President Bola Tinubu has hailed the unification of the foreign exchange market and the abolition of the fuel subsidy as monumental achievements, asserting that these moves have yielded positive results for Nigeria’s economy.
Speaking during the 29th Nigerian Economic Summit (NES) held in Abuja on Monday, October 23, 2O23, President Tinubu expressed confidence in the steps taken by his administration to stimulate economic growth.
Addressing the nation’s economic leaders, President Tinubu stated the significance of ending the crippling fuel subsidy regime and the unification of foreign exchange rates. He stated, “Combined with the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head-on.”
President Tinubu further outlined his government’s initiatives aimed at reviving the economy, including a substantial ₦500 billion intervention to bolster small businesses and the agricultural sector.
Additionally, he revealed plans for the launch of a new student loan program and consumer credit schemes by January 2024, signaling a positive trajectory for education and consumer spending in the country.