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Monday, March 27, 2023

Osinbajo Details Buhari’s Achievements, Calls for Better Forex Management

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As the Buhari administration takes stock of its achievements over the years, Vice President Yemi Osinbajo, SAN, has listed interventions in infrastructure, power, digital economy, ease of doing business and social investment, as some of the regime’s game-changing accomplishments.

Prof. Osinbajo stated this on Monday in his presentation at the opening of the 3rd Ministerial Performance Review Retreat in Abuja.

The game-changing achievements of the administration listed by the Vice President include:

  • Development of infrastructure (roads, rail, to power, and broadband infrastructure), especially the creativity introduced to infrastructure financing.
  • The power sector interventions and initiatives (Solar Naija Programme launched under the Economic Sustainability Plan; improvement in generating capacity; 266 Captive Power Plants and 16 Embedded Power Plants etc).
  • Digital economy innovations (including rapid expansion of broadband access and digital identity).
  • Ease of Doing Business Reforms (including legislative and justice sector reforms).
  • The Social Investment Programme (award-winning microcredit scheme for informal traders under the Government Enterprises and Empowerment Programme, N-Power and School Feeding Programme etc).

The Vice President also spoke on the need to ensure synergy between fiscal and monetary policy in order to better manage the economy and exchange rate concerns.

He said: “The discussion that we must now have and going forward is how best to manage the situation by finding a mechanism for increasing supply and moderating demand which will be transparent and will boost confidence.

“I think that a more market-driven approach will be best, some price discovery within the context of a managed float is certainly required.”

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