STORY: Nigerian president calls for calm over "tough" economic policies
DATELINE: Aug. 2, 2023
LENGTH: 00:01:58
LOCATION: Abuja
CATEGORY: POLITICS/ECONOMY
 
SHOTLIST:
1. SOUNDBITE 1 (English): BOLA AHMED TINUBU, Nigerian president
2. various of fuel queues
3. various of farmers farming and processing crops
4. SOUNDBITE 2 (English): BOLA AHMED TINUBU, Nigerian president
 
STORYLINE:
 
Nigerian President Bola Tinubu has called for calm and unity in response to the implementation of recent tough policies aimed at stabilizing the country's economy.
 
In a nationwide broadcast Monday night, Tinubu acknowledged the difficulties that the citizens were facing due to the government's economic reforms, but emphasized the necessity of the measures to steer the most populous African country toward sustainable economic growth.
 
SOUNDBITE 1 (English): BOLA AHMED TINUBU, Nigerian president
"Our economy is going through a tough patch and you are being hurt by it, I know. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways, but there is not. If there were, I would have taken that route as I came here to help, not to hurt the people and nation that I love so dearly."
 
In response to the challenges, the Nigerian government recently launched a set of ambitious economic reforms designed to slow down inflation, unify foreign exchange rates to tackle the fluctuation of the national currency against major international currencies, remove the long-existing subsidies on fuel, tackle fiscal deficits, and improve revenue generation. The measures by the government also include reforms in taxation, investment incentives to stimulate domestic industries and attract foreign direct investment, and revitalizing the agricultural and manufacturing sectors, which have the potential to create jobs and promote sustainable economic growth.
 
Noting that there have been consistent public concerns, especially from vulnerable groups impacted by the cost of living adjustments, Tinubu appealed for continued understanding of the citizens in support of the government's economic ambition.
 
The Nigerian leader vowed to further reform the economy for the long-term good by fighting the major imbalances that had plagued the country's development.
 
SOUNDBITE 2 (English): BOLA AHMED TINUBU, Nigerian president
"Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance."
 
He added that the government would ensure staple foods are available and affordable to citizens in the short and immediate terms as part of ways to cushion the effects of the economic hardship.
 
Xinhua News Agency correspondents reporting from Abuja.
(XHTV)