President Bola Tinubu has reaffirmed his administration's commitment to restoring confidence in Nigeria's economy through strategic measures aimed at reducing inflation, stabilizing the foreign exchange market, and enhancing fiscal management.
Speaking through Vice President Kashim Shettima at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja on Tuesday,
Tinubu emphasized the government's focus on creating a stable economic environment for growth and development.
He described the theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.
The President noted that the conference came at a time when the nation was grappling with interrelated challenges.
He identified the challenges as, high inflation, rising costs of living, unemployment, infrastructure deficits, and the effects of global economic shifts.
Tinubu observed, however, that the challenges also present opportunities for growth and development.
In addressing the challenges, the President said that the administration had taken bold but painful steps to reform the macroeconomic environment.
“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services.
” The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.