By: Manoah Kikekon
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| President Bola Tinubu |
LAGOS, Nigeria – Despite a prevailing national mood of economic hardship, President Bola Tinubu’s administration is insisting its bold reforms are beginning to bear fruit for everyday Nigerians.
In a detailed statement on social media platform X on Friday, Presidential Media Aide Dada Olusegun made a confident declaration: “Reforms at the top are starting to make life easier with cheaper fuel, lower inflation, and real benefits for everyday Nigerians.”
This optimistic claim comes against a backdrop of significant challenges. Nigeria’s inflation, though recently rebased to 24% from 33%, remains painfully high. Pump prices for Premium Motor Spirit (PMS) still hover between N890 and N900 in many parts of the country, a stark reminder of the cost-of-living crisis that followed the removal of the fuel subsidy in May 2023.
Mr. Olusegun attributed the recent positive signs to a major shake-up in the nation’s critical oil and gas sector, spearheaded by three key Executive Orders signed by President Tinubu.
According to the aide, these orders are designed to "cut delays, bring back big investors, and set the stage for cheaper fuel and lower food prices."
He outlined the orders as follows: The first offers new tax incentives to attract investment into Non-Associated Gas (NAG) projects, midstream gas infrastructure, and deep-water oil drilling.
The second order directly addresses the high costs and protracted timelines that have historically deterred international investors.
The third executive order radically overhauls Nigeria’s notoriously slow petroleum contract process, slashing approval timelines from years to just six months and extending contract terms for greater stability.