President Bola Tinubu has defended his administration’s decision to eliminate the subsidy on Premium Motor Spirit (PMS), commonly known as petrol, during his speech at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja on Tuesday.
Represented by Vice President Kashim Shettima, Tinubu underscored that removing the subsidy is crucial for reallocating financial resources towards vital investments across the country.
Tinubu highlighted that this decision is a key component of broader reforms designed to rejuvenate Nigeria’s macroeconomic environment and bolster confidence in the national economy. He stressed the importance of these reforms amid the multifaceted challenges Nigeria is currently facing.
The theme of this year’s CIBN conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ was described by Tinubu as both timely and critical, reflecting the pivotal moment for the Nigerian economy.
The conference provided a platform for financial experts and policymakers to explore strategies for economic advancement during these reformative times. Tinubu stated, “We have undertaken significant reforms to improve our macroeconomic landscape. Our goal is to restore trust in the Nigerian economy through measures aimed at reducing inflation, stabilizing the foreign exchange market, and enhancing fiscal management.”
He acknowledged the short-term difficulties associated with the subsidy removal but emphasized that it is intended to redirect budgetary resources towards essential infrastructure and social services. This includes frequent adjustments to the monetary policy rate to combat inflation and foster a market-oriented exchange rate system.
Tinubu reaffirmed his administration’s dedication to infrastructure development as a means to stimulate economic growth. He also called for collaboration among government, private industry, and civil society, asserting, “For sustained economic growth, we must align our policies with the evolving global landscape.”
Prof. Pius Deji Olanrewaju, President and Chairman of CIBN, urged for urgent introspection on Nigeria’s economic challenges and emphasized the need for innovative solutions. While acknowledging the Central Bank of Nigeria’s efforts through various monetary policies, Olanrewaju highlighted that their success depends on “the professionalism and patriotism of financial services operators.”
In his goodwill message, EFCC Chairman Ola Olukoyede pledged the Agency’s commitment to cleaning up the financial system and enforcing laws against financial crimes. Olukoyede urged bankers to prioritize national interests over profit, emphasizing a renewed commitment to services that advance economic development and nation-building.
