In the wake of Nigeria’s economic crisis exacerbated by recent forex and subsidy reforms, President Bola Ahmed Tinubu has pledged to hasten efforts to stimulate economic growth for Nigerians.
The decision of Tinubu’s administration to remove fuel subsidy and deregulate the forex market orchestrated a surge in the cost of living, ushering in a new face of economic hardship that Nigerians have found unbearable.
This backdrop triggered growing calls on the government to act fast and save the country from implosion, by ameliorating people’s suffering.
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In a statement issued by the Media Adviser to the President, Ajuri Ngelale, on Friday at a meeting held at the State House, Abuja with the Board of Trustees of the All Progressives Congress (APC) Professionals Forum led by former Bauchi State Governor, Mallam Isa Yuguda, Tinubu assured Nigerians that proactive efforts are underway to boost the economy.
“This economy must recover for the good and greatest number of Nigerians, and we are seriously committed to seeing through a change for the better,” he said.
President Tinubu emphasized the commitment to achieving gradual and controlled expansion, as well as improved public awareness regarding policy results. He stated that all endeavors across various sectors will be meticulously recorded and regularly assessed to validate their performance and share with the public.
“So far, we have taken some baby steps and pushed some aggressive positions,” the President said while addressing the APC professionals.
However, Nigerians have criticized the “aggressive positions” pushed by Tinubu’s administration due to its resultant consequences that have further depleted their meager spending power.
Nigeria has a monthly minimum wage of N30,000.
The president’s inactions are believed to be watering his promises to revamp the economy are his inactions. Tinubu is yet to inaugurate an economic team and ministers confirmed by the senate are yet to get to work.
Tinubu announced the removal of fuel subsidies on May 29, during his inaugural speech, and less than a month later, the FX market was floated. The swiftness of those reforms was devoid of palliative plans to cushion their effects.
Nigerians have relied on fuel subsidy for years to buy petrol at cheaper rates. Also, the Central Bank of Nigeria (CBN), has for years, controlled the naira with pegs that put its rate at the Investor and Exporter (I&E) window around N462/$1 as of June.
But due to the abrupt reforms, fuel prices shot up as high as N617 per liter, while the naira has fallen to N950/$1 in the parallel market.
With the palliatives needed to cushion the inflationary effects of the reforms yet to be provided by the government, Nigerians appear tired of the government’s promises and assurances.