SUN APRIL 28 2024-theGBJournal| President Bola Tinubu today at the World Economic Forum’s (WEF) Special Meeting opening plenary in Riyadh, Saudi Arabia, spoke to the prospect of the country and his next steps to make Nigeria’s economy grow further.
The President Tinubu responded to questions around the subsidy removal which he initiated during his inauguration in May 2023 as well as the troubled local currency, the Naira.
”On the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and the path way to growth,” the President told Heads of State and global business and political leaders at the meeting.
He insisted the removal engendered transparency, accountability and fiscal discipline for the country.
He equally acknowledged the difficulties posed for Nigerians following the subsidy removal and insisted that ”the hallmark of leadership is taking difficult decision at the time it ought to be taken, decisively.”
”That was necessary for the country. Yes, there will be blow back, there is expectation that the difficulty that comes with it will be felt by greater number of the people.
But I believe it is in the interest of the people and that is the focus of the government.
It is easier to manage an explain the difficulties.”
President Tinubu noted that along the line, his administration made parallel arrangement ”to really cushion the effect of the subsidy removal on the vulnerable population of the country.”
”We share the pain across board. We cannot but include those who are very vulnerable. We are able to manage the economic draw back and the fallout of the subsidy removal,” he said.
According to the President, the country is blessed with very vibrant, youthful population interested in discoveries by themselves and are highly ready for technology, with good education, committed to growth.
On managing the volatile local currency, the Naira, the President said it is necessary equally, to remove the artificial element of its value.
”Let our local currency find its level and compete with the rest of the world’s currency and remove arbitrage, corruption and opaqueness. That we did at the same time”
President Tinubu described the petrol subsidy and Naira troubles as the two engine problems in a very turbulent situation for the government.
”But we were able to manage that turbulence because we prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what we must do,” he said.
Meanwhile, President Tinubu noted that WEF Special Meeting is equally valuable for Nigeria to share experiences and share the hope for the future.
What is missing he said, is the capital formation that is necessary to drive the economy, like agriculture, innovation, food security, technology advancement.
”No one should be left behind,” President Tinubu said.
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