Tinubu reveals two policies to reset Nigeria's economic growth
President Bola Ahmed Tinubu has said that the removal of fuel subsidies and foreign exchange liberalization policy have put Nigeria at the forefront of economic growth.
In a statement by Presidential Spokesperson Adjuli Ngerale, Tinubu spoke during a high-level panel session of the World Economic Forum, WEF, Special Session on Energy for Global Cooperation, Growth and Development, held in Riyadh, Saudi Arabia on Sunday. emphasized this point.
Mr Ngelare said the president said tough but important decisions needed to be taken to reposition Nigeria's economy, including the removal of dangerous fuel subsidies.
“On the issue of eliminating subsidies, there is no question that this was a necessary step to keep our country from going bankrupt and reset our economy and our path to growth. It will be difficult, but leadership is characterized by making decisions when they have to be made.
“It was necessary for the country. Yes, there were drawbacks. Yes, there was an expectation that more people would experience hardship. But of course the government had the interests of the people as its top priority. Ta.
“In the process, there were arrangements to soften the impact of subsidy removal on vulnerable people in the country. We all shared the pain. We cannot help but include the very vulnerable. .
“Fortunately, we have a very dynamic young population who are interested in innovation and ready to take advantage of technology and a good education, and they are enthusiastic about growth.
“We managed it, evenly distributed the economic downside and fallout from subsidy cuts, and created transparency, accountability and fiscal discipline for the country. And we focused on which direction to go in. The most important thing is to hit the mark, and I will pursue it thoroughly,” he said.
Tinubu explained that under his leadership, the government has taken control of the country's currency and effectively eliminated corrupt arbitrage.
“Currency controls were needed to remove the artificial element of value from our currency. Therefore, as we eliminate corrupt arbitrage and opacity, our local currency will find its level and stand up to the rest of the world. will compete with other currencies.
“That's what we did. At the same time, this is a twin issue that makes for a very confusing situation for the government.
“But we prepared for this disruption with inclusiveness in our governance and prompt communication with our people, so we can meet it,” the president said.
Recall that in June last year, the Tinubu administration abolished petrol subsidies and liberalized the foreign exchange market.
This development led to a sharp rise in inflation in Nigeria, reaching 33.20% in March, and currency fluctuations.
Source: dailypost.ng