By Abdulfatah Babatunde
Lagos, Jan. 29, ’25 (TNZ) The Tinubu Media Support Group (TMSG) says the worst days are over as available economic indices indicate the economy is fast recovering under President Bola Tinubu.
TheNewsZenith reports that the group made the observation in a statement jointly issued by Emeka Nwankpa and Dapo Okubanjo, Chairman and Secretary respectively.
It maintained that President Bola Tinubu’s unwavering commitment to steering the economy in the right direction was responsible for the economic rebound.
“We acknowledge that on assuming office, though President Bola Tinubu’s famous declaration that ‘fuel subsidy is gone’ seemed to have disrupted the order of things almost immediately.
“This had a significant impact on the people. But current positive realities have put him on the right side of history.
“It was an unexpected move, even though there was no provision for fuel subsidy beyond June 2023 in the budget inherited from the Muhammadu Buhari administration.
“But it also set the right tone for the economic reforms of the administration.
“Today, fuel subsidy removal and the unification of multiple foreign exchange rates are the bulwarks of reform policies.
“The policies have opened the country to more foreign investment.
“They have also freed up more funds to all tiers of government with a resultant upsurge in economic activities,” TheNewsZenith quotes from the statement.
Like all reforms anywhere in the world, TMSG noted that the Tinubu reforms also came with its downside which even the President acknowledged.
The President described the downside as short-term pains for long-term gains for the Nigerian people.
“It is against this backdrop that we maintain that the benefits are beginning to show.
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“We agree with the Minister of Budget and Economic Planning, Senator Atiku Bagudu who confirmed recently that the economy is on the path to full recovery.”
TMSG further gave some insights into the positive developments in the economy in recent months.
It noted that the oil and gas sector is witnessing unprecedented growth with fresh investments from global oil majors.
This is aside from local players in the sector, who have continued to acquire lucrative onshore assets because of improved security and new fiscal incentives.
“It is, therefore, not surprising that for the first time in several years, Nigeria met its OPEC production quota of 1.5 million barrels per day.
“This is also coming at a time when the oil sector is recording a boom. The boom has also brought a positive impact on the balance of trade.
“Recent data from the Central Bank show a positive trade performance for three consecutive quarters in 2024.
“More substantial export earnings than imports drove this excellent performance.
“This will make it easier for the government to raise funding for the government programmes.
Such programmes include the Renewed Hope Housing, Agriculture modernisation initiative, Consumer Credit Scheme, student loan fund and CNG energy transition.” (TNZ)
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