The Minister of Information and National Orientation, Mohammed Idris, announced that President Tinubu’s economic reforms are showing positive results. The removal of fuel subsidy and the unification of the foreign exchange rate are among the key reforms that are yielding fruits.
Idris highlighted that the removal of fuel subsidy has decreased petrol importation by fifty percent and boosted monthly receipts for states from the Federal Accounts Allocation Committee (FAAC). This has given governments more financial room to provide better services to the people.
The Minister mentioned that the naira is stabilizing, and there is an influx of capital into the foreign exchange market. Despite facing resistance from speculators and others benefiting from the old system, regulatory agencies are working to address illegal activities that undermine the reforms.
He assured Nigerians that the government is committed to stabilizing the economy and will take necessary actions to ensure the naira’s stability. Idris urged patience from the citizens as the country navigates through challenges towards a better future.
In conclusion, he emphasized President Tinubu’s dedication to bringing relief and prosperity to all Nigerians, reassuring that the current difficulties are temporary and will soon be overcome.
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