The former Deputy Senate President, Senator Ovie Omo-Agege, has commended President Bola Tinubu for initiating policies geared towards repositioning the nation’s economy.
Omo-Agege gave the commendation in his congratulatory message, made available to the News Agency of Nigeria (NAN) on Wednesday, to President Tinubu as he marks the first anniversary of his administration.
Omo-Agege said President Tinubu did not opt for populist decisions that may excite some people in the short term, but inflict monumental and irreparable damage on the economy in the medium and long term.
“First, he tackled head-on the main challenges facing the oil and gas industry.
“He abolished the duplicitous oil subsidy regime that only enriched a few but continued haemorrhaging the economy.
“Then he decisively waged a war on crude oil theft that had brought crude oil production to unprecedented low levels,” he said.
Omo-Agege also said: “President Tinubu complemented the aggressive efforts of the Nigerian Navy through the involvement of private organisations in strengthening the protection of the country’s oil and gas infrastructure, which has stabilised export.
“The direct impact of the increased production spurred a 37 per cent growth in Nigeria’s oil export in 2023.
“Crude oil export revenue hit N29 trillion in 2023, a 37 per cent increase compared to N21.1 trillion recorded in 2022.
“The upswing has continued as production hit 1.7 million barrels per day in May, the highest in four years and the path to hitting Organisation of Petroleum Exporting Country (OPEC) quota of about two million barrels per day.”
Omo-Agege, however, said although some of the measures came with inevitable challenges, albeit temporary, they demonstrated the fact that President Tinubu was inspired not by thoughts of 2027 elections but by the desire to fix the country.
“Having reached the nadir of decline, Nigeria needed a comprehensive reset to purge the people of false living and make a detour to a life of reality, even if it means a fresh beginning.
“President Tinubu’s economic agenda and policies are targeted at restoring the confidence of the local and foreign investors, promoting stability and long term corporate planning and necessary investment decisions,” Omo-Agege said.
He noted that in unifying the multiple foreign exchange markets, President Tinubu eliminated the corruption-ridden system that gave access to mainly unproductive people within the corridors of power to foreign exchange, leaving out the real sector.
“Gradually, the Naira is finding its real and sustainable value, while creating the ambience for exports to thrive.
“His measures are not lost on the international business community, many of whom are revving up to enter the lucrative Nigerian market.
“It is still morning in President Tinubu’s mission of pulling Nigeria back from the cliffhanger he inherited,” he said.
According to him, the president is on the right track even though the process may manifest some pains.
He added that the president needed the unflinching support of every Nigerian as a greater tomorrow beckons.
“As the president marks his first year in office, we urge him to continue on the path of reforms that will restore the country’s dignity among the comity of nations,” he said. NAN
