President Tinubu Says Nigeria Is On ‘Right Track So Far’

President Bola Tinubu believes Nigeria has no reason to fail, even if the country is currently facing multiple challenges.

While addressing the Bank of America officials on Tuesday at the State House, Abuja, the president said the government was on the "right track so far," PM News reported.

"We believe we need all the help we can get," the president added, as he asked the bank officials to support the government, saying it would be mutually beneficial for Nigeria and the financial institute.

He also pointed out that the development challenges in the country can't be solved without fiscal and institutional reforms.

"21st-century actions on climate change, finance, and innovation are intertwined," he added. "Having a good platform and believing in innovation will help in undertaking reforms and tackling the issues.

President Tinubu went on to explain that Nigeria is the largest economy and democracy in the African continent and if Nigeria cannot tackle these issues, then nobody will do it on their behalf.

During the meeting, the president of International Bank of America and the leader of the delegation, Bernard Mensah, expressed his excitement in taking the initial steps to help the new administration take Nigeria to the next level, globally.

Mensah noted that the bank was looking forward to assisting Nigeria's short-term and long-term challenges, as far as finance was concerned. Moreover, the bank also noted besides helping with finances, it will also contribute to the country with ideas.

Aside from Mensah, the delegation also included the head of Sub-Saharan Africa of the bank, Yvonne Ike Fasinro, and the head of Investment Banking Sub -Saharan Africa, Chuba Ezenwa.

Several changes, which directly impacted the citizens, have been made since the Tinubu-led government came into power. For instance, on the inauguration day, Tinubu announced fuel subsidy removal, which skyrocketed petrol prices from N195 per litre to N600 per litre.

Following subsidy removal, transport company Uber announced that it has increased fares to ensure that drivers can cover their fuel costs and deal with inflation.

Aside from increased fuel prices, the government also confirmed that a 7.5% VAT (Value Added Tax) on AGO (Automotive Gas Oil), which is popularly known as diesel, has been implemented.

Furthermore, Point-of-Sale operators have agreed on increasing transaction charges across Lagos, Ogun, and Edo states. However, the Central Bank of Nigeria promised that it will resolve issues of hiked charges set by Point-of-Sale operators.

It is worth noting that before Tinubu became president, the country was going through a cash crisis as the new currency redesign policy mopped up over 70% of cash in Nigeria, causing an estimated loss of N20 trillion.