By Ajibola Olaide, JKNewsMedia Reporter
ECONOMIC POLICIES under President Bola Tinubu’s administration took centre stage at the recently concluded All Progressives Congress (APC) National Economic Council (NEC) meeting in Abuja.
Discussions also focused on the trajectory of ongoing reforms, with party leaders and governors citing data to back claims of economic progress.
Governors Dapo Abiodun of Ogun State, Hope Uzodinma of Imo State, and Senator Adams Oshiomhole presented figures indicating a strengthening naira, rising oil production, and an increase in foreign reserves.
The naira, which recently fell to N1,890 per dollar, has recovered to N1,470, following monetary policies that encouraged market stability.
Oil production has climbed to 1.7 million barrels per day, while Nigeria’s foreign reserves have approached $40 billion.
The meeting also highlighted economic growth metrics. Gross Domestic Product (GDP) for the fourth quarter of 2024 grew to 3.84 percent, while export volumes reached a surplus of N16 trillion as of January 2024.
The removal of the petrol subsidy was cited as a critical move that reduced pressure on foreign exchange and encouraged local refining of Premium Motor Spirit (PMS), leading to a gradual drop in petrol prices.
Speakers at the meeting, including Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, lauded the administration’s handling of security.
Reports indicated a 30 percent reduction in violent crimes nationwide, attributed to increased investment in security infrastructure.
The National Education Loan Fund (NELFUND) and the consumer credit scheme, executed through Credit Corp, were highlighted as key initiatives improving access to higher education and financial assistance for civil servants.
Foreign Direct Investment (FDI) inflows have also increased, strengthening Nigeria’s position as one of Africa’s leading economies.
Governor Uzodinma moved a vote of confidence in President Tinubu, citing achievements across multiple sectors.
He emphasised the administration’s commitment to food security, investment, and national development.
Governor Abiodun, in his remarks, underscored the economic recovery efforts, calling the reforms a step in the right direction.
In his closing address, President Tinubu accepted the vote of confidence, stating that his administration remained committed to steering the nation towards economic stability.
He assured party leaders and Nigerians that food prices were coming down ahead of Ramadan and reaffirmed his dedication to sustaining economic growth.
The APC NEC meeting eventually concluded with party members expressing optimism that the reforms were setting Nigeria on a path to long-term prosperity.
