In a recent address to State House Correspondents at the Presidential Villa, the Special Adviser on Media and Publicity, Ajuri Ngelale, disclosed that the Presidency’s decision to impose a three-month embargo on international travel for ministers, government agency heads, and officials funded by public resources is anticipated to yield substantial savings of N5 billion per quarter for the federal government.
Ngelale underscored that this directive is part of a broader initiative aimed at curtailing excessive spending and implementing cost-cutting measures across various sectors of the Nigerian government.
Amid escalating public scrutiny concerning exorbitant travel expenses incurred by government functionaries, this action is perceived as a proactive response to the prevailing economic adversities confronting the nation.
Highlighting the rationale behind the ban, Ngelale stressed its pivotal role in safeguarding government finances while reaffirming the administration’s commitment to fiscal prudence and the prioritization of efficient service delivery over frivolous expenditures.
Moreover, Ngelale emphasized President Tinubu’s advocacy for patronizing domestically-produced goods and services, citing its significance in bolstering the nation’s economy and preserving the value of the Naira.
In addition to these measures, Ngelale articulated the government’s stringent stance against illicit activities in cryptocurrency trading and the foreign exchange market, urging citizens to report any instances of fraudulent behavior.
He further underscored the administration’s concerted efforts to combat malpractices within the cryptocurrency trading sphere and the foreign exchange market, noting tangible progress in this regard.
Ngelale also highlighted President Tinubu’s unwavering commitment to fostering the growth of small businesses, particularly in the agricultural and manufacturing sectors, through the provision of grants and loans aimed at stimulating job creation.
Furthermore, he disclosed that the government is disbursing over N150 billion through the Bank of Industry and SMEDAN at single-digit interest rates, offering loans of up to N2 million to numerous small and medium-scale enterprises nationwide.
Ngelale reiterated the administration’s determination to redirect lending towards labor-intensive and inclusive sectors of the economy, with a particular focus on agriculture, manufacturing, and construction, in a bid to drive sustainable economic development and foster broad-based prosperity.
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