Lagos Speaker Mudashiru Obasa congratulated President Tinubu on his second anniversary, praising his “bold and transformative” economic reforms, including fuel subsidy removal and FX liberalization, for stabilizing the naira and boosting investor confidence

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has extended his congratulations to President Bola Ahmed Tinubu on his second anniversary in office, commending the “bold and transformative economic reforms” implemented under the President’s Renewed Hope Agenda.

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In a statement released by his media office, Obasa lauded President Tinubu’s “ingenuity, courage, and a strong sense of conviction” in pursuing these reforms.

He noted that “the whole world can see that these reforms have started yielding manifestly bountiful rewards in the areas of security, infrastructure, and improved investors’ confidence in the economy.”

The Lagos Speaker specifically praised President Tinubu’s “steadfast commitment to revamping the Nigerian economy” through decisive policy actions such as the fuel subsidy removal and the liberalisation of the foreign exchange market.

Obasa highlighted how these policies have contributed to stabilizing the naira, increasing foreign reserves, and repositioning Nigeria’s economic trajectory.

Recalling the significant burden of fuel subsidies, which previously cost the Nigerian government approximately $10 billion annually, Obasa pointed out that its removal has led to a substantial increase in monthly disbursements to the three tiers of government by the Federal Account Allocation Committee (FAAC).

It takes ingenuity, courage, and a strong sense of conviction to go through with the reforms initiated by the President, but the whole world can see that these reforms have started yielding manifestly bountiful rewards…

“Unlike the situation in the past, we no longer hear lamentations about state governors owing civil servants or asking for bailouts from the federal government,” Obasa remarked. He urged state and local government leaders “to double up on the execution of vital and viable economic and social infrastructure development projects at the grassroots for the betterment of Nigerians across the social strata.”

As “indubitable proofs” of President Tinubu’s economic sagacity and the effectiveness of the Renewed Hope Agenda, Obasa cited the recent World Bank announcement of Nigeria’s fastest economic growth in about a decade in 2024, and the International Monetary Fund (IMF) declaring Nigeria off its debtors’ list after repaying a $3.4 billion COVID-19 loan.

Acknowledging that “every reform comes with responsibility” and that “transformative change requires time and collective efforts,” Obasa stated that the President is “not oblivious to the hardships that have trailed these reforms, but he is presiding with a human face.”

He highlighted key palliatives such as the increase of the minimum wage from N30,000 to N70,000 and the launch of the Nigerian Education Loan Fund (NELFund) to provide financial support to over 550,000 students, enhancing access to higher education. “I do not doubt that we are on the right path,” Obasa affirmed.

Speaker Obasa lauded Nigerians for their support and perseverance during the difficult period and urged continued patience, optimism, and support for the president’s initiatives.

He concluded by reaffirming the Lagos State House of Assembly’s commitment to collaborating with the federal government for the successful implementation of policies benefiting all Nigerians.