President Bola Tinubu has said despite some of the challenges Nigerians are facing in his administration, Nigeria’s economy looks good promising to bring down the ballooning inflation level affecting the exchange rates.
Since assuming office in late May, Tinubu’s government has implemented various reforms aimed at attracting investors back into the Nigerian economy and stabilizing the naira, which has experienced significant depreciation, losing more than 70% of its value since last year, according to a report in March.
These reforms include relaxing foreign exchange controls, easing rules on international money transfers, and narrowing the gap between the central bank’s policy rate and yields on short-dated paper sold at auctions.
The latest report by the National Bureau of Statistics (NBS) noted that the county’s inflation rose to 31.70 percent in February 2024, up from 29.90 percent in the previous month.
But speaking during 2024 Ramadan Iftar at the State House on Wednesday in Abuja, Tinubu said his government is working to revive the economy.
“It is the hard job that you promised the people of Nigeria when you were campaigning for me you promised them a good result, didn’t you? That’s it, I have to work for it – no magic wand.
“I campaigned on hope, I have to rest on that hope, and push for that hope for the joy of every one of us.
“The economy is looking good, don’t worry about that. Yes, we know we have the challenge of inflation – it’s okay, we will bring it down. We are reengineering our revenue, it is getting better, and we are taking our sovereignty and respect back around the world – not that we have to go there and hire them to do the job for us, we are doing it ourselves.’
“Whatever is happening to us, we have to serve it by ourselves. It is your effort, your thinking, your resourcefulness, your investment, your dedication, and hard work that can only get us there,” he affirmed.
