Nigeria’s Minister of Information, Mohammed Idris, has announced that President Bola Tinubu plans to implement more stringent reforms to “shape” the country despite the ongoing economic hardship.
Peoples Gazette reports that in an article shared on social media Thursday, Mr. Idris lauded Mr. Tinubu for adhering to his campaign promises, which include removing the fuel subsidy, floating the naira, and other significant reforms.
He insisted that the president is prepared to make “more difficult decisions.”
The Minister 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.”
Mr. Tinubu assumed office on May 29, 2023, immediately announcing the removal of the fuel subsidy and the floating of the naira.
These policies resulted in fuel prices soaring from N145 to N710 and the naira trading around N1,500 to a dollar, which led to skyrocketing transportation and food costs.
Last month, the President marked his first year in office on May 29, facing criticism from Nigerians over rising food inflation, economic hardship, and insecurity.
While experts and the International Monetary Fund have praised Mr. Tinubu’s economic policies, official records indicate that food inflation stands at 40 percent.
Nigerians have continued to bear the brunt of Tinubu’s economic policies as prices of have more than doubled in the market, while the national minimum wage has remained unchanged.
