Mohammed Idris, the Minister of Information and National Orientation has said that the Federal Government is tracking down and punishing those who are undermining the country’s economy.
Speaking on Friday the Minister pointed out that the elimination of the fuel subsidy is one of the policy choices that all three contenders agreed upon in their campaign speeches in the 2023 general election.
He described as perplexing individuals who had vehemently opposed the elimination of subsidies were now feigning opposition, adding that this lack of sincerity was not good for the nation.
Idris maintained that the President’s initiatives are having a favourable impact, adding that the administration did not believe that the policies were a panacea or that additional measures were unnecessary.
The Minister emphasized that the government will not allow its efforts to be compromised and stated that regulatory and enforcement authorities have been working nonstop for the past few days to find, look into, and punish anyone engaged in sabotage and unlawful activity inside the FX market.
The statement reads: “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 stabilizing, and the foreign exchange market is seeing a surge in inflows.
“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 organizations 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.”
