Opeyemi Bamidele: Stability has started returning to Nigeria’s economy

Opeyemi Bamidele, the senate majority leader, says stability has started returning to the country’s economy.

In a statement to commemorate the Eid-el-Fitr celebration on Wednesday, Bamidele said Nigeria has started to see an inflow of foreign direct investments (FDIs).

Speaking on the virtues of the just concluded Ramadan fasting, the senate leader said the lessons of the spiritual exercise should reflect in how citizens support the government.

“It should reflect in the way we intercede the more for this federation to sustain the gains of economic stability and political cohesion that we have started experiencing in recent times,” the statement reads.

“It should also reflect in our approaches to conducting businesses; running governments at all levels and discharging civic responsibilities on a daily basis.

“Since the sustained implementation of pro-people macro-economic policies under this government, stability has started returning to economic and fiscal spaces.

“As against ₦1,900/$ in February 2024, the value of Naira is ₦1,117.5/$ as at Wednesday. This represents a gain of about 42% within the space of two months.

“Besides, the Central Bank of Nigeria (CBN) has settled $7 billion valid foreign exchange backlogs.

“The federal government has paid back a whopping sum of ₦4.83 trillion out of ₦30 trillion ways and means it obtained from the CBN. And the flow of foreign direct investments is improving by the day.”

Bamidele expressed optimism that inflation would slow down as the national assembly sustains its drive for fiscal stability.

“At the National Assembly, we are committed to providing much-needed parliamentary buffers that always support key public institutions to efficiently discharge their mandates consistent with the provisions of the Constitution of the Federal Republic of Nigeria, 1999,” the senate leader added.