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A former lawmaker, Oghene Egoh, says Nigeria is making steady progress despite current economic hardship, noting that the reforms of President Bola Tinubu are beginning to yield positive results.
Egoh, who represented Amuwo-Odofin Federal Constituency in the House of Representatives, made this known in Lagos.
According to him “although the reforms might be painful in the short term, they would ultimately produce positive outcome for the country thereafter.
“There is light at the end of the tunnel. It may be tough at the beginning, but things will improve with time.
“President Tinubu’s decisions may be difficult, but Nigerians need to exercise patience. Renewed hope is assured,” he said.
Egoh highlighted some achievements of the administration, including salary increment for workers and improved allocations to states and local governments to support project execution and salary payments.
According to him, prompt payment of salaries and pensions across the country reflects improved fiscal management.
“No state or local government is currently owing workers’ salaries. Pensioners are also receiving their entitlements as and when due,” he said.
He added that the Federal Government had introduced intervention programmes, including soft loans for students, farmers and small-scale business owners, to cushion the effects of economic hardship.
“More than three million students have benefitted from the student loan scheme across higher institutions in Nigeria,” he said.
Egoh also noted that the removal of import duties on some food items, including rice, was aimed at reducing prices and supporting local production.
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He said the administration had approved about N3 trillion to settle long-term debts owed to electricity distribution companies and other liabilities inherited from previous governments.
According to him, policies granting autonomy to states, local governments and private investors to generate and distribute electricity would improve power supply nationwide.
“States such as Lagos and Abia are already leveraging this policy to enhance electricity supply to residents,” he said.
Egoh attributed recent increases in fuel prices partly to global developments, including tensions involving Iran, adding that prices would stabilise when the situation improves.
“This is a global challenge, not peculiar to Nigeria. Nigerians should remain patient,” he said.
He also cited improvements in infrastructure, including ongoing railway projects and major road developments such as the Sokoto-Badagry and Lagos-Calabar coastal highways among others.
Egoh said the government’s borrowing was targeted at financing critical infrastructure and servicing inherited debts.
He commended the administration’s efforts in addressing insecurity, noting improvements in the fight against banditry.
“Security is improving, and investor confidence is gradually returning.
“The economy is stabilising, and the naira is becoming more stable,” he said.
He added that international financial institutions had acknowledged Nigeria’s economic reforms, with growth estimated at about four per cent annually.
Egoh expressed optimism that the reforms would deliver long-term benefits, urging Nigerians to remain patient and supportive.
“There will surely be light at the end of the tunnel. The current policies will yield a more favourable economy,” he said.
