Nigerian Government vows to punish economic saboteurs, hunts for culprits

Mohammed Idris, the Minister of Information and National Orientation, has stated that the Nigerian Government is taking action against individuals who are sabotaging the economy.

Nigeria’s economy is at its lowest ebb with inflation nearing 30% after the eventual removal of fuel costly fuel subsidy by the Federal Government. This has driven up the prices of food, transportation and other essential services across the West African nation. The economic challenge has been made worse by the poor performance of the Naira against the US dollar in the foreign exchange market.

Speaking on the current economic downturn, the minister emphasized that the removal of the petrol subsidy was a policy decision that all three major candidates agreed upon in their campaign messages.

He added that regulatory and enforcement authorities have been working nonstop over the past few days to track down, probe, and sanction anyone participating in unlawful actions and sabotage in the FX market. The government would not allow its efforts to be compromised, he said.

“As respected economists and experts have acknowledged, these foundational reforms will be difficult and painful for Nigerians in the short-term,” the Minister said in a statement he signed and made available to journalists in Abuja on Friday.

“The problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions. These bold moves being implemented are in full alignment with what is required.

“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge of inflows.

“Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.

“To tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms.

“That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organizations involved in illegal activities and sabotage within the forex market.

“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised.”