37bn Dollars Foreign Reserve: Northeast APC Stakeholders Hail Tinubu, Asks Nigerians to Be Patient
- The northeast APC youth stakeholders forum has commended President Tinubu for maintaining Nigeria's foreign reserve at $37 billion
- At a press conference held at the APC national secretariat in Abuja, the forum urged Nigerians to persevere and support the administration
- The forum's chairman, Comrade Haruna Sardauna, praised President Tinubu's reduction of the country's debt service ratio from 97% to 68%, among others
Abuja, FCT—The Northeast All Progressives Congress (APC) youth stakeholders forum has applauded President Bola Ahmed Tinubu for reportedly sustaining $37 billion as the country's foreign reserve.
The stakeholders forum held a press conference on Thursday, October 17, at the APC national secretariat in Abuja.
Source: UGC
APC stakeholders urge Nigerians to perservere
The stakeholders forum called on Nigerians to persevere and support the Tinubu administration's quest to transform the country.
They referred to the decision to raise the minimum wage from N30,000 to N70,000 Naira, the implementation of the consumer credit scheme, renewed hope cash transfer, student loan fund, and removal of importation taxes on food items as the basis for passing a vote of confidence in him.
The forum chairman, Comrade Haruna Sardauna, said President Tinubu deserves praise for reducing the country's debt service ratio from 97 to 68 per cent and paying bills without borrowing like before.
"The introduction of the Nigeria Education Loan Fund (Nelfund) and the Students Loan program has made education more accessible. We also appreciate Mr President's commitment of N100 billion to the Youth Trust Fund. Additionally, the Skill up Artisan program aims to upskill five million youths nationwide and gives scholarships to Nigerian students interested in the oil and gas industry," the forum said in a statement sent to Legit.ng.
"The renewed hope Agenda of returning 10 million out-of-school Children and reforming the Almajiri education system, and Empowering 5,000 members of the NYSC with 10 million each to fund their entrepreneurial ventures after they complete the NYSC Scheme.
"The administration inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn. So, it’s about Tinubu who has chosen to peel open our economic wound and now dressing it to heal the wound totally unlike the surface dressing of past administrations which were just balms to relieve the pains without treating the wounds."
Nigeria will be better, APC stakeholders say
While passing a vote of confidence in President Tinubu's administration, the APC forum expressed optimism about Nigeria's future under his leadership.
"Therefore, the Northeast APC Stakeholders Forum is passing a vote of confidence in President Bola Ahmed Tinubu's administration. We will continue to advocate to Nigerians on his laudable efforts aimed at taking Nigeria to greater greater Insha Allah," Sardauna said.
“Fuel, FX subsidies are gone,” Tinubu’s govt insists
Meanwhile, the federal government has insisted on terminating fuel and foreign exchange subsidies.
The minister of finance and coordinating minister of the economy, Wale Edun, spoke declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17.
Edun revealed that these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five per cent of Nigeria’s Gross Domestic Product (GDP).
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Source: Legit.ng
