Starting from the presidency,

President Bola Tinubu has said that the removal of petrol subsidy in May 2023 was designed to free up resources for investment in critical infrastructure.

The President spoke on Tuesday when he declared open the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.

He said alothou painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services, frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.

Tinubu, who was represented at the event by his deputy, Vice President Kashim Shettima, described this year’s theme for the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as both timely and imperative.

Listing the challenges to include high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts, the President observed however that the challenges also present opportunities for growth and development.