Economic Hardship Only Temporary, Reforms Yielding Positive Results – FG

The Federal Government has promised Nigerians that the economic hardship felt across the country will only be temporary.

The Minister Of Information and National Orientation, Mohammed Idris, made the promise during a ministerial press briefing in Abuja on Wednesday.

According to the minister, the reforms and measures adopted by the Bola Tinubu ad­ministration to cure structural dislocations in the economy be­gin to yield results.

He said the reforms of the government have already begun to yield positive results as seen in the GDP growth of 3.46% in the fourth quarter of 2023 compared to 2.54% recorded in the third quarter of 2023.

The minister also noted a sharp decline of refined petroleum importation by about 50% following the removal of the petro­leum subsidy as well as a rise in oil production from 1.2 million barrels per day to 1.55 million.

He added that President Bola Ahmed Tinubu has equally giv­en approval for the Social Security Unemployment Programme’s design to tackle the needs of unemployment grad­uates.

Idris said, “The capital importation rose to 66% in the fourth quarter of 2023, re­versing a 36% decline in the third quarter. Petrol importation has been reduced by 50% since the withdrawal of the fuel subsidy.

“The Nigerian Stock Exchange All Share Index crossed the 100,000 mark, its highest ever, mainly due to the pragmatic reforms initiated by the president, which inspired investor confidence in the Nigeri­an economy.

“It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 mil­lion barrels per day in the fourth quarter of 2023.

“The president has also giv­en a directive for the design of a Social Security Unemployment Programme to cater for the un­employed graduates.

“This is in addition to setting up of a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the tempo­rary economic hardship.”

He assured that with the re­jigging of the National Social Investment Programme (NSIP), direct disbursement of N25,000 to 15 million households will resume immediately to cushion the im­pact of the reforms on citizens.

Idris also pointed out that the Tinubu government also has a hold on banditry and insecurity gen­erally.

He added: “The government is equally tackling insecurity headlong and more success stories are coming in on a daily basis. Without any doubt, we are winning the war against insecurity.

“These are indeed testament to the bold initiatives taken by Mr. President to reflate the Nigerian economy and return it to the path of growth and sustainable devel­opment.”