Nigeria’s Minister of Solid Minerals, Dele Alake, has hailed the federal government for increasing revenue allocations to sub-national entities.
He recently praised the Tinubu-led administration for launching several infrastructure projects.
Speaking during an interview, Alake disclosed that governance has definitely improved since BAT took over from Buhari.
According to him, Tinubu’s policy initiatives and reforms have had a positive effect on the macroeconomy of the country, and he deserves to be applauded for it.
“If you look at the general situation in Nigeria, particularly in terms of governance, you’ll notice that at the macro level, the federal government has put in place a lot of policy initiatives and reforms in particular, and those reforms have had a very salutary effect on the macroeconomy of the country.
Now, the macroeconomic indices are really shooting up. The value of the currency is stabilised. So that’s what the President did: remove the hydra-headed oil fuel subsidy, which had been dragging the economy of the country back,” he said.
Alake further noted that certain Nigerians kept milking the nation via the suspicious fuel subsidy, stressing that the funds were going into private pockets.
He concluded by saying that as soon as the phoney subsidy was removed, a lot more money and revenue became accruable to the sub-nationals, apart from the federal government.
“A lot of people had been milking the country dry through the phoney fuel subsidy, which was going into private pockets.
But now that the subsidy has been removed, if you recall, too, there’s hardly a government in this country that did not recognise the need to remove the fuel subsidy. But none had the courage to do so. And so Nigeria was getting deeper and deeper into economic straits. So this government came, and the President removed the fuel subsidy with a fiat.
And then, of course, merged the dual exchange rate. Now, these were two hydra-headed economic monsters that were dragging the economy of Nigeria backwards. So once these were removed, a lot more money and revenue became accruable to the sub-nationals, apart from the federal government,” he added.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
