Reforms introduced by my government are repositioning Nigeria for future greatness – Tinubu
Nigerian President Asiwaju Bola Ahmed Tinubu, on Wednesday, in his nationwide broadcast to mark 25 years of uninterrupted democracy, disclosed that the reforms introduced by his government are repositioning Nigeria for a future of greatness.
Tinubu also acknowledged that the country’s economy has desperately needed reform for decades.
According to him, “I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.
“I understand the economic difficulties we face as a nation. Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.
“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.
“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.”
The President, during his inaugural speech on May 29, 2023, announced the removal of fuel subsidy and also directed the Central Bank of Nigeria (CBN) to collapse the existing exchange rates.
Consequently, the apex bank directed Deposit Money Banks to remove the rate cap on the naira at the Investor’s and Exporters’ Window of the foreign exchange market, resulting in the free-floating of the national currency against the dollar and other global currencies, whereas the currency continued losing ground, and a point reached an all-time low of over N2000 to a dollar.
