Former Ekiti South Senator, Abiodun Olujimi, has urged Nigerians to be patient with the Federal Government’s economic reforms, saying prosperity is “staring us in the face.”
Olujimi made the call on Friday amid continued concerns over the impact of the removal of petrol subsidy and the resulting increase in the cost of petroleum products.
The former lawmaker, who represented Ekiti South in the Senate from 2015 to 2023, said the reforms introduced by President Bola Tinubu’s administration had helped to stabilise the economy and put the country on a path towards recovery.
Speaking on Channels Television’s The Morning Brief, Olujimi cited the unification of the foreign exchange market and the increased use of the naira for transactions as evidence of changes brought about by the reforms.
She said, “The other time I wanted to increase my stock. And I was asking someone, I said, ‘Where do we get foreign exchange to do this?’ And she came to me and said, ‘No, ma. You need Naira to do it.’ I said, ‘How?’ He said, ‘People abroad now take Naira.’
“That is the trajectory; that is the only way we can upturn what had been undone in the past.”
Olujimi acknowledged that the reforms had brought difficulties for Nigerians but said the country could endure the current hardship to achieve long-term gains.
“Now the thing went bad. There is a government that is trying to see how we can turn it around, and then the struggle begins all over again. But I believe we can bear it. And if we bear it, there’s a light at the end of the tunnel,” she said.
Tinubu introduced major economic reforms after assuming office in May 2023, including the removal of petrol subsidy and changes to the foreign exchange regime.
The removal of the subsidy has contributed to a sharp rise in petrol prices, while critics and opposition figures have argued that the policy has worsened the cost of living and called for its reversal.
The Federal Government, however, has continued to defend the reforms as necessary measures to reposition the economy.
Olujimi said Nigerians should allow the reforms more time to produce their expected results.
“If we allow it for a bit, we’ll just turn around the corner, and then we’ll be able to see prosperity, because prosperity is staring us in the face,” she said.
She also argued that the reforms had reduced opportunities for foreign exchange round-tripping.
“Where are the people who were doing the round-tripping, who were selling and buying dollars? It’s gone. Business now is strictly naira-based. And that is the only way we can go if we really want to reform the situation,” Olujimi said.
