Nigeria's Minister of Information and Culture, Mohammed Idris has pledged the Federal Government’s determination to pursue economic saboteurs while assuring Nigerians of the positive outcomes of ongoing reforms.
According to Idris, data from the National Bureau of Statistics reveals a fifty percent reduction in petrol importation since the removal of the petrol subsidy, amounting to one billion liters monthly. Additionally, crude oil production has increased steadily to 1.55 million barrels per day in Q4 2023, up from 1.22 million barrels per day in the previous quarter.
Moreover, states have witnessed a surge in monthly receipts from the Federal Accounts Allocation Committee (FAAC) since the subsidy removal, providing governments with additional resources to deliver democratic dividends to citizens.
Idris emphasized the importance of the petrol subsidy removal, highlighting its unanimous support among major political candidates during the election campaign. He also commended President Tinubu's vision for a unified exchange rate, noting the Central Bank of Nigeria's bold steps to loosen control of foreign exchange rates.
Acknowledging the challenges posed by these reforms, Idris reiterated their necessity for sustainable economic growth. He praised the proactive measures taken by the Central Bank to enhance liquidity in the forex market, resulting in a stabilized naira and increased capital importation.
However, Idris lamented the resistance from speculators and other nefarious actors benefiting from the system's dysfunction. He assured Nigerians of the government's commitment to combat illegal activities undermining the reforms and safeguard the economy.
In conclusion, Idris urged Nigerians to remain patient and assured them of the government's unwavering dedication to overcoming current challenges and ushering in a season of prosperity for all citizens.
