President Bola Ahmed Tinubu has said the recent fuel price hike was necessary to free up resources for infrastructural investments such as roads.
Tinubu , represented by Vice President Kasim Shettima, disclosed in his remark on Tuesday at the ongoing Two-day 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers in Abuja. In a statement by Shettima's spokesperson, Stanley Nkwocha, Tinubu noted that the economic reforms of this administration such as fuel subsidy removal were designed to free up budgetary resources. He added that the country’s frequent adjustment of interest rate which stood at 26.
President Tinubu urged for collaboration across all sectors, including the government, private industry, and civil society organizations, saying, “To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape. “The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development,” he added.
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