Tinubu’s Economic Reforms Are Yielding Fruits – Mohammed Idris

The Federal Government claims President Tinubu’s economic policies are yielding dividends. In a statement issued on Friday, February 23, the Minister of Information and National Orientation, Mohammed Idris, stated that measures such as the elimination of fuel subsidies and the unification of the foreign exchange rate are producing benefits.

He stated that the withdrawal of gasoline subsidies resulted in a 50% reduction in petrol imports. He further stated that since the withdrawal of fuel subsidies, monthly receipts by States from the Federal Accounts Allocation Committee (FAAC) have increased, giving governments at all levels billions of Naira in additional headroom to deliver the dividends of democracy to Nigerians.

‘’It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge in inflows. The latest NBS figures show that capital importation into Nigeria rose by over 66 per cent in Q4 2023, compared with the preceding quarter. The CBN Governor has also highlighted the fact that $1.8 billion flowed into the forex market last week, on the back of the new reforms.”

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Idris stated that, as with any attempt to reform and cleanse a system entrenched in long-term wrongdoing, the CBN’s efforts have been faced with fierce opposition by speculators and other unscrupulous individuals both inside and outside the country who profit from dysfunction and opacity.

‘’To tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms. That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organizations involved in illegal activities and sabotage within the forex market.

“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised. The emerging stability of the naira is in the interest of all Nigerians,” he said.

Idris stated that Nigerians should be confident that the government will continue to take actions to stabilise the naira and protect our economy.

‘’We will continue to seek the patience and understanding of Nigerians as we push through these difficult times, into a season of abundant benefits and truly renewed Hope. As the President never fails to emphasize, these headwinds we are facing are only temporary, and, collectively, we will surely overcome them. The President and his team are and will remain resolutely committed and focused on the task of bringing immediate relief and enduring prosperity to all Nigerians.” he said.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli