DAILY TRUST
President Bola Tinubu says there is no going back on the reforms introduced by his administration.
During his inaugural speech on May 29, 2023, the president announced removal of fuel subsidy and also directed the Central Bank of Nigeria (CBN) to collapse the existing exchange rates.
Consequently, the apex bank directed Deposit Money Banks to remove the rate cap on the naira at the Investor’s and Exporters’ Window of the foreign exchange market, resulting in free-floating of the national currency against the dollar and other global currencies.
The official exchange rate had risen by over 60 per cent as the naira fell from 471/dollar to 664.04/dollar and closed the week later at N663.04/dollar.
The Nigerian currency continued losing ground till it reached all-time low of over N2000 to a dollar.
Removal of petroleum subsidy also led to more than triple increase in the pump price of petrol, resulting in inflation.
Critics have accused the president of poorly executing his policy, saying he ought to have conducted feasibility studies ahead of implementation.
Following the nationwide hardship, there have been calls on the president to reverse some of his policies.
But speaking while receiving a delegation from the Corporate Council on Africa (CCA) led by Florizelle Liser, CCA’s President and Chief Executive Officer, in Abuja, on Thursday, Tinubu said, “We are right in the
middle of a challenging stage of our reforms. We have headwinds, no doubt, but we are not going back.”
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