Amidst the inflationary impact of the removal of petrol subsidy President Bola Tinubu has indicated that the measure has achieved desired objectives.
But leading economists and investment analysts faulted the position of the President, saying the economy is still struggling as the measures are yet to yield the desired positive impact on the economy.
Speaking at the opening ceremony of the 29th edition of the annual Nigeria Economic Summit Group (NESG) Tinubu stated that in addition to the removal of the subsidy the regime directed the unification of foreign exchange rates to stimulate economic growth.
He said, “To stimulate economic growth, we announced the end of a crippling fuel subsidy regime and the unification of foreign exchange rates.
“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 also said his government has introduced several other measures to revive the economy including the N500 billion intervention to support small businesses and the agricultural sector, adding “by January 2024, the new student loan program and consumer credit schemes will have come into effect; New and affordable homes will also be built at record pace.”
Tinubu however, added, “We have all felt the pain of these reforms; soon, we shall begin to reap the rewards. It is my hope that this summit will deliberate and proffer yet more solutions to complement the programs mentioned above.”