FG Promises To Deal With Economic Destabilizers

The Federal Government has vowed to go after individuals sabotaging the nation’s economy.

The Minister of Information and National Orientation, Mohammed Idris, made this known in a statement he personally signed on Friday.

Idris stated that one of the decisions of President Bola Tinubu when he was sworn-in was the removal of petrol subsidy which all the “three major candidates” agreed on in their campaign messages.

He said, “It is instructive that the removal of the petrol subsidy was one policy decision that all the three major candidates were unanimous on in their campaign messaging.

“It is therefore mystifying to see people who had argued stridently for the removal, now pretending to be against it today. This insincerity does not bode well for our country and our democracy.

“As respected economists and experts have acknowledged, these foundational reforms will be difficult and painful for Nigerians in the short-term.

“The problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions. These bold moves being implemented are in full alignment with what is required.

“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilising, and the foreign exchange market is seeing a surge of inflows.”

The minister added that regulatory and enforcement agencies have been working round the clock in the past few days to identify, investigate and sanction those involved in illegal activities and sabotage within the forex market.

“Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.

“To tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms.

“That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organisations involved in illegal activities and sabotage within the forex market.

“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised.”