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Wednesday, May 29, 2024

Economy On Growth Path, Inflation To Go Down – Tinubu

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Nigeria is on the path of sustainable economic recovery and prosperity, President Asiwaju Bola Ahmed Tinubu has assured.

He also promised that the inflation crisis would be over soon with the bringing down of the galloping rate.

Inflation has moved from 22.41 per cent in May 2023 to 31.70 per cent as of the end of February.

The President took bold steps when he came into office on May 29 last year.

He declared the petrol subsidy as ‘gone’, floated the naira and announced the unification of the exchange rate.

Following the reforms, the naira weakened to about N1,900/$ but has started gathering strength. It now exchanges for less than N1,300/$.

The President spoke during an Iftar (breaking of the Ramadan fast) with those who campaigned for him during electioneering last year.

Tinubu said: “The economy is looking much better. Yes, we have challenges of inflation, but we will bring it down.

“When the exchange rate was going haywire, it looked like we were asleep, but we worked on it diligently, and it is going down; it is getting better.

READ ALSO: 12 Projects Tinubu Will Commission In Abuja To Mark 1 Year In Office – Wike

“Borrowing was higher a year ago, but today, we are reengineering the financial landscape.

“Our revenue is expanding; we are taking up our sovereignty and earning our respect in the comity of nations.”

A statement by Presidential spokesman Ajuri Ngelale quoted Tinubu as saying: “There are a lot of expectations. I, therefore, have to work hard for it. There is a windy road we are travelling on. We have to navigate carefully. Otherwise, one ends up in the bush, and that is all I have been focused on.

“It is your effort, resourcefulness, and dedication that has brought us here.

“The results will not come suddenly. You have endured the campaign. You must endure more, and I assure you that a very bright light beckons for you and your children.

“Nigeria will prosper, and we will all reap the benefits. We will work with determination and persistence.

“Europe and America did not get to where they are today in one day, but through persistence and hard work, which takes time and consistent focus.

READ ALSO: Tinubu Signs Student Loan Bill Into Law

“Pray for Nigeria, think Nigeria. This is not playtime. Let us believe in ourselves. We must ask questions.

“What is happening to our solid minerals? No rival wants you to be bigger than them. We must be dogged. We have to sort out our problem ourselves.”

On the Student Loans Act, which he signed on Wednesday, the President explained: “The only thing that can fight poverty is education. “Imagine the children of the poor; what about people going through the mud, fishing in the ponds? How do you tell their children that their future will be brighter?

“It is only through education that we can fight poverty. A promising future awaits our children.”

President Tinubu thanked the supporters for their perseverance.

He said: “It is your footwork and footprints that made me the President.

“I campaigned on hope, and you promised Nigerians hope and a good result when campaigning for me.”

Vice-President Kashim Shettima, Senate President Godswill Akpabio, Director-General of the defunct Presidential Campaign Council (PCC) Senator Simon Lalong, and members of the Independent Campaign Council (ICC), were present, among others.

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Photo Credit: Getty

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