Amidst the inflationary impact of the removal of petrol subsidy, President Bola Tinubu has indicated that the measure has achieved desired objectives.
Speaking at the opening ceremony of the 29th edition of the annual Nigeria Economic Summit Group (NESG) Tinubu stated that in addition to the removal of the subsidy the regime directed the unification of foreign exchange rates to stimulate economic growth.
He said, “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.”
President Tinubu also said his government has introduced several other measures to revive the economy including the five hundred billion interventions to support small businesses and the agricultural sector, adding by January 2024, the new student loan program and consumer credit schemes will have come into effect.
He added that he hopes that the summit will deliberate and proffer yet more solutions to complement the programs.
“We have all felt the pain of these reforms; soon, we shall begin to reap the rewards. It is my hope that this summit will deliberate and proffer yet more solutions to complement the programs mentioned above.”
Further on his government’s economic recovery efforts, Tinubu stressed that in order to mobilize finance for sustainable development; the government has simultaneously commenced an aggressive domestic and external mobilization of financial resources and capital from a wide range of partners.
“To mobilise finance for sustainable development, we have simultaneously commenced an aggressive domestic and external mobilisation of financial resources and capital from a wide range of partners.
“Amongst several initiatives, we are progressing forward with the development of wide-ranging reforms to our fiscal and tax policies to ensure an efficient, fair and growth-friendly fiscal environment” he said.