The Minister of Information and National Orientation, Mohammed Idris, says the economic policies of President Bola Tinubu’s administration have been yielding positive results in Nigeria.
Idris said since the removal of the petrol subsidy by Tinubu on May 29, 2023, petrol importation has dropped by fifty per cent, amounting to one billion litres monthly, according to data released by the National Bureau of Statistics (NBS).
“On a related note, crude oil production is rising steadily, increasing to an average of 1.55 million barrels per day in Q4 2023, from 1.22 million barrels per day in the preceding quarter,” the minister said in a statement issued on Friday, February 23, 2024.
He noted that the monthly receipts by states from the Federal Accounts Allocation Committee (FAAC) have also surged since the subsidy removal, saying the development has given governments at all levels billions of naira to deliver the dividends of democracy to Nigerians.
“It is instructive that the removal of the petrol subsidy was one policy decision that all the three major candidates were unanimous on, in their campaign messaging. It is therefore mystifying to see people who had argued stridently for the removal, now pretending to be against it today. This insincerity does not bode well for our country and our democracy,” Idris stated.
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Speaking on Tinubu’s pronouncement that the Central Bank of Nigeria (CBN) would work towards a unified exchange rate, the minister said in line with the president’s vision for a more transparent and equitable monetary policy, the apex bank took a bold step of loosening control of foreign exchange rates, allowing access to foreign exchange to take place at market rates determined on the principle of ‘willing seller willing buyer’.
Idris said: “The problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions. These bold moves being implemented are in full alignment with what is required.
“The naira is stabilizing, and the foreign exchange market is seeing a surge of inflows. The latest NBS figures show that capital importation into Nigeria rose by over 66 per cent in Q4 2023, compared with the preceding quarter.
“Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.
“To tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms. That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organizations involved in illegal activities and sabotage within the forex market.”
The minister noted that relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining the naira are averted and that those engaged in these acts are brought to book.
He stressed that the government will not allow its efforts to be jeopardised, noting that the emerging stability of the naira is in the interest of all Nigerians.
Idris added: “Nigerians should rest assured that the government will continue to take further steps to stabilize the naira and safeguard our economy.
“We will continue to seek the patience and understanding of Nigerians as we push through these difficult times, into a season of abundant benefits and truly renewed hope. As the President never fails to emphasize, these headwinds we are facing are only temporary, and, collectively, we will surely overcome.”
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