NewStats: 3,261,800 , 8,175,192 topics. Date: Friday, 30 May 2025 at 03:19 PM 3y512h

The chairman of BUA Group, Abdulsamad Rabiu, has commended the economic reforms of President Bola Tinubu, saying, it’s a difficult step taken in the right direction. Mr Rabiu made this point on Friday when he visited the president in Lagos.

Nigeria is witnessing its worst cost-of-living crisis in a generation, caused by the removal of petrol subsidies and the devaluation of the naira.
Mr Tinubu, who came to power about 18 months ago, removed a decades-old petrol subsidy and devalued the currency, sending inflation soaring to 34.60 per cent in November.
Mr Rabiu acknowledged that the reforms are painful but said they were necessary.

“Although we all know that some of the reforms undertaken by His Excellency are still biting, and these reforms, as far as the business community is concerned, were necessary.
“It’s true that some of them are quite painful, but we needed these reforms, especially the foreign exchange unification.”

Aside from the subsidy removal, the Central Bank of Nigeria (CBN) implemented the unification of all segments of the forex exchange (FX) market as part of efforts to engender transparency in the markets and boost investors’ confidence.
Although the policy has been widely applauded as well-intentioned and necessary, it has put additional pressure on the local currency and manufacturers, with ripple effects on prices.

Mr Rabiu also commended the unification of the forex exchange.

“You will that the exchange rate at N500 and then outside it was N800. That was not acceptable. So that has actually been unified and initially it was quite difficult, we saw the exchange rate at a point hit maybe almost N2000, now it’s finding its balance, we are at about N1,500 – N1,550 naira and I’m sure we’ll see the rate come down even further.”

“So I believe that some of these reforms… yes, initially, they were a bit of a challenge, but things are getting much better now, and I’m quite confident and optimistic that things will definitely get better in Nigeria. Mr President is doing a lot, the government is really doing so much to ensure that there is stability within the economy and other sectors of the economy,” Mr Rabiu said.

Like Mr Rabiu, recently, the International Monetary Fund welcomed reforms that are being implemented by Mr Tinubu’s government, and it forecast faster economic growth in the West African nation and other key economies on the continent.

Mr Rabiu also commended the infrastructural reforms undertaken by the Tinubu istration.

“We can see what is going on as regards our infrastructure, a lot roads works are going on and I believe, given a bit of time, things will definitely get better. We need to be a bit patient, these reforms do take time.

“This government has only been in power for 18 months and they have another 24 months or so, I think we need to give them time and I’m sure things will definitely get better.”

https://www.timesng.com/news/headlines/762831-tinubus-economic-reforms-hard-but-necessary-bua-chairman.html

People that matters are talking, not wailers.
The subsidy fraud just had to go, when FG was paying subsidy and dictating price of fuel, BUA could not enter the market, no reasonable investor would enter a market where govt dictates the prices. Many investors got license but couldn't put their money down. Now, things are changing, competition is dictating prices, more modular refineries are expected next year.
In the forex market, there was a big scam. Central bank sold dollars officially at 450 but people resell it at $800 in the black market. Yet FG was borrowing heavily to continue paying.

Wailers only think about the present and their empty stomach, they are not bothered about the future. I don't take wailers serious.


After God, na Tinubu 💪 God bless Nigeria.

Subsidy removal, naira flotation? Yes
Airports, highways, flyovers? NO.

How can reforms which reduced turnover of business and increased inventory holding time due to low patronage be beneficial to the business community.

Bola Tinubu’s recent fiscal policies—like the fuel subsidy removal and naira redesign—were meant to stabilize the economy, but they’ve caused widespread suffering. Could this have been avoided? Absolutely, if implemented with more care.

First, gradual change would’ve made all the difference. Instead of a sudden fuel price hike, a phased approach, paired with for the vulnerable, could’ve eased the burden. The abruptness of the changes left Nigerians struggling to cope with the shock to their wallets.

Second, communication is key. The government failed to explain the long-term benefits of these policies, leaving many confused and frustrated. Nigerians needed to understand how these moves would eventually improve their lives, but instead, they were left in the dark.

If Tinubu’s team had taken a more gradual and inclusive approach, Nigerians wouldn’t be in the pain they’re in today. Leadership isn’t just about bold moves—it’s about timing, empathy, and long-term vision. That’s where the failure lies.

“This government has only been in power for 18 months and they have another 24 months or so, I think we need to give them time and I’m sure things will definitely get better.”

Even if you give T-pain 100 years, nothing will change because he has cruel heart.

His economic ideology is simply to tax the poor to feed the rich.

Removed all subsidies on fuel, electricity, etc and still pushin for VAT to move from 7.5% to 15%

With such a heartless mindset, things can only get worse till he is booted out.

E easy for the rich

Sincerely if not for CORRUPTION all this reforms would not be necessary. Our main and only problem is CORRUPTION nothing more nothing less. Every other thing is window dressing.

Let me ask us a simple question. What do you think 80 billion Naira will do in the lives of Nigerians? When #80, 000,000,000 is allegedly stolen by just a single citizen of the country.
This is just an example out of so many others.

kunle4toyeyaho:
Corruption is not the only problem. Nigeria cannot afford some things. We cannot afford fuel subsidy. Simple!
How can we continue borrowing and selling our crude in advance to cater for the present and people think that is okay? I am hopeful year 2025 will be a good year for Nigeria and Nigerians. God bless Nigeria forever

I agree with you and I understand the situation we have found ourselves one of course which it is inevitable the steps Tinubu has taken but what about the main root cause of our problem.

Tinubu himself have said so many times in public that a very few people in this country are the ones that have been making so much from this payment of subsidy in a corrupt way. What it means is that, what led us here is CORRUPTION which I am yet to see any seriousness in trying to address this very problem of ours.

Is it monies by Maduake?

Do you know how much those 700 plus duplexes discovered in Abuja cost in total and what the cost can do to the lives of the Nigerian citizens?

We have a very big problem which is corruption.
We lack basic needs such as water, electricity, good roads, health care not because huge monies are not pumped into them put the monies are stolen without any tangible consequences even if 'caught'.

I understand you but we have a very serious problem with corruption. The state governors are recieving a lot more than ever now but what has been the effect?

IF NOT FOR CORRUPTION WE WONT BE WHERE WE ARE TODAY. The refineries stopped working because of corruption practices within the sector

kunle4toyeyaho it is just sad that our sole problem has been mismanagement of our resources.

Reforms that wants to kill us all

Part of the problem is talking

PressMyButton:
People that matters are talking, not wailers.
The subsidy fraud just had to go, when FG was paying subsidy and dictating price of fuel, BUA could not enter the market, no reasonable investor would enter a market where govt dictates the prices. Many investors got license but couldn't put their money down. Now, things are changing, competition is dictating prices, more modular refineries are expected next year.
In the forex market, there was a big scam. Central bank sold dollars officially at 450 but people resell it at $800 in the black market. Yet FG was borrowing heavily to continue paying.

Wailers only think about the present and their empty stomach, they are not bothered about the future. I don't take wailers serious.


After God, na Tinubu 💪 God bless Nigeria.

what was fraudulent about the subsidy that it had to go?

if investors could not put down their money, why then did they get licenses in the first place?

is tinubu bothered about the future?

if he is, how come he is budgeting billions for refreshment, travelling, utensils and for new cars?

nedu666:
How can reforms which reduced turnover of business and increased inventory holding time due to low patronage be beneficial to the business community.

If you went to school, you'd understand the meaning of Reforms. Reforms don't come with smiles.

This reform is probably aimed at slashing the population by half

Laughable

This is Billionaire talking

Not spare parts or audio sit at home

God Bless President Bola Tinubu
God Bless Federal Republic of Nigeria

what's exactly are the reforms? What has government itself done to reform itself? Or its just the masses that needs these hard reforms?

The reforms that have sunk the economy.

jaxxy:
what's exactly are the reforms? What has government itself done to reform itself? Or its just the masses?

What does Olodo knows than selling gala or bend down select?

Men like this chairman are part of the problems of Nigeria. He can never speak truth to power cos he is a slave to money... He dare not...

So, he seems to confuse the masses all in a bid to keep making money... Another thief identified...

blamingthedevil:

What does Olodo knows than selling gala or bend down select?

U mean the olodos in government abi?

Suffer never taya u?

PressMyButton:

If you went to school, you'd understand the meaning of Reforms. Reforms don't come with smiles.

You are actually the olodo here.

Reform means improvement. There is no condition in the dictionary that all reforms must come with TPAIN.

my point is in 2015 APC demonic group asked Nigerians if dollar to naira at 214 is ok.but what happened up till now things keep going worst.like the country is moving backward with speed.and his demons even said Nigerians have to suffer so that their smuggled agbero chairman will build the country like he did built Lagos State from the sea

PressMyButton:
People that matters are talking, not wailers.
The subsidy fraud just had to go, when FG was paying subsidy and dictating price of fuel, BUA could not enter the market, no reasonable investor would enter a market where govt dictates the prices. Many investors got license but couldn't put their money down. Now, things are changing, competition is dictating prices, more modular refineries are expected next year.
In the forex market, there was a big scam. Central bank sold dollars officially at 450 but people resell it at $800 in the black market. Yet FG was borrowing heavily to continue paying.

Wailers only think about the present and their empty stomach, they are not bothered about the future. I don't take wailers serious.


After God, na Tinubu 💪 God bless Nigeria.

.. i had no problem with the naira unification. But you see that subsidy removal it was a wrong approach. Its was what thrown the local market upside down. People could no longer manage with basic life.

On our current fiscal trajectory :-

As at September 2024, Nigeria customs already generated - N15 trillion, target was N5trillion for this year.
Infact in 2023, they only generated N3.2 trillion

FIRS targeted N19.4 trillion for 2024 fiscal year, N18.5 trillion was generated as at the end of September.
By October, FIRS already sured its revenue target for 2024.
In 2023, FIRS generated N12 trillion

In September this year, NNPCL, already exceeded its N12.3 trillion revenue target for 2024 by already raking in N13.1trillion.

You can’t appreciate the current trajectory without a full understanding of where we were 18 months ago. This was a country that was relying on overdraft from CBN to pay salaries.

#copied

(BTW, there's a lot going on in the oil and gas sector that will bring in lots in few years to come. In 2031, if Jesus Christ tarries, when we start saying Tinubu increased revenue by 500% or something more insane like in Lagos, some jokers would tell us how we've always been a rich country thanks to Lugard.

PressMyButton:
People that matters are talking, not wailers.
The subsidy fraud just had to go, when FG was paying subsidy and dictating price of fuel, BUA could not enter the market, no reasonable investor would enter a market where govt dictates the prices. Many investors got license but couldn't put their money down. Now, things are changing, competition is dictating prices, more modular refineries are expected next year.
In the forex market, there was a big scam. Central bank sold dollars officially at 450 but people resell it at $800 in the black market. Yet FG was borrowing heavily to continue paying.

Wailers only think about the present and their empty stomach, they are not bothered about the future. I don't take wailers serious.


After God, na Tinubu 💪 God bless Nigeria.

it's only a demon possessed asslicker will be happy Satan is causing havoc and destruction to his country .but you guy's shut down the country when goodluck removed the subsidy. well God will keep us all alive to see when the reform will get the fuel back to below 150 and our dollar back to 215. Because I the reason you demon possessed asslicker smuggled una agbero chairman into asorock was to reduce it to 150.till then stay alive

jmoore:

You are actually the olodo here.

Reform means improvement. There is no condition in the dictionary that all reforms must come with TPAIN.

Reforms means change, change from the old order. Improvement is the end product of a reforms. Go school u no gree.

Totally unnecessary

PressMyButton:

If you went to school, you'd understand the meaning of Reforms. Reforms don't come with smiles.

You went to school yet for 8 years yet ed buhari reforms only to now start telling us how tinubu met a bad situation hence the need for reform. Am sure after tinubu, you will tell us that the next president needs reform

PressMyButton:

Reforms means change, change from the old order. Improvement is the end product of a reforms. Go school u no gree.

Olodo! So change must be TPAIN?
Babablu bulabu.

Unfortunately there is no single reform taking place , I how they claimed Buhari was doing reforms for 8 years 😅😅.

I dare anyone to mention a single reform that's taking place ? Reforms should always start from reducing the cost of inefficient governance

When it means more money for d rich. Most people are poor now including federal workers while very few are rich.

No middle class again. Or can u drive your camry or jeep from Lagos to greet your uncle in d village. Wont u take bus instead

Na so

Same story of reforms since the SAP fraud of the late 80s

Yes… keep reforming without cutting down wasteful government expenditure. Tax Nigerians more, while the poverty stricken tribalists fight amongst themselves to the delight of their oppressors.

They will dust themselves tomorrow to lift up sinful hands in hypocritical worship of God they claim to love while they hate their neighbours of another tribe.


Fools! Everyone of them

Softmirror:
Sincerely if not for CORRUPTION all this reforms would not be necessary. Our main and only problem is CORRUPTION nothing more nothing less. Every other thing is window dressing.

Let me asking us a simple question. What do you think 80 billion Naira will do in the lives of Nigerians? When #80, 000,000,000 is allegedly stolen by a single citizen of the country.
This is just an example out of so many others.

Corruption is not the only problem. Nigeria cannot afford some things. We cannot afford fuel subsidy. Simple!
How can we continue borrowing and selling our crude in advance to cater for the present and people think that is okay? I am hopeful year 2025 will be a good year for Nigeria and Nigerians. God bless Nigeria forever