Oyetunde Ojo, National Convener of the South West Agenda for Tinubu (SWAGA), says the economic and fiscal reforms implemented by President Bola Tinubu’s administration are delivering significant results and placing Nigeria on the path to sustainable economic growth.
Mr Ojo stated this during an interview with journalists in Lagos on Sunday.
He described the removal of the petrol subsidy, unification of the foreign exchange market and other fiscal policies as bold measures introduced to tackle longstanding structural problems affecting the Nigerian economy.
According to him, the removal of the expensive petrol subsidy system has created additional financial resources for the government to invest in key national development projects.
He said President Tinubu had demonstrated the political will to take difficult but necessary decisions to address the country’s economic challenges.
Mr Ojo explained that the unification of the foreign exchange market had also helped address the distortions and uncertainties associated with multiple exchange rate windows by introducing a market-driven system for foreign exchange transactions.
He added that the reforms were intended to promote transparency, boost investors’ confidence and strengthen Nigeria’s external reserves.
The SWAGA convener further identified the reduction in the debt service-to-revenue ratio from over 97 per cent to below 50 per cent, alongside efforts to clear outstanding Ways and Means advances from the Central Bank of Nigeria, as evidence of improved fiscal management.
He noted that the previous high cost of debt servicing had placed significant pressure on government revenue, leaving fewer resources for infrastructure, education, healthcare and other essential services.
Mr Ojo also pointed to the reported increase in Nigeria’s gross external reserves to more than $52 billion, describing it as a major step towards strengthening the country’s external financial position.
He said stronger external reserves would improve Nigeria’s ability to meet international financial obligations, support foreign exchange stability and boost confidence in the economy.
However, he stressed that the achievements of the reforms must translate into better living conditions for ordinary Nigerians.
He commended the administration’s efforts to ease inflationary pressures, generate employment and provide support for businesses, particularly small and medium-sized enterprises (SMEs).
Mr Ojo urged Nigerians to remain patient and support government policies designed to address the country’s economic difficulties, adding that sustainable transformation required consistency, commitment and collective responsibility.
Acknowledging the hardship associated with the reforms, he said Nigerians would eventually enjoy their benefits, expressing optimism that there was light at the end of the tunnel.
He expressed confidence that the continued implementation of the policies would strengthen the economy, increase government revenue and establish a sustainable foundation for national development.
Mr Ojo maintained that President Tinubu had taken decisions previous administrations struggled to implement, urging the government to consolidate the gains, ensure that the benefits reached communities at the grassroots and sustain the reform momentum for Nigeria’s overall development.
(NAN)
