President Tinubu states, "I am working day and night with my team, fleshing out solutions. We have started with the decisions taken so far, to reform our economy and remove all impediments to growth."
One of the initial actions taken by the Nigerian leader was the removal of fuel subsidy immediately upon his swearing-in. This resulted in a significant increase in petrol pump prices, from N195 to N540, without immediate plans to alleviate the impact on the Nigerian population.
Unfortunately, the nation has also witnessed a rise in violence and killings during President Tinubu's early days in office. Reports indicate that at least 80 innocent Nigerians lost their lives in the first week alone. Amnesty International has urged the president to prioritize the security of lives and property.
In the midst of the economic challenges facing Nigerians, President Tinubu instructed the Central Bank of Nigeria to float the naira. This decision caused the national currency's value to decline further in the official forex market, with banks now determining exchange rates for the dollar and other foreign currencies.
Additionally, President Tinubu took actions within key government institutions. He suspended the Central Bank Governor, Godwin Emefiele, and the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrahseed Bawa, ordering investigations into their respective tenures.
Alongside these measures, President Tinubu signed a student loan law that includes stringent conditions for borrowers. The law aims to ensure responsible lending practices and prudent management of the education sector.
President Tinubu's commitment to addressing Nigeria's economic crisis and security challenges remains resolute. As he continues to work tirelessly with his team, he is focused on implementing reforms, fostering economic growth, and improving the overall well-being of the Nigerian people.