By Johnson Ayantunji,New Telegraph
Copyright newtelegraphng
The Aare Atunluse of Awori Kingdom and the Chairman, Mapcotec Nigeria Limited, Aare (Surveyor) Dr Segun Osifeso, has applauded President Bola Tinubu’s administration’s economic reforms that have recently ensured the nation’s gross external reserves rose to $42 billion, an upsurge in revenue surplus and a boom in the capital market.
Aare Osifeso, who made these remarks during a chat with newsmen at Ota, Ogun State, over the weekend, described the growth in the nation’s external reserves as the highest level in six years and attributed it to stronger hydrocarbon export reserves and a steady inflow of foreign exchange.
He noted that this rise in external reserves will provide the Central Bank of Nigeria (CBN) with greater liquidity to stabilise the Naira, manage economic shocks and attract investment.
Aare Osifeso further noted that the liquidity also signals a more stable economy, potentially drawing in more foreign investment, as well as giving policymakers more flexibility to implement economic reforms.
The renowned Surveyor stressed that rising government hydrocarbon revenues, strengthened by higher oil production, have also supported the currency’s performance, expressing optimism that with this development, the country was entering a phase of relative foreign exchange stability.
On the recent revenue surplus, Aare Osifeso commended the administration’s economic team for this feat, noting that this will provide an opportunity for the government to fund infrastructure projects.
He attributed the country’s record revenue growth to bold fiscal reforms introduced by President Tinubu’s administration, describing the 41 per cent increase in the federal revenue to reforms that eased burdens on SMEs and introduced compliance tools like e-invoicing and new excise regulations.
On the ongoing boom in the nation’s capital market, Aare Osifeso said President Tinubu’s economic reforms were responsible for the unprecedented surge experienced by the Nigerian Stock Exchange (NSE) over the past 27 months, driven by pro-business policies that had boosted investor confidence.
Aare Osifeso also applauded President Tinubu’s economic reforms for easing the cost of doing business and stabilising access to foreign exchange, as reliance on the CBN for forex by businesses had become a thing of the past, more so that private operators now had greater access to FX abroad through banking channels, credit cards and international payment systems.
He, however, said the progress being witnessed in the economy stemmed from the vision and leadership of President Tinubu, urging Nigerians to sustain their support for the ongoing reforms.
The community leader stressed that President Tinubu’s administration deserved commendation for these improvements, stressing that the decisive policies were laying the foundation for a stronger economy, a more stable currency and a better future for Nigerians.
