FG’s reforms yielding significant results- Information Minister
The current administration’s reforms, according to the Federal government, are yielding significant results, as stated by Mohammed Idris, the Minister of Information and National Orientation.
Idris emphasized that the removal of the subsidy by President Bola Ahmed Tinubu, despite initial concerns about increased debt, has led to positive outcomes.
According to him, the move was deemed necessary for the government to focus on public infrastructure, education, healthcare, social investment, and prosperity for millions of Nigerians.
Since the removal of the petrol subsidy, Idris said there had been a notable 50% reduction in petrol importation, amounting to one billion liters monthly in addition to the steady rise in crude oil production, averaging 1.55 million barrels per day in Q4 2023, up from 1.22 million barrels per day in the previous quarter.
Idris highlighted that allocations to state governments from the Federal Accounts Allocation Committee (FAAC) have increased post-subsidy removal, providing additional resources for governors to fulfill their commitments to the citizens.
Expressing bewilderment at the sudden change of stance by some who initially supported the subsidy removal, Idris emphasized the unanimous agreement by all tiers of government on this decision and cautioned against insincere acts that could undermine the country’s democracy.
Regarding the unified exchange rate, aimed at transparent and equitable monetary policy, the Minister reiterated the government’s confidence in these policies to drive true economic growth and prosperity.
According to the Minister, despite short-term challenges, the government believed that the reforms, acknowledged by economic experts, would bring long-term benefits to Nigerians.
The Minister commended the Central Bank of Nigeria (CBN) for its proactive measures, including strategies to enhance forex market liquidity, unifying rates, clearing outstanding Forex obligations, and introducing new operational mechanisms.
He noted positive outcomes, such as naira stabilization and increased capital importation, which rose by over 66% in Q4 2023 compared to the preceding quarter.
Despite resistance from speculators, Idris assured the public that regulatory and enforcement agencies were working diligently to address attempts to undermine reforms.
He emphasized the importance of naira stability for economic growth and pledged the government’s commitment to tackling malpractices and ensuring the overall development and safeguarding of the economy.
Writing by Oluwaseyi Ajibade
