…Hails Tinubu’s economic reforms
As the President Bola Ahmed Tinubu-led administration marks it’s first year anniversary, immediate past Deputy President of the Senate, Senator Ovie Omo-Agege, CFR, has urged Nigerians to continue to support the government, saying that the ongoing economic reforms were targeted at restoring the well-being of citizens and Nigeria’s dignity among the comity of nations.
Senator Omo-Agege in a statement he personally signed, expressed optimism that a greater Nigeria was in the offing with the reforms, noting that the present pains as a result of the economic policies of the Tinubu administration were temporary.
He said the president inherited an economy on the verge of collapse, adding that the tough reforms were required to chart a new course to bring it back from the brink.
Senator Omo-Agege hailed President Tinubu for not pretending about the near comatose state of the country by not taking populist decisions to excite the masses “in the short term but inflict monumental and irreparable damage on the economy in the medium and long term.”
Explaining the economic policies, Omo-Agege stated that the administration started by tackling “head-on the main challenges facing the oil and gas industry. He abolished the duplicitous oil subsidy regime that only enriched a few but continued haemorrhaging the economy.
“Then he decisively waged war on crude oil theft that had brought crude oil production to unprecedented low levels.
“By complimenting the aggressive efforts of the Nigerian Navy through the involvement of private organisations in strengthening the protection of the country’s oil and gas infrastructure, export has been stabilised.
“The direct impact of the increased production spurred a 37 percent growth in Nigeria’s oil export in 2023. Crude oil export revenue hit N29 trillion in 2023, a 37 percent increase compared to N21.1 trillion recorded in 2022.
“The upswing has continued as production hit 1.7 million barrels per day in May, the highest in four years and the path to hitting OPEC quota of about two million barrels per day.”
He said the inevitable pains associated, initially, with the economic decisions have only shown that the president is not inspired by thoughts of 2027 elections but by the desire to fix the country.
“Having reached the nadir of decline, Nigeria needed a comprehensive reset to purge the people of false living and make a detour to a life of reality, even if it meant a fresh beginning.
“President Tinubu’s economic agenda and policies are targeted at restoring the confidence of the investors, local and foreign, promoting stability and long term corporate planning and necessary investment decisions,” he stated.
According to him, “in unifying the multiple foreign exchange markets, President Tinubu eliminated the corruption-ridden system that gave access to mainly unproductive people within the corridors of power to foreign exchange, leaving out the real sector. Gradually, the naira is finding its real and sustainable value while creating the ambience for exports to thrive.
“His measures are not lost on the international business community many of whom are revving up to enter the lucrative Nigerian market.
“It is still morning in President Tinubu’s mission of pulling Nigeria back from the cliffhanger he inherited. He is on the right track even though the process may manifest some pains.
“He needs the unflinching support of every Nigerian as a greater tomorrow beckons. As the president marks his first year in office, we urge him to continue on the path of reforms that will restore the country’s dignity among the comity of nations.”
