On Tuesday, the Federal Government stated that President Bola Tinubu faced a troubled economy when he assumed office, but within his first 100 days, he transformed the situation. They referred to the removal of fuel subsidies as a long-standing issue and emphasized that despite the challenges, the President initiated a path toward national transformation, growth, and overall development.
In a statement titled ‘President Tinubu’s 100 days of consistent progress and national renewal,’ the Minister of Information and National Orientation, Mallam Mohammed Idris, explained that President Tinubu had diligently worked to fulfill his campaign promises outlined in the Renewed Hope Agenda for a better and stronger Nigeria. From May 29, when he took office as Nigeria’s 16th leader, President Tinubu embarked on the journey to rebuild the struggling economy, recognizing the burden of public debt, both local and foreign, as well as the unsustainable fuel subsidy system that had strained public finances for decades, leaving the government financially strained and unable to meet citizens’ needs.
“President Tinubu made a courageous decision to eliminate the fuel subsidy, preventing a potential national economic catastrophe that had loomed over Nigeria for decades, hindering growth, and leading to extensive borrowing.
While acknowledging the temporary discomfort caused by the removal of the fuel subsidy and the unification of the exchange rate, the statement emphasized that President Tinubu consistently urged Nigerians to accept these current challenges as necessary sacrifices to safeguard the nation’s future.
Over the past 100 days, President Tinubu’s administration has taken various measures, including establishing a Tax and Fiscal Reforms Committee to simplify the tax system, eliminate multiple taxes, streamline business regulations, and close the significant annual tax gap. The focus is on efficient revenue collection and expanding the tax net.
Additionally, the President has prioritized political stability by managing diversity, making balanced appointments, and promoting unity. He has also actively represented Nigeria on the international stage, notably as the Chairman of the ECOWAS Authority of Heads of State and Government.
President Tinubu’s leadership has rekindled global and local confidence in Nigeria’s economic direction, leading to a surge in business confidence, as evidenced by the Nigerian Stock Exchange breaking a 15-year record.”
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