The Federal Government of Nigeria has commended President Bola Tinubu for his efforts in turning around the country’s economy within his first 100 days in office. The government acknowledges that President Tinubu inherited a struggling economy but has taken decisive steps to effect significant changes.
One of the key actions highlighted by the government is the removal of the long-standing fuel subsidy, which had been a financial burden on Nigeria for decades. This move is described as a crucial step toward addressing economic challenges and setting the stage for national transformation, growth, and development.
While acknowledging that the removal of fuel subsidy and the unification of the exchange rate may have caused temporary discomfort to Nigerians, the government affirms that President Tinubu has consistently appealed to the public to understand the necessity of these reforms.
In response to the potential hardships resulting from these measures, the government has initiated various intervention programs. These include the implementation of a minimum wage and salary increase, support for states and local governments to assist vulnerable populations, distribution of fertilizers to farmers, provision of grains to households, cash transfers to low-income individuals, and plans to introduce over 11,000 compressed natural gas (CNG) buses for affordable public transportation.
The government also emphasizes President Tinubu’s commitment to revitalizing the real sector of the economy to generate millions of decent jobs for long-term economic growth. In addition, a Tax and Fiscal Reforms Committee has been established to simplify the tax system, eliminate multiple taxes, streamline regulations hindering business operations, and close the annual tax gap.
Regarding political stability, President Tinubu’s administration has worked to reduce tensions arising from ethnic and religious issues by managing the country’s diversity effectively. The government underscores the importance of promoting peace and political stability, which are essential for progress and development.
President Tinubu has also been active on the international front, serving as the Chairman of the ECOWAS Authority of Heads of State and Government. This role has allowed him to enhance Nigeria’s global and regional profile, advocate for the rule of law and constitutional order, and resist military interference in governance within the West African region.
The President’s efforts to rejuvenate the national economy are further demonstrated by his visit to India with a delegation of ministers and entrepreneurs to participate in the G20 summit, showcasing Nigeria’s readiness for collaboration in sustainable economic development.
In conclusion, the Federal Government commends President Tinubu for his purposeful leadership, setting the tone for the administration’s direction and character. The government notes that the confidence of both local and international communities in President Tinubu’s ability to revive the political economy has been renewed, as evidenced by the positive performance of equities on the Nigerian Stock Exchange.