”The President is resolutely committed and focused on the task of bringing immediate relief and ensuring prosperity to all Nigerians” – Information Minister, Mohammed Idris

The Federal Government has declared that President Tinubu’s economic reforms are showing positive outcomes. In a statement released on Friday, February 23, Mohammed Idris, the Minister of Information and National Orientation, emphasized that measures such as the elimination of fuel subsidy and the consolidation of the foreign exchange rate are proving effective.

Idris highlighted that the elimination of fuel subsidy has resulted in a fifty percent reduction in petrol importation. Furthermore, he noted that subsequent to the removal of fuel subsidy, monthly allocations from the Federal Accounts Allocation Committee (FAAC) to States have increased significantly. This, he stated, has provided governments at various levels with substantial additional funds to fulfill their obligations and deliver democratic dividends to the Nigerian populace.

’It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge of inflows. The latest NBS figures show that capital importation into Nigeria rose by over 66 percent in Q4 2023, compared with the preceding quarter. The CBN Governor has also highlighted the fact that $1.8 billion flowed into the forex market last week, on the back of the new reforms.”

‘’To tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms. That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organizations involved in illegal activities and sabotage within the forex market.

”Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised. The emerging stability of the naira is in the interest of all Nigerians.” he said

‘’We will continue to seek the patience and understanding of Nigerians as we push through these difficult times, into a season of abundant benefits and truly renewed Hope. As the President never fails to emphasize, these headwinds we are facing are only temporary, and, collectively, we will surely overcome.  The President and his team are and will remain resolutely committed and focused on the task of bringing immediate relief and ensuring prosperity to all Nigerians.” he said