IMPI scores Tinubu high, says his govt good for Nigerian economy

 

The Independent Media and Policy Initiative (IMPI) has scored administration of President Bola Tinubu high in delivering of its Renewed Hope Agenda, despite enormous institutional, economic headwinds and domestic challenges it has had to contend with.

The group said from the conceptualisation and deployment of policies across multifarious sectors by the federal government, it convinced that “President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development.”

Addressing a press conference Tuesday in Abuja, Chairman of the IMPI, Niyi Akinsiju, said the Group had reviewed policy applications by the federal government and the Central Bank working together in the management of foreign exchange, and it encouraged that the policy outcomes of the collaboration would address the supply side of forex in the context of the current floating regime with expected consequential effects on the value of the Naira.

“Currently the Nigerian Stock market takes a pride of place as the number one stock exchange globally, principally driven by domestic investors, which as at 2023, accounted for 88.52% of total market value

This is a confirmation of the existence of conducive environment for foreign investors to invest across the Nigerian investment ecosystem.”

While acknowledging that the removal of fuel subsidy triggered the immediate positive outturn on Premium Motor Spirit (PMS) consumption and related revenue earnings compared to the pre-subsidy removal regime, Chief Akinsiju said the action has led to a quantum leap in total gross revenue going into the federation account and subsequent FAAC allocation to the three tiers of government from N786.161bn in May 2023 to a high of N1.1trn in August because NNPCL was no longer resorting to its famed under-recovery.

“And for the first time in the history of FAAC, the Federal Government of Nigeria started cultivating the culture of savings from revenue accruals beginning from the over N700bn that was saved in July last year when the FAAC received the sum of N1.959 trillion.