The immediate-past President of the World Bank Group, David Malpass has applauded the economic stability decisions of President Bola Ahmed Tinubu-led government as vital steps towards economic recovery.
Malpass made his views known through his Twitter handle and also while commenting on a Financial Times’ report about the steps Nigeria president has taken so far.
The report titled “Economic overhaul raises hopes for Nigeria’s new leader” throws light on the policy decisions of Tinubu-led government, against the backdrop of foreseeable challenges it would likely be confronted with.
On his Twitter handle, on Wednesday, June 21, 2023, he shared his thoughts regarding President Tinubu’s socio-economic policies, commending him for his decisive actions towards the removal of the subsidy which he said was ‘harmful’, also ending multiple exchange rates as critical to reducing inflation, corruption and ensuring economic stability.
“Glad to see @officialABAT taking concrete steps to scrap Nigeria’s harmful government subsidies and multiple exchange rates. These are important steps toward currency stability, lower inflation, and reduced corruption in Africa’s most populous country”, Malpass tweeted.
President Ahmed Bola Tinubu was sworn as the 15 President of the Federal Republic of Nigeria on Monday, May 29, 2023. Few hours on assumption of office the President removed the fuel subsidy which had cost the government of Nigeria billions of dollars which to this moment unaccounted-for.
The President also swung into action – putting to permanent stop the double currency exchange rate and suspending the Central Bank Governor, Godwin Emefiele from office, to ensure a proper forensic audit of the activities of the bank in the last eight years is carried out.
To ease the burden of education on parents and students, the president has also signed into law, the Student Loan Act and Data Protection Act.
The President traveled to France yesterday, June 20 to participate in the review and signing of a New Global Financial Pact and he is due to return to the country on Saturday, June 24, 2023.
