Six positive economic reforms under President Tinubu’s administration
July 31, 2024
The President Bola Tinubu administration has implemented positive economic reforms which led to improvement in some key economic areas.
An infographic posted on X by Special Assistant to President Tinubu on Social Media, Dada Olusegun highlighted six parameters that have seen positive changes under President Tinubu.
Here are six positive economic reforms under President Tinubu’s administration:
- Foreign reserves:
Nigeria’s external reserves increased to $35.77 billion from $33.09 Billion at the end of 2023, data from the Central Bank of Nigeria (CBN) on the country’s external reserves movement has revealed.
The figure released on Thursday signifies a $2.68 billion increase in the country’s external reserves in the past six months.
The data revealed that the country’s foreign reserve crossed the $35.05bn on July 8 to the $35.77 mark on Thursday.
- Minimum Wage:
President Bola Tinubu on Thursday, July 18, approved N70,000 as the new minimum wage for Nigerian workers.
A significant increase from the 30,000 amount accepted by the federal government, led to the enactment of the National Minimum Wage Act 2019 in March 2019.
- Debt to Revenue Ratio:
The Nigerian government recorded significant strides in its fiscal management, with a dramatic decline in debt service and a surge in non-oil revenue.
The Minister of Finance, Wale Edun, disclosed these positive developments during an assessment of the economy’s first-half performance.
According to the minister, the debt service ratio had plummeted from a staggering 97% in June 2023 to a more manageable 68% in 2024.
- Oil production:
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the country dominates crude oil production in Africa with an output of 1.61mbpd as of July 23, 2024, boasting proven reserves of 37.50 billion barrels and a production capacity of approximately 2.19 million barrels per day (mbpd).
The commission’s Chief Executive, Engr. Gbenga Komolafe made this known at the House of Representatives Special Committee’s 2-Day Public/Investigative Hearing on Oil Theft/Losses.
- Forex backlog:
The Central Bank of Nigeria (CBN) on March 20, 2024, cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.
CBN Governor, Olayemi Cardoso said that it decided to settle the $7.5 billion forex backlog owed, to build investor confidence in the domestic economy and build lasting credibility for the country.
- Ways and Means:
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun noted that the government was not relying on ways and means of borrowing, which could be inflationary, and had paid back the previous N7.3 trillion obligation within a year of President Bola Tinubu’s administration.
Speaking at the newly introduced quarterly media briefing yesterday in Abuja, Edun highlighted that the economy grew faster in the first quarter of 2024 compared to 2023.
According to him, economic activity in the first quarter of 2024 was not only faster than the first quarter of 2023, but it was also the second fastest first-quarter growth in the last six years.