The All Progressives Congress (APC) says the economic policies introduced by the Bola Tinubu administration are reversing decades of structural distortions in Nigeria’s economy.
Felix Morka, national publicity secretary of the APC, said
the reforms were necessary to rescue the country from economic stagnation.
In a statement issued on Saturday, Morka said the fuel
subsidy and foreign exchange regimes operated before May 29, 2023, had become
an existential threat to Nigeria’s economic survival.
He said removing or reforming the systems had long been part
of the national agenda.
Morka said previous administrations lacked the political
will to implement the reforms due to concerns about temporary hardship.
He said Tinubu announced the removal of fuel subsidy on the
day of his inauguration.
Morka added that the administration later harmonised
Nigeria’s multiple foreign exchange regimes.
Morka criticised the African Democratic Congress (ADC) for
what he described as an attempt to misrepresent a recent report presented at an
Agora Policy dialogue.
“The African Democratic Congress (ADC’s) attempt to spin a
recent report presented at the Agora Policy dialogue indicating a rise of
poverty rate of 63 percent from 49 percent as a ‘damning verdict on this
administration’s economic policies’, speaks either to its shocking ignorance of
economic policy or its willful blindness to the justification for, and
transformative impacts of, ongoing economic reforms,” he said.
Morka said the report cited by the ADC acknowledged the need
for reforms aimed at correcting structural distortions in the economy.
He accused the opposition party of failing to present
alternative policy proposals.
“Clearly, the ADC does not recognize itself as a political
party,” he said.
“The ADC has not articulated a single alternative policy
position or prescription of benefit to Nigerians.
“Condemning the APC and its policies has become its
operating manifesto with absolutely nothing to offer by itself or by its
power-mongering leaders.
“The ADC continues to wallow in the idea that its empty
attacks will somehow endear the party to Nigerians.
“But Nigerians are, by far, smarter than that. They know the
Party that’s working for them and those that are only shooting the breeze and
disturbing the airwaves like the ADC.”
Morka said fuel subsidy removal “represents one of the most
consequential fiscal policy decisions” in Nigeria’s recent history.
He said the policy previously consumed trillions of naira
annually while offering limited benefits to citizens.
Morka said resources previously spent on subsidy are now
being redirected to sectors such as infrastructure, education, healthcare and
social development.
“Today, the benefits of the reforms have become more
self-evident and Nigeria is better for it,” he said.
“Nigerians understand this and have been stoic and patriotic
in their highly valued support of the government and its reforms.”
Morka said Nigeria’s economy is expanding steadily, adding
that the country’s gross domestic product grew by 4.4 percent last year.
Morka added that the economy is projected to grow by 5.5
percent this fiscal year, adding that subnational governments are also
receiving higher revenue allocations.
Morka said the administration has introduced social
protection measures to cushion the impact of reforms.
He said the initiatives include cash transfers, student loan
facilities, and compressed natural gas interventions.
Morka said the APC-led administration remains committed to
rebuilding Nigeria’s economy for present and future generations.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com