72nd birthday. Instead of rolling out the drums to celebrate the day, the President directed there should be no celebration of any kind, including placing newspaper, radio or television advertorials in his honour. He urged anyone wishing to do such for him to donate the money to charity organisations. The decision was taken in deference to the present challenging times.
On assumption of office, the President was greeted by a dire economic situation; the economy almost prostrate. The bold reforms the President instituted, notably the removal of the ruinous fuel subsidy and the unification of the multiple, even dubious foreign exchange rates, though bold and necessary decisions applauded by economic experts, did not immediately produce salutary outcomes with a sudden rise in foreign exchange rates, and the consequential serious impact on other sectors.
Perhaps the trajectory of the Tinubu administration in the unfolding Nigerian story in the Fourth Republic is following that route. The initial seemingly gloomy situation is gradually giving way. Indeed, light is not only assured at the end of the tunnel, it is presently beginning to shine brighter and brighter through the tunnel. There is plenty evidence for this as I previously indicated.
Additionally, the country’s external reserves increased by $347.53 million to $34.11billion as at March 7, 2024 from $33.016 billion it was on January 2, 2024, recording a 2.83% year-to-date accretion following inflows from foreign capital and remittances.
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