Nigeria: Former President Of World Bank David Malpass Lauds Tinubu (See Why)

Nigeria: Former President Of World Bank, David Malpass Lauds Tinubu Over Recent Policies (DETAILS)....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie Omo-Ikirodah

David Malpass, Former President of the World Bank has commended Nigeria’s President, Asiwaju Bola Ahmed Tinubu for removing government subsidies and multiple exchange rates. CONTINUE READING

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Malpass claimed with those two problems removed, corruption which is eating up the economy will reduce drastically, inflation will also reduce, and the naira will be strengthened.

President Bola Tinubu, who assumed office in May as a continuity choice from his predecessor’s party, has wasted no time implementing sweeping changes in Nigeria. Within three weeks, the 71-year-old leader has abolished fuel subsidies, halted currency support, and suspended key officials, receiving positive responses from investors and driving Nigerian dollar bonds to their highest level since January. These market-friendly reforms signal a departure from his predecessor’s statist approach and have prompted optimism about the prospects for Africa’s largest economy. CONTINUE READING

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Tinubu’s initial actions have been considered relatively straightforward, targeting low-hanging fruits, as highlighted by Feyi Fawehinmi, an author and political commentator. Nonetheless, observers anticipate more complex challenges for Tinubu in his quest to boost economic growth and address the country’s escalating security issues. Nigeria has a staggering unemployment rate, with one in three working-age Nigerians unemployed, while its oil production, the mainstay of the economy, has declined in recent years.

While Tinubu’s victory margin in the February election was the narrowest since Nigeria’s return to democracy in 1999, concerns were raised that he would have limited scope to make economically prudent yet politically difficult decisions. The election itself was marred by allegations of flaws, and legal challenges to Tinubu’s victory are ongoing. Despite these circumstances, on his first day in office, Tinubu scrapped the financially burdensome petrol subsidies, redirecting the funds towards healthcare and education programs. This move tripled fuel prices but managed to avoid the mass protests witnessed during a previous subsidy cut in 2012.

Shortly after the subsidy removal, Tinubu suspended the central bank governor, Godwin Emefiele. Under Emefiele’s leadership, the central bank had become aligned with the previous administration and had provided over $50 billion in loans to the government. The central bank swiftly abandoned its long-standing policy of tightly controlling the foreign exchange market, allowing market-determined rates and eliminating multiple exchange rate windows. Consequently, the official naira exchange rate reached its lowest level ever, moving closer to the black market rate, which has long been accepted by most Nigerians.

Tinubu’s proactive start reflects his endorsement of economic orthodoxy, departing from his predecessor’s interventionist tendencies, despite both belonging to the ruling All Progressives Congress (APC) party. However, concerns have been raised about the absence of a coherent plan to manage the economic fallout following the subsidy cut. The removal of subsidies is expected to contribute to an inflation rate of over 22%, according to the statistics agency.

In his latest move, Tinubu suspended the head of the country’s anti-corruption agency, AbdulRasheed Bawa, to facilitate a thorough investigation into his conduct while in office. Both Bawa and former central bank chief Emefiele are currently in the custody of the intelligence service. Analysts perceive Bawa’s dismissal as part of a regular political transition, as every president since 2007 has appointed a new leader to the anti-corruption bureau.

Tinubu’s next critical challenge is addressing the security situation in Nigeria. A recent attack in Plateau state resulted in the deaths of at least 21 people, highlighting the ongoing security concerns. Deteriorating security has also contributed to food inflation, as violence between farmers and nomadic herders has driven many farmers away from their land, hindering efforts to boost local production and reduce reliance on imports.

To maintain momentum, Tinubu must swiftly outline his plans for tackling insecurity and avoid playing catch-up on multiple fronts, as his predecessor often did. Analysts are closely monitoring his appointments to crucial government positions, including the central bank chief and finance minister. Fawehinmi emphasized

Source: Bushradiogist