President Bola Tinubu
President Bola Tinubu has celebrated the consolidation of the foreign exchange market and the elimination of fuel subsidies as significant milestones, emphasizing that these actions have produced favorable outcomes for the Nigerian economy.
At the 29th Nigerian Economic Summit (NES) in Abuja on Monday, October 23, 2023, President Tinubu conveyed his assurance in the measures implemented by his administration to foster economic expansion.
Addressing the nation’s economic leaders, President Tinubu stated the significance of ending the crippling fuel subsidy regime and the unification of foreign exchange rates. He stated, “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.”
Additionally, President Tinubu detailed his administration’s strategies to reinvigorate the economy, which encompass a significant ₦500 billion injection to support small businesses and the agricultural sector.
Furthermore, he unveiled intentions to introduce a fresh student loan initiative and consumer credit programs by January 2024, indicating a promising direction for education and consumer expenditures within the nation.