‎Coalition of Civil Organizations has expressed confident on President Bola Ahmed Tinubu’s policy reforms to tackle challenges in the nation’s economy amid fuel subsidy removal.
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‎
‎Addressing the press in Abuja, Chairman, Independent Media and Policy Initiative (IMPI), Akinsiju Omoniyi stressed that the reforms are yielding positive results, especially in economic restructuring, reduction in inflation and building confidence in investors.
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‎
‎Citing the removal of fuel subsidy as one of the administration’s most effective moves, Akinsinju said, that before the removal, Nigeria was reportedly consuming over 103 million litres of petrol daily with nearly 60 million litres smuggled out.
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‎
‎Stressing that the elimination of the subsidy has not only cut waste but also boost confidence of investors in local refining, stating that Nigeria’s fuel import burden has been significantly reduced, saving the country $20 billion annually.
‎
‎
‎This shift he noted, has strengthened energy security and created opportunities in the downstream sector, where companies some companies have seen dramatic growth in revenue and profits, with tax contributions also increasing.
‎
‎
‎On inflation, Akinsiju acknowledged the hardship caused by rising food prices, but noted that government interventions including large-scale farming initiatives, food reserve releases, and duty-free imports are already yielding results.
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‎
‎The Civil Society group cited the drop in food inflation and an ease in overall inflation momentum as signs that the administration’s policies are working.
‎
‎
‎He also addressed Nigeria’s foreign exchange reforms, applauding FX windows unification and increased revenue remittances, which has led to the clearance of Nigeria’s International Monetary Fund loan (IMF) and Sukuk bond obligations.
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‎
‎Akinsiju described this as evidence of growing fiscal discipline and improved investor confidence, with more investors taking long-term positions in naira-denominated assets.
‎
‎
‎He also cited gains in non-oil exports, which rose from N3.14 trillion in 2023 to N9.65 trillion in 2024, driven largely by a weaker naira and increased global demand for Nigerian products.
‎
‎
‎Drawing attention to global endorsements of the reforms, he cited Moody’s and Fitch ratings upgrades, the World Bank’s commendations, and the Financial Times’ review that the President should forge ahead. With the overriding aim of making ordinary Nigerians not just investors feel the benefits there in.
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ECONOMY: CSOs Applaud Tinubu’s Economy Policy Reforms
‎Coalition of Civil Organizations has expressed confident on President Bola Ahmed Tinubu’s policy reforms to tackle challenges in the nation’s economy amid fuel subsidy removal.
‎
‎
‎Addressing the press in Abuja, Chairman, Independent Media and Policy Initiative (IMPI), Akinsiju Omoniyi stressed that the reforms are yielding positive results, especially in economic restructuring, reduction in inflation and building confidence in investors.
‎
‎
‎Citing the removal of fuel subsidy as one of the administration’s most effective moves, Akinsinju said, that before the removal, Nigeria was reportedly consuming over 103 million litres of petrol daily with nearly 60 million litres smuggled out.
‎
‎
‎Stressing that the elimination of the subsidy has not only cut waste but also boost confidence of investors in local refining, stating that Nigeria’s fuel import burden has been significantly reduced, saving the country $20 billion annually.
‎
‎
‎This shift he noted, has strengthened energy security and created opportunities in the downstream sector, where companies some companies have seen dramatic growth in revenue and profits, with tax contributions also increasing.
‎
‎
‎On inflation, Akinsiju acknowledged the hardship caused by rising food prices, but noted that government interventions including large-scale farming initiatives, food reserve releases, and duty-free imports are already yielding results.
‎
‎
‎The Civil Society group cited the drop in food inflation and an ease in overall inflation momentum as signs that the administration’s policies are working.
‎
‎
‎He also addressed Nigeria’s foreign exchange reforms, applauding FX windows unification and increased revenue remittances, which has led to the clearance of Nigeria’s International Monetary Fund loan (IMF) and Sukuk bond obligations.
‎
‎
‎Akinsiju described this as evidence of growing fiscal discipline and improved investor confidence, with more investors taking long-term positions in naira-denominated assets.
‎
‎
‎He also cited gains in non-oil exports, which rose from N3.14 trillion in 2023 to N9.65 trillion in 2024, driven largely by a weaker naira and increased global demand for Nigerian products.
‎
‎
‎Drawing attention to global endorsements of the reforms, he cited Moody’s and Fitch ratings upgrades, the World Bank’s commendations, and the Financial Times’ review that the President should forge ahead. With the overriding aim of making ordinary Nigerians not just investors feel the benefits there in.
‎
‎
LEAVE A REPLY
‎Coalition of Civil Organizations has expressed confident on President Bola Ahmed Tinubu’s policy reforms to tackle challenges in the nation’s economy amid fuel subsidy removal.
‎
‎
‎Addressing the press in Abuja, Chairman, Independent Media and Policy Initiative (IMPI), Akinsiju Omoniyi stressed that the reforms are yielding positive results, especially in economic restructuring, reduction in inflation and building confidence in investors.
‎
‎
‎Citing the removal of fuel subsidy as one of the administration’s most effective moves, Akinsinju said, that before the removal, Nigeria was reportedly consuming over 103 million litres of petrol daily with nearly 60 million litres smuggled out.
‎
‎
‎Stressing that the elimination of the subsidy has not only cut waste but also boost confidence of investors in local refining, stating that Nigeria’s fuel import burden has been significantly reduced, saving the country $20 billion annually.
‎
‎
‎This shift he noted, has strengthened energy security and created opportunities in the downstream sector, where companies some companies have seen dramatic growth in revenue and profits, with tax contributions also increasing.
‎
‎
‎On inflation, Akinsiju acknowledged the hardship caused by rising food prices, but noted that government interventions including large-scale farming initiatives, food reserve releases, and duty-free imports are already yielding results.
‎
‎
‎The Civil Society group cited the drop in food inflation and an ease in overall inflation momentum as signs that the administration’s policies are working.
‎
‎
‎He also addressed Nigeria’s foreign exchange reforms, applauding FX windows unification and increased revenue remittances, which has led to the clearance of Nigeria’s International Monetary Fund loan (IMF) and Sukuk bond obligations.
‎
‎
‎Akinsiju described this as evidence of growing fiscal discipline and improved investor confidence, with more investors taking long-term positions in naira-denominated assets.
‎
‎
‎He also cited gains in non-oil exports, which rose from N3.14 trillion in 2023 to N9.65 trillion in 2024, driven largely by a weaker naira and increased global demand for Nigerian products.
‎
‎
‎Drawing attention to global endorsements of the reforms, he cited Moody’s and Fitch ratings upgrades, the World Bank’s commendations, and the Financial Times’ review that the President should forge ahead. With the overriding aim of making ordinary Nigerians not just investors feel the benefits there in.
‎
‎
LEAVE A REPLY
‎Coalition of Civil Organizations has expressed confident on President Bola Ahmed Tinubu’s policy reforms to tackle challenges in the nation’s economy amid fuel subsidy removal.
‎
‎
‎Addressing the press in Abuja, Chairman, Independent Media and Policy Initiative (IMPI), Akinsiju Omoniyi stressed that the reforms are yielding positive results, especially in economic restructuring, reduction in inflation and building confidence in investors.
‎
‎
‎Citing the removal of fuel subsidy as one of the administration’s most effective moves, Akinsinju said, that before the removal, Nigeria was reportedly consuming over 103 million litres of petrol daily with nearly 60 million litres smuggled out.
‎
‎
‎Stressing that the elimination of the subsidy has not only cut waste but also boost confidence of investors in local refining, stating that Nigeria’s fuel import burden has been significantly reduced, saving the country $20 billion annually.
‎
‎
‎This shift he noted, has strengthened energy security and created opportunities in the downstream sector, where companies some companies have seen dramatic growth in revenue and profits, with tax contributions also increasing.
‎
‎
‎On inflation, Akinsiju acknowledged the hardship caused by rising food prices, but noted that government interventions including large-scale farming initiatives, food reserve releases, and duty-free imports are already yielding results.
‎
‎
‎The Civil Society group cited the drop in food inflation and an ease in overall inflation momentum as signs that the administration’s policies are working.
‎
‎
‎He also addressed Nigeria’s foreign exchange reforms, applauding FX windows unification and increased revenue remittances, which has led to the clearance of Nigeria’s International Monetary Fund loan (IMF) and Sukuk bond obligations.
‎
‎
‎Akinsiju described this as evidence of growing fiscal discipline and improved investor confidence, with more investors taking long-term positions in naira-denominated assets.
‎
‎
‎He also cited gains in non-oil exports, which rose from N3.14 trillion in 2023 to N9.65 trillion in 2024, driven largely by a weaker naira and increased global demand for Nigerian products.
‎
‎
‎Drawing attention to global endorsements of the reforms, he cited Moody’s and Fitch ratings upgrades, the World Bank’s commendations, and the Financial Times’ review that the President should forge ahead. With the overriding aim of making ordinary Nigerians not just investors feel the benefits there in.
‎
‎