More difficult decisions need to be taken to reshape the country’s economy, to the benefit of its citizens and Africa, the Federal Government has said. It also said President Bola Tinubu fulfilled his promise on the economy and other sectors since assuming office a year ago.
In an article published on a UK news website, Comment Central, yesterday, Minister of Information and National Orientation, Mohammed Idris, said Tinubu initiated some reforms his predecessors failed to attempt while in office.
Idris also hinted that the President removed petrol subsidy, which gulped $6 billion yearly, floated the naira, and instituted series of other reforms, including changes to the tax code and waivers for foreign investors in critical industries such as mining, energy and infrastructure.
He also said Tinubu stopped the artificial prop-up of the exchange rate, which led to the draining of the national budget while creating a black market in money exchange.
According to him, though the price of petrol has increased, Foreign Direct Investment (FDI) inflows into the country have also moved up. He wrote, “The border between Nigeria and Benin Republic was, for decades, one of the busiest crossings in Africa. Thousands of trucks, each year, would transit, taking precious cargoes of petrol from the largest economy in Africa for sale in one of the smallest. Now that trade has all but stopped.
“Usually, when cross-border trade declines, it is a sign of economic regression, but in this case, it is a result of sound policy: the ending of a petrol subsidy that was costing Nigeria more than the state budget, yearly, for health and education combined.”
The minister stated that Tinubu dealt with security challenges facing the country and refused to pay ransom to bandits and terrorists.
