Hadiza Ibrahim
President Bola Ahmed Tinubu has described the fuel subsidy removal and other reforms introduced by his administration as a “bitter pill that must be administered to an ailing nation and economy to build a better future for the country.”
The removal of subsidy on fuel following Tinubu’s announcement on May 29, 2023, has brought a lot of hardship on Nigerians whi have seen their cost of living skyrocket.
Speaking on Thursday in Abuja with members of the Board and Management of the Nigeria Economic Support Group (NESG), the President said he remains resolute in implementing his eight reforms under the Renewed Hope Agenda within the next three years.
He reaffirmed his support for a robust public-private sector partnership to grow the economy, saying that his administration’s sustained, bold and coordinated reforms are anchored on a “strong adherence to accountability and transparency.”
“We have gone through the past. I will not look back. The focus of my horse and my race remains forward-looking. We have an abundance of knowledge and untapped mineral resources and an agricultural sector that is God-given, but we tend to shy away from taking those gigantic steps that will result in prosperity for our people.
“We are not exploiting our diversity for prosperity. We are at each other’s throats, arguing about unnecessary things, instead of thinking and doing for our people,” the President said.
Tinubu told the NESG that he won’t take any excuse for failure from his cabinet members, saying: “I don’t see why Nigeria will be so blessed with good soil and not have a commodity exchange. I don’t see why we have not been able to interrogate our real estate sector and propel it.”
“I am here, and I believe we can do it together. No single person succeeds alone. The world is dynamic. We are confronted with climate change and other challenges, but somewhere in the eye of the storm, there is a quiet and peaceful corner for those who can toil well. With patience and determination, we will succeed.”
The Chairman of NESG, Mr. Olaniyi Yusuf welcomed the economic reforms announced by the Tinubu administration, specifically with respect to fuel subsidy removal, foreign exchange rate harmonization, food security, and palliativessub-national governments.
“Your track record in the effective implementation of bold economic reforms as the Governor of Lagos leaves those of us in the private sector without doubt that you will achieve much greater feats as our nation’s president,” the NESG Chairman confided.
He used the occasion of the courtesy visit to formally request the President to declare open the NESG Summit in October, as well as to direct Heads of Ministries, Departments and Agencies (MDAs) to partner with them and participate fully at the Summit as part of efforts to ramp up local and foreign direct investment in Nigeria.
