Akpabio praises Tinubu’s reforms, says Nigeria’s economy on right track

Senate President Godswill Akpabio says Nigeria’s economy is on the right track due to President Bola Tinubu’s reforms.

Speaking on Friday at the signing of the 2024 budget in Abuja, Akpabio said Tinubu’s reforms are yielding positive results despite initial challenges.

He said the reforms are helping Nigeria’s economy to stabilise beyond revenue from the petroleum sector.

“By the time you removed the fuel subsidy, which many had failed in over 40 years, I came back to you and asked Mr President, ‘don’t you want re-election in 2027’?” Akpabio said.

“You asked ‘why’. I said, ‘how can you do this? Let’s remove it gradually’. You said ‘I met a fuel subsidy that was no longer available. The last administration made a budget and ended fuel subsidy in May’.

“So from June, when you took over, you re-echoed that subsidy is gone, you didn’t elaborate otherwise. So you started, meandered, and today Nigeria is about to float even without petroleum products coming in as income.”

The senate president commended Tinubu for presenting what he described as the “largest budget” in Nigeria’s history, adding that the national assembly scrutinised the appropriation bill before its passage.

“Your reforms are working. When you came to the national assembly with a very ambitious budget of N49.7 trillion, little did we know that by working with your team, we would discover other sources of bringing revenue in today,” Akapbio said.

“We are about to make history by signing the largest budget in Nigeria since independence, N54.7 trillion, so I say congratulations, sir.

“We on this side of the aisle believe strongly that anything that can alleviate the sufferings of Nigerians, any policy that you propose that can alleviate the suffering of Nigerians, be rest assured that the national assembly — both chambers — will go with you. We are behind you because we know that you mean well for this country.

“You gave the budget to us in December; people may think we delayed it, but we went through it line by line, clause by clause to ensure we meet the aspiration not just of your administration but that of the entire nation.”

The N54.7 trillion budget marked a 99.96 percent increase from the 2024 budget of N27.5 trillion.

The national assembly approved the appropriation on February 13 after revisions to Tinubu’s initial proposal of N49.7 trillion.