Chairman of the Senate Committee on Finance, Senator Sani Musa, has expressed strong support for President Bola Tinubu's economic reforms, highlighting the floating of the naira and removal of the fuel subsidy as critical steps for Nigeria’s economic recovery and growth.
According to Musa, these measures are essential for addressing long-standing economic challenges, attracting foreign investment, and reducing the government’s financial strain.
President Tinubu, upon assuming office in May 2023, implemented significant reforms, including ending the decades-long fuel subsidy, which had cost the government billions annually. He also allowed the naira to float, moving away from the previous controlled exchange rate. These decisions aim to stabilize the economy, curb public debt, and create a more competitive market environment.
Senator Musa emphasized that these reforms, although challenging for many Nigerians in the short term, are necessary for fostering long-term economic stability and sustainable growth.
According to government officials, the reforms were needed to revive the country’s economy and investors have applauded the moves, but Nigerians are struggling with tripled fuel prices and inflation now at 25 percent.
However, Senator Sani, while speaking on Channels Television’s Politics Today on Friday, said the removal of subsidy on petroleum products was the best thing to happen to Nigeria.
“We want to be sure that what we are doing is not going to reflect negatively on Nigerians.
“What this government is doing, by virtue of the fact that we removed subsidy, removing subsidy is the best thing that has happened to this country,” he said.
The senator, who represents Niger East district in the National Assembly, argued that the Federation Account Allocation Committee, FAAC, disburses enough funds to states on a monthly basis.
He, however, blamed some states for not making good use of the allocation to address some major issues in their jurisdiction.
“Today how much are we owing? If the money that Nigeria is making today and the money that FAAC is distributing to the states, the state governments utilize that money adequately, a lot of things will go well,” he said.
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