APC group claims Tinubu’s initiatives stimulating economic recovery

News Agency Of Nigeria

April 19, 2024 8:09 PM

According to him, naira appreciation is a big relief to many Nigerians, who have been battered by the negative effects of the hitherto perpetual depreciation of the naira.

President Bola Tinubu.

The Confederation of All Progressives Congress (APC) Support Groups has commended the various initiatives of President Bola Tinubu’s administration, aimed at repositioning the economy

Its Director-General, Prof. Kailani Muhammed, gave the commendation at a news conference on Friday in Abuja.

He said the initiatives were yielding the desired results, stimulating economic recovery.

Muhammed said the “Renewed Hope Agenda” of the Tinubu administration had put the country on the pedestal of socio-political re-orientation and economic development

“Since assumption of office as President and Commander-in-Chief, Bola Tinubu has zealously templated re-engineering strategies to move the country from its decaying position to a progressive level, to stimulate economic recovery.

“One such of his initiatives has manifested in the reversal of the crash of the Nigerian naira against the US Dollar, from one dollar to about N1,950.00 in the recent past to the present exchange rate in the parallel market of one dollar to less than N1,000.

“This, to some people, will seem impossible to achieve within this short time frame, but our capable President Bola Tinubu did it.

“This achievement of President Bola Tinubu prompted the US investment bank, Goldman Sachs, to pronounce the Nigerian naira as the best-performing currency in the world in April 2024,” he said.

He, however, said it would take some time for the appreciation of the Naira against other currencies to impact on prices of goods and services, urging citizens to show understanding.

According to him, naira appreciation is a big relief to many Nigerians, who have been battered by the negative effects of the hitherto perpetual depreciation of the naira.

“This is just the beginning of the manifestations of the Renewed Hope Agenda gains of the All Progressives Congress (APC) Bola Tinubu- led government.

“This is why we are appealing to Nigerians to be patient with President tinubu's government which is positioned to give us the true benefits of democracy in due course,” he said

Speaking on the same template of development, the director-general said that Malam Mele Kyari, the Group Chief Executive Officer (GCEO), Nigerian National Petroleum Corporation Ltd. (NNPCL), had greatly contributed to the development of the nation’s oil and gas sector.

He recalled that Kyari made tremendous contributions at the National Assembly on the Petroleum Industrial Act (PIA), which led to its actualisation and subsequent commercialisation, and other positive reforms of the oil and gas sector.

According to him, Nigeria is benefiting from this template and will continue to reap potential economic rewards from this venture for years to come.

“Apart from this, Mele Kyari has made a milestone in the overall development of Nigeria’s oil and gas sector, through his discovery of many oil wells across the country.

“He has also repositioned the NNPCL through his Transparency, Accountability, Productivity and Efficiency (TAPE) programme.

“Those calling for his replacement are mere mischief makers who are trying to distract President Bola Tinubu from the good works he is doing.

“They should allow Mr President and Mallam Mele Kyari, to concentrate on performing their constitutional roles for the betterment of our dear country,” he said.

News Agency Of Nigeria