Tinubu’s subsidy removal, forex unification will bring Nigeria economic prosperity: UK

The British government has lauded President Bola Tinubu for unifying the forex market and removing the petrol subsidy, adding that the policies will facilitate economic prosperity for Nigeria.
In a statement by the president’s media aide Ajuri Ngelale, the UK Secretary of Foreign, Commonwealth and Development Affairs, James Cleverly, at a meeting with Mr Tinubu at the State House on Wednesday, said the policies would contribute to Nigeria’s prosperity despite initial hardships.
“I want to commend you for the decisions you have taken to reform your economy,” Mr Cleverly said. “Your economic reforms are bold and the actions taken have been decisive. Despite the initial pains these decisions will lead to economic prosperity for Nigerians.”
Mr Cleverly further assured Nigeria of the UK’s interest in investing in its economy, adding that “with their energy and talents along with your resources, Nigeria can be a net exporter of energy and agricultural products.”
“I am keen on encouraging more UK investments into Nigeria. You took bold and important decisions so far that will reform your economy and open it more for foreign investments. Nigeria has a population of very young, educated and thoughtful people. The UK will remain a strategic long-term and multi-decades partner of Nigeria and Africa,” he said.
Mr Tinubu assumed office on May 29, declaring an immediate end to the petrol subsidy.
“Subsidy is gone,” Mr Tinubu said in his inaugural speech, a development which saw fuel price skyrocket from N195 to over N600.
A week after he assumed office, he also ordered the Central Bank of Nigeria to float the naira, allowing banks to determine exchange rates to the dollar and other foreign currencies.
Though adjudged to be good for the economy, the dual policies have triggered untold hardships across the country as prices of food and transportation hit the roof.
Mr Tinubu’s regime is projected to save at least N13 trillion from the subsidy reform in three years.
But the World Bank said, “Compensating transfers will be essential to help shield the most vulnerable Nigerian households from the initial price impacts of the subsidy reform,” noting that “without compensation, many households could be pushed into poverty by higher petrol prices and have to resort to coping mechanisms with long-term adverse consequences.”
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Abuja
Police arraign three over alleged murder of Abuja businessman Adimike Godwin
The court adjourned the case until September 30 for further proceedings.

World
U.S.-Iran War: Egypt, Saudi Arabia call for de-escalation, freedom of Strait of Hormuz navigation
Egypt and Saudi Arabia called for freedom of navigation in the Strait of Hormuz in accordance with international law.

Uncategorized
Ex-South Korea president Yoon Suk Yeol jailed two years for political funding violation
Mr Suk Yeol was found guilty of illegally receiving free opinion polling services worth 270 million won ($179,800) from a political broker.

States
287 rights violations recorded in Gombe in six months: NHRC
Mr Wanshe said that out of the 287 cases received, 215 involved violations of women’s and children’s rights.

Education
Kogi, ITF to strengthen partnership on youth skills development
The Kogi government pledged to strengthen collaboration with ITF to expand skills acquisition, entrepreneurship, and employment opportunities for youths.

Economy
New Zealand minister to promote premium wool in India
During the visit, Mr Patterson will speak at a business roundtable and meet key figures across India’s wool supply chain.





