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.
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