Financial Times has suggested that President Tinubu’s Economic reforms may be faltering.
NewsOnline Nigeria reports that a London-based Financial Times publication has noted in an editorial that there are signs of President Tinubu’s economic reforms going not as planned, as the publication also noted that although President Tinubu started with a bang by removing fuel subsidies and moving towards a market-driven exchange, events in the past four months show that more work has to be done.
It stated,
Going further, the report noted that the removal of Mr Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), raised eyebrows due to its unconventional nature, giving the impression of political reprisal.
Initially, Emefiele had been apprehended on charges related to the alleged unlawful possession of firearms.
The report said,
On the new exchange rate regime and how the new CBN management can stabilize the financial system, it said the new CBN leadership will most likely increase the interest rates to curb inflation but opined that President Tinubu must guarantee the independence of the institution.
In their words,
It further noted the new administration risks losing out on the gains of its earlier reforms and advised the President needs to properly explain his policies before announcing them.
It used the restoration of democracy as an example.
It stated,
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