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Nigerians to await results of economic reform

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By Mercy Kelani

A significant amount of time is needed to establish the necessary foundations.

Citizens of Nigeria are being urged by Mohammed Idris, the Minister of Information and National Orientation, to remain patient as they await the beneficial outcomes of President Bola Ahmed Tinubu’s economic reforms. Nigerians were gently prompted that President Tinubu’s tenure was merely seven months old, emphasizing the necessity of patience to witness the advantageous outcomes of the well-planned tactics. He has made it crystal clear that Tinubu’s objective of guiding Nigeria towards the state of desired prosperity is evident and lacks any ambiguity. The minister emphasized that citizens should bear in mind that the president has only been in office for a mere seven months. However, he refused to offer any justifications for this relatively brief period.

Nevertheless, in order to formulate a comprehensive strategy with lasting effects, a significant amount of time is required to establish the necessary foundations. Undoubtedly, on this arduous journey, one will encounter unexpected setbacks, upheavals, and sporadic disruptions. Nevertheless, the president’s aspiration for Nigeria is resolute: to lead the nation towards the coveted realm of prosperity. Despite the ministers and all individuals tirelessly striving towards the goal day and night, the anticipated outcomes have yet to materialize. He, on behalf of the President and other ministers, kindly urged Nigerians to exhibit a tad more patience. It can be a challenging situation, particularly when individuals face difficulty in acquiring food commodities due to these policies. However, the government is implementing significant measures to tackle these concerns.

CNG initiative by FG will reduce transportation expenses.

Acknowledging the government’s knowledge of the struggles experienced by Nigerians, he provided reassurance that the nation’s leaders were putting in relentless efforts to counteract this trajectory. In light of the subsidy removal, the minister additionally stated that the government had implemented certain measures to mitigate the consequences arising from this decision. He enumerated a few of them which encompassed the wage accolades bestowed upon federal government employees and the nationwide implementation strategy for introducing CNG buses. As a sign of acknowledgement, the minister expressed admiration for the exceptional endeavours of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in promoting the cause of Green Energy which was initiated by the federal government after the elimination of fuel subsidy.

In Abuja, Minister Rabiu Ibrahim’s media aide released a statement quoting Idris. The statement mentioned that Idris expressed his praise during a meeting with the National Executive Committee of IPMAN in his office on February 1, 2024. According to his statement, the CNG initiative was being pursued by the federal government with the goal of reducing transportation expenses by more than 50%. The elimination of fuel subsidy naturally led to an increase in the price of PMS , as anticipated. Consequently, this will impact the commuting expenses of Nigerians traveling to and from their workplaces. He expressed his satisfaction in knowing that the federal government had taken swift and strategic action by implementing the CNG, among other strategies. The primary objective of this initiative is to significantly reduce transportation expenses by over 50%.

Implementation of tax exemptions for CNG kit importers.

Furthermore, he applauded IPMAN for being at the forefront of this progressive movement towards achieving the CNG. In Nigeria, the minister acknowledged that Tinubu’s courageous decision to eliminate the fuel subsidy has opened up an unparalleled chance for entities such as IPMAN to spearhead transformative changes in the country’s energy sector. He stated that Nigeria, as a country, eagerly sought different approaches to decrease transportation expenses and firmly believed that opting for CNG was the most reliable solution. Idris announced that the initial allocation of funds by the federal government for the procurement of CNG buses and the construction of CNG centres nationwide amounts to N100 billion. He also mentioned the implementation of tax exemptions for CNG kit importers and other stakeholders in the sub-sector.

He reminded them that the initial action taken by the Federal Government involved allocating a sum of ₦100 billion for the acquisition of CNG buses and the creation of CNG facilities nationwide. Acknowledging the significance of IPMAN’s support in President Tinubu’s ambitious Renewed Hope Agenda, the minister expressed gratitude for their recognition of his ministry and its various agencies as valuable allies in their joint mission to combat the dissemination of false information regarding IPMAN’s undertakings. Lamenting the considerable harm inflicted upon the diverse threads of the society by fabricated information, he expressed his deep concern. He went on to explain how his ministry’s partnership with UNESCO offered a glimmer of hope, as they joined forces to devise effective strategies in combatting the pernicious problem of false news.

Related Article: FG to Deploy 11,500 CNG Buses in Nigeria

The minister promised to enhance the exposure of the association’s internally curated program called IPMAN Today across multiple public information agencies overseen by his ministry. Idris made a commitment to effectively incorporate the 30,000 strong organization of IPMAN to execute the initiatives outlined in the National Value Charter, aimed at fostering value re-orientation. IPMAN President, Alhaji Abubakar Maigandi Shettima, expressed his full support for Tinubu’s CNG Initiative during his statement. He also committed to collaborating with the government on the green energy program, as it will greatly contribute to the achievement of the President’s Renewed Hope Agenda. He strongly condemned the continuous manipulation of petroleum prices caused by the dissemination of false information and requested the ministry’s assistance in tackling this harmful issue.

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1 month ago

Nigerians to await results of economic reform. – A significant amount of time is needed to establish the necessary foundations.Express your point of view.

1 month ago

Patience is vital as President Tinubu’s economic reforms unfold. The government is addressing challenges, including subsidy removal impact, with measures like CNG to cut transportation costs. Grateful for IPMAN’s role in promoting Green Energy and ensuring tax exemptions for CNG kits. Collaboration is crucial for success in these initiatives, contributing to President Tinubu’s Renewed Hope Agenda.

28 days ago

The effects of the economic reform would be awaited by Nigerians. Setting up the essential foundations takes a considerable amount of time. We must implement economic reform as soon as possible. It is necessary for the reform to provide a legitimate outcome. This needs to be finished right now.

28 days ago

Nigerians are looking forward to the outcomes of the economic transformation. It’s critical to keep in mind that creating solid foundations requires time and work. Careful planning, execution, and monitoring are necessary for the successful implementation of economic takes a long time to lay the groundwork for the development of an all-encompassing plan with long-term consequences. 

Adeoye Adegoke
28 days ago

I completely understand the perspective on the need for time and effort to establish the necessary foundations for economic reform in Nigeria. It’s true that significant changes cannot happen overnight, and it requires a comprehensive and well-planned approach.
In my opinion, economic reform is crucial for the sustainable development and growth of any country. It involves implementing policies and strategies that address various aspects of the economy, such as fiscal management, trade, investment, and infrastructure development. These reforms aim to create a favorable business environment, attract investments, and stimulate economic activities.
However, it’s important to note that economic reform is a complex process that involves multiple stakeholders, including the government, private sector, and citizens. It requires strong leadership, effective governance, and the active participation of all parties involved.
While the results of economic reform may not be immediate, they can have a significant impact in the long run. By implementing reforms that promote transparency, accountability, and efficiency, we can create a conducive environment for businesses to thrive, attract foreign investments, and create job opportunities.
Overall, I believe that economic reform is a necessary step towards achieving long-term economic stability and prosperity. It requires patience, perseverance, and continuous evaluation to ensure that the reforms are effective and responsive to the needs of the people. With the right approach and collective efforts, Nigerians can look forward to positive results that will benefit the entire nation.