Tinubu Claims Subsidy Removal, Exchange Rate Unification Has Achieved Desired Objectives 

President Bola Tinubu has stated that despite the inflationary impact of the withdrawal of the fuel subsidy, the policy has met its objectives.

However, prominent economists and financial analysts criticised the president’s stance, arguing that the economy is still suffering because the measures haven’t yet had the anticipated beneficial effect.

In addition to eliminating the subsidy, the government also ordered the unification of foreign exchange rates in order to promote economic growth, Tinubu said during the opening ceremony of the 29th annual Nigeria Economic Summit Group (NESG).

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.”

“By January 2024, the new student loan programme and consumer credit schemes will have come into effect; new and affordable homes will also be built at a record pace,” President Tinubu continued.

Further on his regime’s economic recovery efforts, Tinubu said, “To mobilise finance for sustainable development, we have simultaneously commenced an aggressive domestic and external mobilisation of financial resources and capital from a wide range of partners.  

“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.” 

Also, President Tinubu stated that his government has introduced a number of other measures to revive the economy, including the N500 billion intervention to support small businesses and the agricultural sector.