Nigeria’s minister of information, Mohammed Idris, announced that Chief Bola Ahmed Tinubu plans to implement additional stringent reforms to reshape the country, despite ongoing economic challenges.
In a statement shared on social media, Idris commended Tinubu for fulfilling his campaign promises by removing the fuel subsidy, floating the naira, and enacting various economic reforms, including tax code changes and waivers for foreign investors in key sectors like mining, energy, and infrastructure.
Idris stated, “More difficult decisions lie ahead before Nigeria is reshaped and growing economically to the benefit of its citizens and the wider continent of Africa.
“Tinubu has done what he promised on the economy: he has removed the fuel subsidy, floated the Naira, and instituted a raft of other reforms, including changes to the tax code and waivers for foreign investors in critical industries including mining, energy, and infrastructure,” he added.
Since assuming office on May 29, 2023, Tinubu’s policies have led to significant economic shifts. The immediate removal of the fuel subsidy and the floating of the naira caused fuel prices to surge from N145 to N710 and the naira to trade at around N1,500 to the dollar. These changes have resulted in soaring transportation and food costs.
As Tinubu marked one year in office last month, he faced criticism from Nigerians over rising food inflation, economic hardship, and persistent insecurity.
Official records indicate that food inflation stands at 40 percent, with surveys revealing that food prices have more than doubled, while the national minimum wage remains unchanged.
Despite praise from experts and the International Monetary Fund for Tinubu’s economic policies, the country continues to grapple with unresolved insecurity issues. Boko Haram and bandit attacks persist, leading to ongoing abductions and killings.
Amnesty International condemned Tinubu’s government failure to protect Nigerians, highlighting the frequent mass abductions and killings as evidence of this inadequacy.
Amnesty stated, “Frequent mass abductions and killings are clear evidence of failure of authorities to protect the people.”
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