Subsidy removal, forex unification have achieved needed results – Tinubu
Amidst near dead socio-economic system occassioned by his inauguration speech pronouncement of May 29, 2023 on fuel subsidyremovaland foreign exchange unification now pushing the people to unprecedented high poverty rate, President Bola Tinubu says they have achieved their desired results.
Tinubu spoke on Monday during the 29th Nigerian Economic Summit (NES) in Abuja, the nation’s capital.
“To stimulate economic growth, we announced the end of a crippling fuel subsidy regime and the unification of foreign exchange rates.
“Combined with the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head-on.”
He was saying this even as Nigerians groan to see the balancing by which the policy will ensure that the people for whose good, welfare and security any law and government policies are formulated stop being victims of same as it is presently the case.
He added that his government has introduced several measures to revive the economy.
“My government has introduced several measures to resuscitate the economy; including the N500bn intervention to support small businesses and the agricultural sector.
“By January 2024, the new student loan program and consumer credit schemes will have come into effect,” Tinubu said.
The Nigerian leader also called on the private sector to partner with the government in ensuring a better economy for the country.
“We must work together. I have proven capacity in this regard, as we remember the role of public-private partnerships in the transformation of Lagos State under my leadership.
“We will replicate that across Nigeria with your unwavering support,” the Nigerian leader added.
Continuing, he told them: “Today, I urge you, as Nigeria’s foremost private sector think tank and policy advocacy group, to go much further than you have done before.
“Bring your ideas, bring your leadership, bring your capital, and bring the collective will of your large conglomerates and business networks. Let us build a future of renewed hope. My government is prepared. Are you also prepared?”
