A key member of the All Progressives Congress, Hon. Olatunbosun Oyintiloye, has stated that the economic reforms introduced by President Bola Ahmed Tinubu’s administration are temporary and will bring significant benefits by 2025.
Speaking in Osogbo on Sunday, Oyintiloye acknowledged that while the president’s bold economic policies are already showing positive results, the full impact will be felt in 2025.
He explained that Nigeria is undergoing substantial economic changes due to the reforms, which have been essential despite their current challenges.
He praised Nigerians for their patience amidst rising living costs and assured them that the economic policies implemented under President Tinubu will begin to show their full benefits in the coming year. Oyintiloye highlighted that the removal of the petrol subsidy and the floating of the naira, which had caused temporary discomfort, would result in greater economic benefits by 2025.
The reduction in petrol pump prices was also seen as a positive sign, indicating that 2025 will have a favorable economic outlook. Oyintiloye pointed out that other indicators across different sectors of the economy suggest that Nigerians will have reasons to celebrate in the near future.
He further noted that President Tinubu’s reforms have already led to an increase in revenue allocations from the federation accounts to various states, enabling better development outcomes. Additionally, the president’s approval of a $2.25 billion injection into the economy, sourced from the World Bank, is designed to support these economic reforms and address the ongoing cost-of-living crisis. This funding aims to reduce interest rates, stimulate key sectors, and provide credit lines for businesses of all sizes.
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Oyintiloye assured Nigerians that these financial measures are part of a broader strategy to stabilize and revive the economy quickly. He also expressed confidence that the rewards of the reforms would be evident in sectors such as infrastructure, agriculture, security, healthcare, education, and the digital economy.
He urged Nigerians to continue supporting President Tinubu and emphasized the importance of cooperation and prayers for the wisdom needed to achieve economic prosperity. Acknowledging the sacrifices made by Nigerians in the past year, he encouraged them to look forward to the positive outcomes in 2025.
“Presently, President Tinubu’s economic reforms have triggered a dramatic surge in revenue allocation from federation accounts to various states, which allows them to deliver bigger dividends of development to Nigerians.
“Also, in response to Nigeria’s escalating economic challenges, the president approved a $2.25 billion injection into the economy.
“This funding, sourced from the World Bank, aims to enhance revenue and support economic reforms amid the severe cost-of-living crisis.
” As part of a rapid stabilisation and development strategy, this urgent financial assistance is intended to revive the economy quickly.
“The funds are specifically targeted to reduce interest rates in key sectors and provide credit lines to support small, medium-sized, and large businesses.
“Nigerians should be rest assured that we will surely see even more of the positive outcomes of the President’s reforms, in infrastructure, agriculture, security, healthcare, education, creative and digital economy, among others in 2025”, he said.
