President Bola Ahmed Tinubu has said his administration took the decision to remove the subsidy on Premium Motor Spirit (PMS) because it will free up resources for critical investments in the country.
He also said the courageous steps to reform Nigeria’s macroeconomic environment is focused on restoring confidence in the nation’s economy.
The President spoke on Tuesday when he declared open the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.
President Tinubu who was represented by Vice President Kashim Shettima, described this year’s theme for the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as both timely and imperative, noting that it came at a time the nation is grappling with interrelated challenges.
Explaining efforts being made to restore confidence in the nation’s economy, President Tinubu said, “We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
“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, frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system”.
President Tinubu also noted that his administration is committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
President Tinubu also called for collaboration across all sectors, including the government, private industry, and civil society organisations, saying, “To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.
“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development”. He said.
Speaking earlier, President/Chairman of CIBN, Prof. Pius Deji Olanrewaju, called for urgent introspection on Nigeria’s economic challenges, stressing the need for innovative solutions.
“We are on a journey to economic growth and prosperity,” Olanrewaju stated, acknowledging however that “the current challenges are things of concern.”
He emphasised that while the Central Bank of Nigeria has introduced several monetary policies to address these issues, their success hinges on “the professionalism and patriotism of operators in the financial services sector.”
In his goodwill message, Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said his Agency will help to sanitize the financial system and instill laws that fight financial crimes.
While noting that economic policies will progress where profit is not prioritized by stakeholders but the interest of the nation, the EFCC boss admonished bankers to have renewed commitment to services that will promote economic development and nation-building.
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