A combined photo of President Bola Tinubu and Nigerian Economic Summit Group logo
Recently, President Bola Tinubu outlined his administration’s decisive steps to revitalise Nigeria’s economy. Key measures included the removal of fuel subsidies and the abolition of multiple foreign exchange systems, which had long impeded economic growth.
These reforms have curbed smuggling, reduced dependency on neighbouring countries, and blocked undue subsidies, thus stabilising the national economy.
“Our efforts have resulted in a significant increase in government revenues, which more than doubled to over 9.1 trillion Naira in the first half of 2024 compared to the same period in 2023,” Tinubu stated.
The President also highlighted the reduction of debt service from 97% to 68% of revenue, providing more financial freedom to invest in essential social services like education and healthcare.
President Tinubu showcased his administration’s commitment to infrastructure projects critical to economic prosperity.
In addition, the oil and gas industry has seen a resurgence, with oil production increasing to 1.61 million barrels per day and significant foreign direct investments of over half a billion dollars.
The administration also launched the Compressed Natural Gas (CNG) Initiative, aiming to reduce transportation costs and save over two trillion Naira monthly.
NATIONAL WAVES is in sync with the administration’s determination to turnaround the economy in a way that will usher in needed relief to the long-suffering Nigerians.
This newspaper like millions of Nigerians have lost faith in foreign-induced reform which often does not take into cognisance the far reaching implications of the cost of the reform in terms of suffering, hunger and cost of basic commodities which as always have an excruciating toll on the common people.
For the past one and half years, Nigerians have gone through intense suffering and hardship as a result of the reformist policies of the administration.
Going into a new year, there’s a dire need for the current administration to consider as a matter of urgent attention cushioning measures that can bring immediate relief to the citizens.
The current hardship is unprecedented, and it would do the government good, bringing it enormous goodwill if it temper the reform with a human face.
We support any reform that has the capacity to wean the economy from the woods, but such measures should be pursued alongside reliefs and palliative for the vulnerable populations.
Citizens have made enormous sacrifices in the past without anything to show but additional hardship, it’s the considered view of this newspaper that this promises to be different, the coming months will prove the viability or not of this optimism.
