President Bola Ahmed Tinubu has highlighted the significance of two policies, namely, the removal of fuel subsidy and the liberation of foreign exchange, in propelling Nigeria towards economic growth.
Speaking during a high-level panel session at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, Tinubu emphasized the necessity of taking tough yet crucial decisions to steer Nigeria’s economy in the right direction.
He emphasized that the removal of fuel subsidy, despite its challenges, was essential to prevent Nigeria from economic distress and to pave the way for sustainable growth. Tinubu acknowledged the anticipated difficulties but stressed the importance of leadership in making tough decisions for the greater good of the country.
Regarding the subsidy removal, Tinubu highlighted the government’s efforts to mitigate its impact on vulnerable populations, ensuring fairness and inclusivity. He underscored the importance of transparency, accountability, and fiscal discipline in navigating through economic challenges and fostering growth.
Tinubu also addressed the management of the nation’s currency, emphasizing the need to eliminate corruption and promote transparency in the foreign exchange market. He explained that these measures aimed to stabilize the local currency and enhance its competitiveness on the global stage.
Despite facing turbulence in the process, Tinubu expressed confidence in the government’s ability to manage the situation through inclusive governance and effective communication with the public.
It’s worth noting that Tinubu’s administration implemented these policies in June last year, leading to significant economic changes, including soaring inflation and currency fluctuations.