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Olugbemi. Adeyinka Ogunleye
1 week ago
Overview
Economy Responding Positively To My Policies - Tinubu
President Bola Tinubu has assured Nigerians that the economic reforms implemented by his administration are beginning to yield positive results. Speaking during the presentation of the 2025 national budget at a joint session of the senate and house of representatives, Tinubu said the policies have started stimulating growth, adding that there will be no reversals.
He added that the reforms would soon translate into a more functional and better economy for Nigerians. “Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus,” the president said. “Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
“The reforms we have instituted are beginning to yield results, no reversals. Nigerians will soon experience a better and more functional economy.” Highlighting key economic indicators, the president noted that while global economic growth for 2024 was projected at 3.2 percent, Nigeria surpassed expectations by making significant progress.
“Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023,” he said. “Our foreign reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks. “Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.”
The president said the clear results of gradual recovery, among other indicators, reflect the resilience of the nation’s economy and the impact of deliberate policy choices made from the beginning. Tinubu, during his inauguration on May 29 2023, declared that petrol subsidy is gone — a development that immediately led to a hike in the cost of the commodity across the country and spiralling inflation across board. The Central Bank of Nigeria (CBN) also announced the unification of all segments of FX markets. In the face of the harsh economic caused by the policies, Tinubu has repeatedly called for patience from Nigerians, noting that the reforms implemented by his administration are beginning to show positive signs.
Credit: The Cable