President Bola Tinubu says his administration is restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja on Tuesday, September 10, Tinubu, represented by Vice President Kashim Shettima, assured the audience of his administration’s efforts.
He described the theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.
The President noted that the conference comes at a time when the nation is grappling with interrelated challenges. He identified the challenges as “high inflation, rising costs of living, unemployment, infrastructure deficits, and effects of global economic shifts.”
However, Tinubu observed that the challenges also present opportunities for growth and development. In addressing these challenges, the President said, “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 added. Tinubu also stated that his administration is committed to strengthening infrastructure development to support Nigeria’s economic growth.
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