The Federal Government has revealed that the economic reforms of President Tinubu are yielding results. In a recent statement, the Minister of Information and National Orientation, Mohammed Idris, said reforms like the removal of fuel subsidy and the unification of the foreign exchange rate are yielding results.
He noted that the removal of fuel subsidy has led to a decrease in petrol importation by fifty percent. He also stated that after the removal of fuel subsidy, monthly receipts by States from the Federal Accounts Allocation Committee (FAAC) have increased, giving governments at all levels extra billions of Naira to deliver the dividends of democracy to Nigerians.
He said: ‘’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 of inflows. The latest NBS figures show that capital importation into Nigeria rose by over 66 percent 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.”
Idris stated that sadly, as with any effort to reform and sanitize a system immersed in long-term malpractice, the CBN’s efforts have been met with resistance from speculators and other unscrupulous players within and outside the country, who gain from dysfunction and opacity.
He said: “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 jeopardized. The emerging stability of the naira is in the interest of all Nigerians.”
The Minister added that Nigerians should be rest assured that the government will keep taking further steps to stabilize the naira and safeguard our economy.
He said: “’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. 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.”
