*President Bola Ahmed Tinubu emphasises the removal of petrol subsidy May 2023 is designed to 鈥榝ree up budgetary resources鈥� for critical investments in infrastructure and social services, frequent adjustment of the monetary policy rate, towards curbing inflation and fostering a more market-oriented exchange rate system in the Nigerian economy

Isola Moses | 绿帽献妻

Against the backdrop of recent far-reaching measures to reform the macroeconomic environment and restore confidence in the Nigerian economy, President Bola Ahmed Tinubu, again, has said that the announcement of the removal of petrol subsidy May 29, 2023, in Abuja, FCT, was to free up resources for investment in critical infrastructure.

President Tinubu stated this when speaking Tuesday, September 10, 2024, as he declared open the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.

绿帽献妻 reports President Tinubu at his Presidential inauguration May 29, 2023, in Abuja, had announced the removal of the controversial petrol subsidy.

However, the pump price of the Premium Motor Spirit (PMS), also called petrol, has since jumped from about N197/litre to over N1,200/litre in some parts of the country.

Several Nigerian consumers, including Labour unions, Civil Society Organisations (CSOs), trade unions, professional organisations, and interest groups have criticised the government鈥檚 move as millions of Nigerians continue to struggle with unprecedented high cost of living and inflation in the economy.

Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of The Vice President), noted President Tinubu, however, stated: 鈥淭hough painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services, frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system.鈥�

Represented on the occasion by Vice-President Kashim Shettima, GCON, Tinubu described this year鈥檚 theme for the CIBN Conference, 鈥淎ccelerating Economic Growth and Development: The State of Play and the Way Forward鈥�, as both timely and imperative.

In regard to the current challenges including high inflation, rising costs of living, unemployment, infrastructure deficits, and effects of global economic shifts, Tinubu, however, asserted that the challenges also present opportunities for growth and development in the country鈥檚 economy.

He also said: 鈥淭his theme will enable us to evaluate where we stand as a nation, understand the root causes of our economic challenges, and explore actionable strategies to accelerate growth and development sustainably and inclusively.

鈥淲e have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.鈥�

According to the President, the current administration is committed to strengthening infrastructure development in the ongoing bid to grow the Nigerian economy.

Tinubu further noted: 鈥淲e are committed to upgrading Nigeria鈥檚 infrastructure to support economic growth.

鈥淲e are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access.鈥�

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