President Bola Tinubu believes the unification of the foreign exchange market as well as the removal of fuel subsidy have achieved the 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 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.