Nigeria’s acting Ambassador to the United States Samson Itegboje, addressed Nigerians in the U.S., stating that President Bola Tinubu took on a “comatose economy” upon assuming office.
Speaking at an award dinner at the Nigeria House in New York to mark Nigeria’s 65th independence anniversary, Itegboje emphasized that Tinubu has not been complaining about the situation.
“The president inherited a stagnant economy; he faced issues like banditry, kidnapping, terrorism, and conflicts between herders and farmers,” he said. “Instead of lamenting, he got to work immediately.”
He noted that one of Tinubu’s first actions was to eliminate the corrupt fuel subsidy, which he removed.
Also, the ambassador mentioned that Tinubu abolished the problematic foreign exchange regime, which was met with resistance from some quarters.
“At that time, we were using 97 percent of our revenue to service debt. I was surprised we didn’t enter a recession,” he remarked.
Itegboje acknowledged that some of the president’s decisions initially led to price increases that adversely affected citizens.
However, he argued that these steps were essential for the country’s future.
He reported that after the initial spike in prices, they are starting to stabilize, adding that “I’m pleased to inform you that our naira has stabilized. Prices of goods and services are decreasing.
“We are now servicing our debt with less than 50 percent of our revenue. Our foreign reserves have risen to over 42 billion dollars, the highest in five years.”
He praised Tinubu’s decision to approach the Supreme Court for local government autonomy as one of the administration’s positive moves.
“With this autonomy, we can foster growth from the grassroots,” he added.
Itegboje highlighted the creation of the Ministry of Livestock Development as a significant step towards resolving conflicts between herders and farmers.
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He also mentioned that a bill regarding state police is currently under consideration in the House of Representatives.
The Nigerian envoy expressed that the Tinubu administration is committed to the interests of Nigerians living abroad, which is part of the Ministry of Foreign Affairs’ four-point agenda.
“You (Nigerians in the diaspora) represent a collective that Nigeria believes can transform our country,” he stated.
He urged Nigerians abroad to contribute to the nation’s development.
“The responsibility to build our country increasingly falls on you, the diaspora. We need to stop lamenting and stop undermining our nation.
“How you refer to your country will influence how others perceive it. Let’s recognize that we all share the responsibility to uplift our country,” the ambassador said.
