From Our Correspondent
Publicly available data have shown that the Nigerian economy is responding progressively to the economic policies of the President Tinubu administration, a policy think-tank, the Independent Media and Policy Initiative (IMPI), has said.
IMPI’s Chairman, Dr Niyi Akinsiju made the assertion in a statement emailed to TheNewsZenith on Monday.
This, the group stated, is contrary to the doomsday prognosis of a dysfunctional economy, which some self-styled analysts are painting.
IMPI argued that there was a changing paradigm in the economic landscape as a result of ongoing reforms.
“Contrary to the doomsday analysts’ submission, it is a picture of emerging economic hope, progression and resurgence.
“This was aptly presented by the National President of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye.
Oye, in a separate statement, applauded President Bola Tinubu’s administration on the occasion of the country’s 64th Independence anniversary.
He noted that the government’s efforts have repositioned Nigeria as one of Africa’s largest economies.
Nigeria is now ranking among the global 20 driven by growth in sectors like agriculture and the digital economy.
As the private sector’s voice, he said NACCIMA recognises the government’s efforts to address the economic, political and security challenges.
The current administration inherited these challenges at its inception while acknowledging that some issues persist.
“We fully subscribe to NACCIMA’s summation of the state of the Nigerian economy.
“This is especially true considering the data available to us regarding the changing paradigm of the national economy.
“Based on our qualitative research on the state of the economy, we can confidently submit that the cost of living remains high.
“However, there are enough indicators to show that the federal government policies being implemented are gradually addressing the challenges,” Akinsiju stated.
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According to him, IMPI is impressed by the renaissance of the federal government’s saving capacity.
This capacity targets infrastructural development across the federation.
“President Tinubu approved the establishment of the Infrastructure Support Fund for the 36 states on 20 July 2023.
“This was part of measures to cushion the effects of petrol subsidy removal on the people.
“We commend the federal government’s fiscal discipline, as exercised by the monthly deduction of N100 billion from the federation’s gross revenue.
“Thus far, the government has saved N900 billion between November 2023 and September 2024.”
IMPI also noted that the Federal Accounts Allocation Committee (FAAC) has been deducting the amount into a special account before its monthly revenue distribution to the three tiers of government.
“The substantial increase in the federation’s generated revenue threshold has helped this saving. The saving currently stands at N9.1 trillion in the first six months of 2024.
“This is a milestone in the federal government’s fiscal management due to the government’s reforms.
“When further analysed, the increase has an impressive contribution from Company Income Tax (CIT) at N3.45 trillion.
“This is remarkable, considering the challenges many companies operating in the country faced in the wake of the ongoing reforms.
IMPI was emphatic that the Central Bank’s monetary policies have also been yielding good fruits on the investment front. It cited the latest report on capital inflows to back its position.
“On the CBN monetary policy front, it is becoming apparent that the Monetary Policy Committee’s insistence on increasing the benchmark monetary policy rate is now yielding the envisioned results.
“This is with the increased inflow of foreign capital into the Nigerian economy, which has helped the standing of the foreign exchange reserves.
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