The Institute of Leadership Assessment and Development has recognized President Bola Ahmed Tinubu’s substantial achievements in revitalizing the Nigerian economy over the past 100 days…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Speaking at the 2023 Leadership Conference of the Institute, themed “Being The Change: Towards Outstanding Leadership,” held in Lagos, Dr. Baba R. Adamu, the Director General of the Institute, highlighted that the government’s decision to eliminate the fuel subsidy, though initially controversial, was crucial in averting a potential national economic crisis.
Adamu also pointed out that President Tinubu successfully unified multiple foreign exchange markets and introduced intervention programs to mitigate the adverse effects of the reforms.
These initiatives encompassed raising the minimum wage, increasing salaries, offering support to vulnerable states and local governments, and introducing plans for over 11,000 CNG (Compressed Natural Gas) buses to enhance affordable public transportation.
Furthermore, Adamu noted the establishment of a Tax and Fiscal Reforms Committee aimed at deepening ongoing reforms and positioning the national economy for long-term sustainability. President Tinubu’s efforts in promoting political stability, managing ethnic and religious tensions, and making key government appointments were also commended.
Additionally, the Institute praised the government’s proposal for the construction of the 470-kilometer Abuja-Lagos greenfield superhighway, to be completed in four years by a private sector consortium without government costs, as it will be tolled and designed to last for a century. The construction of the Lagos-Calabar superhighway was also highlighted.
Dr. Adamu referenced Ari Aisen, the International Monetary Fund (IMF) representative to Nigeria, who emphasized the importance of reducing the quantity of naira in circulation.
The naira’s exchange rate fluctuations were noted, with the unofficial market trading at N1,000 per dollar and the official Nigerian Foreign Exchange Market rate at N773.25. Money Supply (M1) data indicated a slight decline from N24.02 trillion in August 2023 to N24.16 trillion in July. The IMF representative acknowledged the government’s recent efforts to increase the supply of foreign exchange in the market.
