Worst days are over in Nigeria as economy fully recoveringThe Tinubu Media Support Group (TMSG) has said that the worst days are over as available economic indices are showing positive signals indicating that the economy is fully recovering under President Bola Tinubu.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG maintained that President Bola Tinubu’s unwavering commitment, since assuming office, to steering the economy in the right direction is responsible for the unprecedented economic rebound.
It said: “We acknowledge that on assuming office, though President Bola Tinubu’s famous declaration that ‘fuel subsidy is gone’ seemed to have disrupted the order of things almost immediately with significant impact on the people, current positive realities have put him on the right side of history.
“It was an unexpected move, even though there was no provision for fuel subsidy beyond June 2023 in the budget inherited from the Muhammadu Buhari administration but it also set the right tone for the economic reforms of the administration.
“Today, fuel subsidy removal and the unification of multiple foreign exchange rates are the bulwarks of reform policies that have opened the country to more foreign investment and freed up more funds to all tiers of government with a resultant upsurge in economic activities.
“Like all reforms anywhere in the world, the Tinubu reforms also came with its downside which even the President acknowledged and described as short-term pains for long-term gains for the Nigerian people.
“It is against this backdrop that we maintain that the benefits are beginning to show and we agree with the Minister of Budget and Economic Planning, Senator Atiku Bagudu who confirmed recently that the economy is on the path to full recovery.
“Like a policy think tank, the Independent Media and Policy Initiative (IMPI), said in a recent statement, that there have been ‘evolving green shoots’ since the economic policies were deployed which showed that President Tinubu is indeed steering the economy in the right direction despite misgivings from a few naysayers.”
Continuing, TMSG gave some insights into the positive developments in the economy in recent months.
“We invite Nigerians to note that the oil and gas sector is witnessing unprecedented growth with fresh investments from global oil majors, some of which last invested in the country in 2013. This is aside from local players in the sector, which have continued to acquire lucrative onshore assets because of improved security and new fiscal incentives.
“It is therefore not surprising that for the first time in several years, Nigeria was recorded to have met its OPEC production quota of 1.5 million barrels per day with expectations in the foreign media that the country can go beyond the limit.
“This is also coming at a time when the oil sector is recording a boom, which has also brought a positive impact on the balance of trade. Recent data from the Central Bank show a positive trade performance for three consecutive quarters in 2024 driven by more substantial export earnings than imports.
“This will make it easier for the government to raise funding for programmes including the Renewed Hope Housing, Agriculture modernization initiative, Consumer Credit Scheme, Students loan fund, and CNG energy transition, amongst others, which are all designed to have a major positive impact on the citizenry.
“And lest we forget, a global brand that was reported to have left Nigeria last year recently has announced an 82.06% increase in revenue less than a year after it was acquired by a Nigerian conglomerate
“We are hopeful that more good news will emanate from the economic front this year as the economic policies of the administration continue to take root,” TMSG added.
It enjoined Nigerians to continue to have faith in President Bola Tinubu’s unflagging desire to turn the curve and unleash the vast potentials and opportunities in the nation to bring about vast positive fortunes for the Nigerian people.
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