From Juliana Taiwo-Obalonye, Abuja
In a significant declaration on Tuesday, President Bola Tinubu announced that Nigeria has regained global respect within just two years, thanks to bold economic reforms enacted by his administration.
According to a statement issued by Special Adviser on Information and Strategy, Bayo Onanuga, speaking at the State House during a visit from His Imperial Majesty, Oba Ghandi Afolabi Oladunni Olaoye, the Soun of Ogbomosoland, and other traditional rulers, President Tinubu highlighted the stabilizing effects of these reforms on the Nigerian economy.
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“Years of neglect and self-deception, fake records, smuggling, and all of that denied Nigeria the necessary revenue for progress and development,” he said.
“Then we were confronted again with arbitrage trading of currency, an illusion of selling papers, corruption all over the place, and the integrity of the country and its economy being extremely and adversely challenged. We had to take those actions. With your prayers, patience, perseverance and great understanding, I’m glad to tell you today that the economy is stabilised. The bleeding has stopped. Haemorrhage is gone; the patient is alive.”
President Tinubu further highlighted the establishment of the Nigerian Education Loan Fund (NELFUND) as a pivotal step to ensure no student drops out due to poverty. “Everybody has a right to education as it is the greatest weapon you can give to human beings against poverty,” he said, affirming the administration’s aggressive infrastructure development within just two years.
He also expressed appreciation to the Soun of Ogbomosoland for recognizing the bold decisions of his government and noted the modernization efforts underway in the region under the monarch’s leadership. The President promised to engage relevant ministers to address the monarch’s requests concerning power, water supply, healthcare upgrades, and agricultural development that could boost self-sufficiency.
The Soun of Ogbomosoland, Oba Ghandi Olaoye, praised the President’s “incredible strides, which only a bold leader could have recorded,” especially citing the removal of fuel subsidy and its positive effects. He commended the administration’s foreign exchange reforms and NELFUND’s support for students to continue their education without financial worries. The monarch also lauded the awarding of the dualization contract for the Oyo-Ogbomosho Road, a critical project set to enhance economic activities and connectivity.
The President’s remarks align with economic experts’ views on the notable growth and stability resulting from reforms such as fuel subsidy removal, exchange rate unification, and infrastructure investments—including key road projects like the Oyo-Ogbomoso dual carriageway. Additionally, NELFUND’s disbursement of over ₦86 billion to nearly 450,000 students nationwide has been hailed as transformative, widening education access and fostering economic empowerment.
This milestone affirms Nigeria’s restored economic credibility and growing international confidence in its future under the current administration’s “Renewed Hope Agenda,” aimed at infrastructure renewal, food sovereignty, education, and security.
The traditional rulers and dignitaries present included five other kings representing the councils of Ogbomosoland and notable local leaders, reflecting a strong collaborative spirit between the government and traditional institutions to sustain Nigeria’s economic and social progress.
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