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Financial Times, a London-based publication, has alleged that President Bola Tinubu often announces economic policies without proper implementation plans.
It said although President Tinubu started well by removing fuel subsidy and moving towards a market-driven exchange, events in the past four months show that more work has to be done. “In removing a costly fuel subsidy and in shifting towards a market-driven exchange rate, which has sharply weakened a previously overvalued currency, he has gone some way towards persuading investors he is serious about reform. But four months into his presidency, there are signs of things going awry,” it said.
“The removal of Godwin Emefiele, the previous governor, was overdue. But its manner, initially via a charge of firearms possession, was odd and smacked of political revenge. More substantively, the new exchange rate regime has yet to be properly explained,” the report said.
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