for Nigerians by as much as 60%, generating employment, and drawing tens of millions of dollars in both domestic and foreign investment.”

Access to Student Loans and Education Reform
The Nigerian Education Loan Fund (NELFUND) was created by the administration’s introduction of the Student Loan (Access to Higher Education) Act 2024. The program provides a clear route to reasonably priced postsecondary education for Nigerian students.

To support this effort, the Federal Government has approved N110 billion to cover tuition fees for 120,000 students attending public tertiary institutions.

This move aims to make higher education accessible to students from less privileged backgrounds.

“The young people of Nigeria now have a clearer path to sustainable tertiary education through the Student Loan (Access to Higher Education) Act 2024, which has established the Nigerian Education Loan Fund (NELFUND),” he said.

Economic Empowerment and Consumer Credit

To give Nigerians access to money so they can buy locally produced goods on credit, the government has also started a consumer credit program. The first group of recipients will be 500,000 civil officials nationwide.

In order to ensure that more Nigerians have access to affordable, flexible consumer loans and necessary products and services, a Consumer Credit Corporation has also been established.

“The President is focused on increasing the amount of money that Nigerians have in their pockets and establishing pathways for long-term prosperity,” the minister stated.

Tax Reform and Economic Reform

Minister Idris stated that the subsidy removal is part of a broader agenda to recalibrate Nigeria’s economy, which has long been burdened by inefficiencies.

The Renewed Hope Agenda aims to diversify the economy, foster human capital development, and enhance competitiveness.

The Tinubu administration is also pursuing a comprehensive tax reform initiative aimed at simplifying Nigeria’s tax regime, making it easier for citizens and businesses to comply.

The reforms will reduce the tax burden on vulnerable groups, with the introduction of several new tax exemptions.

To address areas of concern, President Tinubu appointed Attorney General and Minister of Justice Lateef Fagbemi to lead a team that will engage with federal lawmakers. The goal is to refine the tax system to make it fairer and more transparent.

Idris told the conference participants that “a recurring highlight of the reforms is the introduction of several new tax exemptions that will benefit various categories of individuals and businesses.”

Media Freedom and Civic Space Protection
On media freedom, Idris reaffirmed the Tinubu administration’s commitment to ensuring press freedom and protecting Nigeria’s civic space. He acknowledged that while challenges persist, Nigeria’s press remains largely free.

He said: “Now, I am not saying that there have not been challenges and threats here and there, but on the whole, Nigeria has enjoyed an openness and freedom that has seen the welcome proliferation of press organisations across print, broadcast, and digital media.

“Since President Bola Ahmed Tinubu assumed office in May 2023, and since I assumed office as Minister of Information and National Orientation in August of that year, we have asserted and reiterated our commitment to ensuring and expanding the freedom of the Nigerian press.

“Every time there has appeared to be a threat to this freedom, I have personally taken it upon myself to ensure that due process prevails and that the fundamental rights of the press are respected.

“The President is a firm believer in media freedom and the protection of Nigeria’s civic space. Not only has he been a media entrepreneur himself, but he has also earned himself a place in history as one of the champions of the pro-democracy movement that saw the permanent end to military rule in Nigeria.”

He emphasized that civic space is not just about rights but also about responsibilities. While journalists have the right to report, they must exercise this power responsibly, respecting the rights of all stakeholders.

“It is about understanding that for every right there is a corresponding responsibility, and that freedom does not come unbridled. It is knowing that media freedom involves knowing and acknowledging the immense power that the press wields, as shapers and molders of public opinion and the permanent public record, and not abusing this power,” he said.

Judicial Reforms and Accountability
Idris revealed that President Tinubu is prioritizing the reform of Nigeria’s judiciary to strengthen citizens’ fundamental rights. This reform aims to guarantee due process and fairness in the legal system, ensuring that justice is accessible to all.

The Minister called on the media to promote healthy debates and avoid demonizing opposing views.

He stressed that elected and appointed public officials must be held accountable, but this process should be balanced with respect for democratic principles.

“There is ample room for holding institutions to account, whether public or private. And yes, those elected and appointed to public office must always understand that they keep these offices in trust for the people, and owe it to these owners to be accountable at all times.

‘’These truths can and must all coexist, if we want to forge a stronger democracy, as the foundation for the strong and prosperous Nigeria of our dreams,” Idris stated.