The fuel subsidy removal and exchange rate unification –the twin policies of the Bola Ahmed Tinubu-led administration came under scrutiny yesterday.
The Nigeria Economic Summit Group (NESG) said while the two policies gave breathing space and stabilised the macroeconomic environment, they cannot deliver Nigeria envisioned in 2030.
Our correspondent reports that the federal government has a 2030 ambition of achieving a $1 trillion economy.
Chairman of the NESG, Niyi Yusuf who spoke during a press briefing on the 31st Nigerian Economic Summit (NES#31) acknowledged the economic stability triggered by the reforms which he described as “bold and courageous” but said it is high time the government embarked on second wave of reforms anchored on building strong institutions and strengthening production.
Daily Trust reports that the two reforms have worsened inflationary pressures on Nigerians and driven millions of people into multidimensional poverty.
However, at the macroeconomic level, the business environment, according to experts, has been improved upon with exchange rate stability and the freeing of more revenues to the sub-national governments.
