Oyetunde Ojo, national convener of the South West Agenda for Tinubu (SWAGA), says the economic and fiscal reforms introduced by President Bola Tinubu’s administration are yielding significant results and repositioning Nigeria’s economy for sustainable growth.

Mr Ojo disclosed this during an interview with journalists in Lagos on Sunday.

He said the removal of the petrol subsidy, foreign exchange unification and other fiscal measures were bold decisions aimed at addressing longstanding structural challenges in the Nigerian economy.

According to him, the removal of the costly petrol subsidy framework has created additional fiscal space for the government to channel resources towards critical national development priorities.

“President Tinubu demonstrated strong political will by taking difficult but necessary decisions to address the structural problems confronting our economy.

“The removal of fuel subsidy has provided the government with greater fiscal space to pursue developmental programmes and strengthen public finances,” he said.

Mr Ojo added that the unification of the foreign exchange market had also addressed the challenges associated with multiple exchange rate windows, providing a market-determined framework for foreign exchange transactions.

“Before this administration, the existence of multiple exchange rate windows created distortions and uncertainty in the foreign exchange market.

“The reforms are designed to promote transparency, improve market confidence and strengthen the country’s external reserves,” he said.

According to him, the reduction in the debt service-to-revenue ratio from over 97 per cent to below 50 per cent, alongside efforts to repay outstanding Ways and Means advances from the Central Bank of Nigeria, represents progress in the government’s fiscal management.

He said the development was important because excessive debt servicing had previously placed considerable pressure on government revenue, limiting resources available for infrastructure, education, healthcare and other essential services.

Mr Ojo also highlighted the reported growth in Nigeria’s gross external reserves to more than 52 billion dollars, describing it as an important development in strengthening the country’s external financial position.

“Building our external reserves is essential to improving the country’s capacity to meet international obligations, support foreign exchange stability and strengthen confidence in the Nigerian economy.

“These are important indicators that the administration’s economic policies deserve attention and objective assessment,” he said.

He said the gains of the reforms must translate into improved living conditions for ordinary Nigerians.

The convener applauded the government’s efforts towards reducing inflationary pressures, creating employment opportunities and supporting businesses and small and medium-sized enterprises (SMEs).

Mr Ojo called on Nigerians to exercise patience and support policies aimed at addressing the country’s economic challenges.

He added that meaningful economic transformation required consistency, commitment and collective responsibility.

“No pain, No gain, we are feeling the hardship but well all enjoy it thereafter.

“Every development comes with pain but there is a light at the end of the tunnel, ” he said.

He expressed confidence that President Tinubu’s continued implementation of the reforms would strengthen the economy, improve government revenue and create a more sustainable foundation for national development.

“President Tinubu has taken decisions that previous administrations found difficult to implement.

“What is important now is to consolidate the gains, ensure that the benefits reach the grassroots and maintain the momentum of economic reforms for the overall development of Nigeria,” Mr Ojo said. 

(NAN)