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We’re restoring confidence in Nigeria economy – Tinubu
President Bola Tinubu has reiterated his administration’s efforts to restore confidence in Nigeria’s economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
Tinubu stated this on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria, CIBN, Banking and Finance Conference held in Abuja.
Represented by his vice, Kashim Shettima, the president described theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.
He noted that the conference came at a time the nation was grappling with interrelated challenges.
Tinubu identified the challenges as high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts.
He observed, however, that the challenges also present opportunities for growth and development.
In addressing the challenges, the President said that the administration had taken bold but painful steps to reform the macroeconomic environment.
“Though 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.
“The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.
Tinubu also noted that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
“We are committed to upgrading Nigeria’s infrastructure to support economic growth.
“We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.
Former lawmaker, Senator Shehu Sani, has described the planned increase in electricity and telecom tariffs as unconscionable.
The statement comes after the telecoms regulator last week approved the increase in mobile tariffs.
The federal government also recently said that plans were ongoing to increase electricity tariffs “over the next few months.”
However, Sani, who said the government’s plan is unreasonable, insisted that it should be halted.
The ex-lawmaker also expressed his support for the Nigeria Labour Congress (NLC) over the scheduled protest against the government’s proposal, calling it a welcome development.
“The planned increase in electricity tariffs in the midst of poor power supply and the proposal to increase telecom tariffs is unconscionable and should be halted. The scheduled labour union protest is a welcome development,” he posted on X.
The United States President, Donald Trump, has revealed his decision to cut off all future funding to South Africa, citing poor treatment of “certain classes of people.”
Trump made this known on Sunday in a post on Truth Social, his social media platform.
According to Trump, South Africa was seizing land and mistreating some citizens without concern for the violations of their rights.
“South Africa is confiscating land and treating certain classes of people VERY BADLY.
“I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!” Trump wrote.
Reports suggest that the American leader may be defending White South Africans, some of whom have alleged that the South African policy is unfair to them.
There are indications that the federal government will on Monday meet with the Nigeria Labour Congress, NLC, to stop the planned Tuesday nationwide protest against the 50 percent telecommunications tariff hike.
A reliable source familiar with the matter, who preferred anonymity, disclosed this on Monday morning, noting that the meeting between the NLC leadership and the federal government is scheduled for 5 p.m. on Monday.
The source said the meeting was a “dialogue on matters of national interest as it affects Nigerian workers.”
According to the source, it will be an inter-ministerial meeting with the Secretary to the Government of the Federation (SGF), purposely to resolve issues raised by the NLC concerning the federal government’s approved upward adjustment to telecommunications tariffs, which the NLC, its allies, and others are vehemently opposing.
This comes as the NLC is already mobilizing workers for a mass protest tomorrow (February 4) against the 50 percent tariff hike approval.
On Thursday last week, in a letter to affiliate unions and state councils, NLC General Secretary Emma Ugboaja urged them to mobilize other Nigerians to send a serious message to the government.
The planned protest follows the 50 percent telecom tariff approval by the Nigerian Communications Commission (NCC) on January 20, 2025.
The approval had sparked widespread rejection among telecom subscribers.
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