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Wed, Sep 6, 2023 7:45 AM

President Tinubu Marks First 100 Days in Office with Courageous Economic Reforms

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President Tinubu Marks First 100 Days in Office with Courageous Economic Reforms
As President Bola Ahmed Tinubu celebrates his first 100 days in office, his administration's courageous steps in removing fuel subsidy and unifying the foreign exchange market have been hailed by the Minister of Information and National Orientation, Mohammed Idris. While these decisions have caused short-term discomfort, they are expected to save Nigeria from economic collapse and have a positive multiplier effect on the country's living conditions. The government has also launched various intervention programs to cushion the impact on the population.

ABUJA - President Bola Ahmed Tinubu's first 100 days in office have been marked by bold and courageous economic reforms that aim to rescue Nigeria from a potential economic collapse. The Minister of Information and National Orientation, Mohammed Idris, lauded the President's decisions to remove fuel subsidy and unify the country's multiple foreign exchange markets.

These reforms, while causing present pain in the form of high inflation and hardship, are crucial steps towards stabilizing the country's economy in the long run. The removal of fuel subsidy has ended decades of a financially draining system that burdened the three tiers of government and hindered economic growth. It was a necessary move to prevent Nigeria from sinking deeper into debt and financial instability.

President Tinubu's commitment to ensuring the country's survival and progress is evident in his appeal to Nigerians to bear the temporary inconveniences caused by these reforms. While the high cost of living may be a challenge, the President has implemented various interventions to alleviate the impact on the most vulnerable sections of society.

These interventions include improvements in minimum wage and salary increase, support to states and local governments to cater to the needs of the poor, provisions of fertilizers to farmers, distribution of grains to households, and cash transfers to low-income individuals and families. Additionally, plans are underway to introduce over 11,000 CNG buses for affordable public transportation.

President Tinubu's focus extends beyond short-term solutions. He aims to redirect the country's economy, remove obstacles to productivity, and enhance competitiveness. By doing so, he intends to stimulate the growth of the real sector and create millions of decent jobs essential for sustainable economic development.

During his first 100 days in office, President Tinubu established a Tax and Fiscal Reforms Committee, featuring a renowned expert in tax and fiscal policy. The committee's mandate includes simplifying the complex tax system, eliminating multiple taxes, streamlining regulations that impede ease of doing business, and closing the annual tax gap of over 20 trillion naira.

Efficiency in revenue collection, expanding the tax net, and ensuring everyone pays their fair share will reduce the burden of new taxes on Nigerians and businesses. President Tinubu's economic reforms go hand in hand with his efforts to promote political stability in Nigeria, recognizing that progress and development depend on peace.

Under his leadership, President Tinubu has worked to reduce tensions arising from ethnic and religious agitations by managing the country's diversity. To strengthen national unity and social harmony, his administration has appointed individuals from diverse regions to key government positions, including the service chiefs.

Besides promoting peace, President Tinubu recognizes the importance of transparent and informative governance. He assumed the role of ECOWAS Authority of Heads of State and Government Chairman within his first 100 days, elevating Nigeria's profile globally and within West Africa. In this role, he defends constitutional order, upholds the rule of law, and opposes military incursion into governance.

Nigeria's standing in the world is a result of President Tinubu's principled stance on democracy, the rule of law, and good governance. As the nation celebrates his first 100 days in office, the courageous economic reforms implemented under his leadership offer hope for a better and greater Nigeria.

Source of content: OOO News 2023-09-06 News

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