Tinubu Has Made Significant Strides In Rebuilding Nigeria’s Economy – Institute Says

The Institute of Leadership Assessment and Development has said President Bola Ahmed Tinubu has made significant strides in rebuilding the Nigerian economy in the last 100 days.

 The Director General of the Institute, Dr. Baba R. Adamu who made this assertion in his address at the 2023 Leadership Conference of the Institute with the theme, “Being The Change: Towards Outstanding Leadership” which held in Lagos said that the government removed the fuel subsidy to avoid a national economic catastrophe, a decision that was described as a “Sword of Damocles” that stunted the country’s growth.

 Adamu noted that President Tinubu also unified multiple foreign exchange markets and implemented intervention programs to cushion the negative impacts of the reforms, which included a minimum wage and salary increase, support for vulnerable states and local governments, and plans to roll out over 11,000 CNG buses for affordable public transportation.

 He continued, “The government has also set up a Tax and Fiscal Reforms Committee to deepen the ongoing reforms and reposition the national economy for long-term sustainability. Tinubu has also worked to promote political stability in Nigeria, manage ethnic and religious tensions, and ensured appointments into key government positions.

 “We also want to commend the federal government for the proposed 470 kilometre Abuja-Lagos greenfield superhighway, which would be completed in four years and would be built by a private sector consortium at no cost to the government since the road will be tolled and that would last 100 years. And the construction of Lagos – Calabar super highway.”

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 Quoting Ari Aisen, the International Monetary Fund, IMF representative to Nigeria, the Director General said “the administration should also focus on reducing the number of naira in the economy. On Tuesday, the naira traded at N1,000 per dollar at the unofficial market and N773.25 at the Nigerian Foreign Exchange Market. Money Supply (M1) declined from N24.02 trillion in August 2023 to N24.16 trillion in July, according to official data. The IMF representative acknowledged the efforts from the government in the past months trying to bring more supply of foreign exchange into the market.