2nd Anniversary: Obasa Lauds Tinubu’s Transformative Economic Reforms

The Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has praised President Bola Tinubu for the transformative economic reforms introduced under his Renewed Hope Agenda.

Obasa, who is serving his sixth term in the Assembly, expressed his commendation in a statement released to the News Agency of Nigeria (NAN) on Tuesday in Lagos.

Congratulating Tinubu on  his  administration ‘s second anniversary,the Speaker praised the President’s  commitment to revamping the  economy through decisive policy actions, like the fuel subsidy removal and liberalisation of the foreign exchange market.

Obasa highlighted how these policies had helped to stabilise the naira, increase foreign reserves, and reposition the nation’s economic trajectory.

He said: “It takes ingenuity, courage, and a strong sense of conviction to go through with the reforms initiated by the President.

“However, the whole world can see that these reforms have started yielding manifestly bountiful rewards in the areas of security, infrastructure, and improved investors’ confidence in the economy.”

Obasa recalled how the subsidy had cost the government approximately $10 billion annually.

He said the  removal had resulted in a significant increase in the monthly disbursement to the three tiers of government by the Federal Account Allocation Committee (FAAC).

The speaker said: “Unlike the situation in the past, we no longer hear lamentations about state governors owing civil servants or asking for bailouts from the federal government.

“We can only implore state and local governments to double up on the execution of vital and viable economic and social infrastructure development projects at the grassroots for the betterment of Nigerians across the social strata.”

He further cited the recent announcement by the World Bank that Nigeria’s economy recorded its fastest growth in about a decade in 2024

Obasa also commended the Tinubu-administration for  settling the $3.4 billion   International Monetary Fund (IMF) loan borrowed during the COVID-19 pandemic.

Obasa said the completion of the loan attested to Tinubu’s  economic sagacity and the effectiveness of the Renewed Hope Agenda.

However, the speaker said that every reform comes with responsibility, pointing out that transformative change requires time and collective effort.

Obasa said the president was not oblivious of  the hardships that had trailed these reforms, adding that he was  presiding with a human face.

“President Tinubu increased the minimum wage from N30,000 to N70,000 and also launched the Nigerian Education Loan Fund (NELFund) to provide financial support to over 550,000 students,thereby  enhancing access to higher education among other socio-economic empowerment programmes.

“I do not doubt that we are on the right path,” he said.

Obasa lauded Nigerians for their support and perseverance in the face of challenges and urged all to remain patient, optimistic, and supportive of the president’s initiatives.

He reaffirmed the  State House of Assembly’s commitment to collaborating with the Federal Government to ensure the successful implementation of policies that benefit all Nigerians. 

NAN