A multi-functional group, Progressive Nigerians For Sustainable Future (PNSF) has said President Bola Tinubu has moved the country towards a better direction in the last 100 days in office.
The group noted that as much as the subsidy removal policy has been painful, it was needed to reset the course of the nation’s economic progress.
The group stated this while applauding Tinubu for the successes his administration recorded in the last 100 Days.
PNSF delivered the message at a forum in Abuja yesterday while presenting the administration’s scorecard as part of activities marking the administration’s first 100 Days in office.
Co-convener of the group, Prince Ade Omole, congratulated President Bola Tinubu and Vice President Kassim Shettima, for steering the ship of the Nigerian state in the right direction since the administration came to office on May 29, 2023.
Omole highlighted the administration’s achievements, including the removal of the fuel Subsidy which he described as having short-term harsh pains but long-term gains.
While describing the administration’s actions as a first line charge, he identified one of the policy’s gains to include the rise in national revenue which has resulted in consequential financial windfall for the country’s federating states in terms of monthly federation allocations.
“On President Tinubu’s Inauguration day on Monday, May 29, 2023, he announced that fuel Subsidy had ended, reiterating that it was dead and buried. Yes, the removal of fuel subsidy has caused and continues to cause socio-economic dislocation in the polity, measures have also been taken to cushion the economic effects.
“We cannot be oblivious to this hardship because the removal must have its short-run pain if we must have a long-run gain as a country. The other side of this fuel subsidy removal coin is the amount (at least Nt trillion) of savings accrued to the national coffers.
“It is important to stress that this substantial financial windfall has increased the federal allocations of our subnational governments since July 2023. As a result, state governments have a new lease on their financial purse string as more funds are available for capital projects,” Omole explained.
The co-convener noted the president’s drive for international investment into the country as typified by his current engagements at the Nigeria-India Economic roundtable which has yielded a whooping $14b investment pledges.
He also highlighted other significant success stories recorded by the administration in the last 100 Days. Specifically speaking on the financial state of the nation, he applauded the Tinubu administration for wielding the hammer on what he described as the “fuzzy forex regime”, with its harmonization policy.
He cited the policy as a far cry from the business-as-usual previous alternative which the administration met on the ground as one of the few examples of bold steps of an equally bold President.
“Harmonising our fuzzy forex regime, which has been reprehensible, if not detrimental to our earnings, is another bold step worth mentioning. A few days after assuming office, President Bola Ahmed Tinubu gave the directive to harmonize the conflicting forex regime. Another hope was rekindled for the Nigerian people by this singular act,” he said.
