Just In : Tinubu Makes Fresh Announcement On Subsidy Removal, Forex Unification
President Bola Tinubu is of the belief that the consolidation of the foreign exchange market and the discontinuation of fuel subsidy have yielded the intended outcomes.
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 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?”
