The Federal Government is determined to pursue individuals undermining the country’s economy, as announced by the Minister of Information and National Orientation, Mohammed Idris, in a statement he personally signed on Friday.<\/p>\n
Idris highlighted that the removal of the petrol subsidy, a decision made by President Bola Tinubu upon inauguration, was unanimously agreed upon by all “three major candidates” during their campaign messages.<\/p>\n
He said, \u201cIt is instructive that the removal of the petrol subsidy was one policy decision that all the three major candidates were unanimous on in their campaign messaging.<\/p>\n
\u201cIt is therefore mystifying to see people who had argued stridently for the removal, now pretending to be against it today. This insincerity does not bode well for our country and our democracy.<\/p>\n
\u201cAs respected economists and experts have acknowledged, these foundational reforms will be difficult and painful for Nigerians in the short-term.<\/p>\n
\u201cThe problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions. These bold moves being implemented are in full alignment with what is required.<\/p>\n
\u201cIt is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilising, and the foreign exchange market is seeing a surge of inflows.\u201d<\/p>\n
The minister added that regulatory and enforcement agencies have been working round the clock in the past few days to identify, investigate and sanction those involved in illegal activities and sabotage within the forex market.<\/p>\n
\u201cSadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN\u2019s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.<\/p>\n
\u201cIt is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilising, and the foreign exchange market is seeing a surge of inflows.\u201d<\/p>\n
The minister added that regulatory and enforcement agencies have been working round the clock in the past few days to identify, investigate and sanction those involved in illegal activities and sabotage within the forex market.<\/p>\n
\u201cSadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN\u2019s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.<\/p>\n
\u201cTo tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms.<\/p>\n
\u201cThat strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organisations involved in illegal activities and sabotage within the forex market.<\/p>\n
\u201cRelevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Government is determined to pursue individuals undermining the country’s economy, as announced by the Minister of Information and National Orientation, Mohammed Idris, in a statement he personally signed on Friday. Idris highlighted that the removal of the petrol subsidy, a decision made by President Bola Tinubu upon inauguration, was unanimously agreed upon by […]<\/p>\n","protected":false},"author":49,"featured_media":296515,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[2133,301,76546,5952],"class_list":["post-311533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-federal-government","tag-government","tag-intelligence-led-identification","tag-investigation"],"yoast_head":"\n