Inflation easing, debt outlook improving on FG’s reforms –Envoy

From Adanna Nnamani, Abuja

Nigeria’s Ambassador and Permanent Representative to the United Nations, Jimoh Ibrahim, has said that ongoing economic reforms by President Bola Tinubu are beginning to yield early signs of stability, with inflation pressures easing and the country’s debt outlook gradually improving.

According to a statement released on Wednesday, Ibrahim made this known in New York while presenting his letter of credence to UN Secretary-General António Guterres, where he outlined Nigeria’s policy direction under the current administration.

He said measures such as the removal of fuel subsidies and the unification of the foreign exchange market have contributed to improving macroeconomic fundamentals, even as the reforms continue to trigger short-term adjustments in the economy.

The Ambassador said tighter monetary policies being implemented by the authorities are also helping to moderate inflationary pressures, adding that early indicators suggest a gradual stabilisation of key economic variables.

“The reforms being pursued by President Bola Ahmed Tinubu are beginning to show results, particularly in the areas of inflation management and debt sustainability,” Ibrahim said.

He noted that while challenges remain, especially for households and businesses adjusting to new price levels, government investments in infrastructure and the power sector are expected to support long-term growth and productivity.

The envoy also reiterated Nigeria’s commitment to strengthening multilateral cooperation and promoting global economic stability through active engagement at the United Nations United Nations.

In response, Guterres, welcomed Ibrahim’s appointment and expressed confidence in continued collaboration between the UN and Nigeria in advancing shared development and peace objectives.