Tinubu’s administration has swiftly embarked on a path that surpasses its predecessors, reviving hope in Nigerians who have long awaited effective governance. By implementing strategic economic measures, the administration has already achieved significant milestones, positioning itself as a beacon of progress.
Contrasting the administration with previous governments from 1960 to date, including the last administration under Buhari, the contrast is stark. The Tinubu administration has exhibited unparalleled vigor and determination right from the outset, setting the stage for transformational change in the Nigerian economy.
In the power sector, a masterstroke was achieved through the deregulation of the electricity and energy industry.
Similarly, the removal of petroleum subsidies, while initially burdening Nigerians, signals a crucial step towards addressing longstanding economic challenges.
Though transportation costs and related routines have been impacted, citizens are gradually realizing the necessity of sacrifices required for the country to save a staggering 7 trillion naira annually.
The recent lifting of cash deposit restrictions on domiciliary accounts by the CBN is yet another testament to the administration’s foresight and commitment to fostering economic growth.
This decision unlocks a multitude of advantages for both account holders and the overall economy:
Financial Flexibility: Domiciliary account holders can now freely access their funds, offering unprecedented control over their finances and enabling them to meet financial obligations with greater convenience and ease.
Facilitating International Transactions: The removal of restrictions simplifies international transactions, such as paying for medical expenses, school fees, and remittances, empowering individuals with seamless global financial interactions.
Boosting Business Activities: The lifted restrictions promote smoother business transactions, empowering companies to readily access funds from domiciliary accounts for imports, investments, and cross-border engagements.
Enhancing Foreign Exchange Market Liquidity: By allowing more people to deposit foreign currency into banks, liquidity in the foreign exchange market receives a significant boost. This fosters market stability, reducing exchange rate volatility and benefiting both businesses and individuals involved in international trade.
Improved Investment Climate: The increased flexibility in accessing funds from domiciliary accounts signals positive developments to local and foreign investors. This newfound accessibility is expected to attract investment inflows, stimulate economic growth, and generate new employment opportunities.
Strengthening Confidence in the Banking System: The lifting of restrictions demonstrates a transparent and predictable regulatory environment.
Curtailing the Informal Economy: The legitimate avenue created for individuals to access their foreign funds discourages cash hoarding and promotes formal financial transactions. This contributes to the reduction of the informal economy, improves tax compliance, and paves the way for overall economic development.
Nigerians are jubilant about the strategic initiatives undertaken by the Tinubu administration. In stark contrast to the previous administration’s sluggishness, the current government has earned the moniker “Baba Strategic” for its proactive and visionary approach to governance.
With each progressive step, citizens’ hopes are reignited, paving the way for a promising future under the leadership of the Tinubu administration.
Osigwe Omo-Ikirodah is the Chairman and CEO of Bush Radio Academy.
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