Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa has commended the bold and transformative economic reforms implemented under President Bola Ahmed Tinubu Renewed Hope Agenda.
Obasa made the remark while congratulating Mr. President on his second anniversary in Office.
“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 in the areas of security, infrastructure, and improved investors’ confidence in the economy,” Obasa said.
The Lagos Speaker, in a statement released by his media Office, praised President Tinubu’s steadfast commitment to revamping the Nigerian economy through decisive policy actions like the fuel subsidy removal and liberalisation of the foreign exchange market.
He highlighted how these policies have helped to stabilise the naira, increase foreign reserves, and reposition the nation’s economic trajectory.
Obasa recalled that previously, fuel subsidies had cost the Nigerian government approximately $10 billion annually, but the removal has led to a significant increase in the monthly disbursement to the three tiers of government by the Federal Account Allocation Committee (FAAC).
“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.
“We can only implore 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,” Obasa said.
He further cited the recent announcement by the World Bank that Nigeria’s economy recorded its fastest growth in about a decade in 2024; and the declaration by the International Monetary Fund (IMF) that Nigeria is no longer on its debtors’ list having completed the payment of a $3.4 billion loan borrowed during the COVID-19 pandemic as indubitable proofs of President Tinubu’s economic sagacity and the effectiveness of the Renewed Hope Agenda.
However, he said that every reform comes with responsibility, stating, “Transformative change requires time and collective efforts. The president is not oblivious to the hardships that have trailed these reforms, but he is presiding with a human face.”
“President Tinubu increased the minimum wage from N30,000 to N70,000 and also launched the Nigerian Education Loan Fund (NELFund) to provide financial support to over 550,000 students, thereby enhancing access to higher education among other socio-economic empowerment programs. I do not doubt that we are on the right path,” Obasa said.
Speaker Obasa lauded Nigerians for their support and perseverance during the crunch that followed and urged all to remain patient, optimistic, and supportive of the president’s initiatives.
He concluded by reaffirming the Lagos State House of Assembly’s commitment to collaborating with the federal government to ensure the successful implementation of policies that benefit all Nigerians
