Ogungbangbe Reacts To President Tinubu's Tough Economic Decisions For Nigeria To Grow

By ISAAC OLUSESI

Dr Thomas Olaleye Ogungbangbe has observed President Bola Ahmed Tinubu's hard economic decisions and reforms, informed by the lessons learned from the nation's past experiences and the accompanying transformed economic activities, governance stability and improvements in the well-being of the governed, with the citizenry gradually being lifted out of poverty.

The All Progressive Congress (APC) from Osun East Senatorial District of the state made the observation in his reaction to Mr. President's recent assessment of the country's current trajectory, showing its economic direction, advancement and stability.

The nation's president had, last Friday, declared, "Some of the decisions made by me on my assumption of office in 2023 were not intended to hurt Nigerians. It's been hard, but I made the tough decisions for Nigeria to grow." He stated this on the visit of a special convoy from Qatar, Dr Mohammed bin Abdulaziz Al-Khulsifi to the State House, Abuja, 

Ogungbangbe who's the Chairman and Chief Executive Officer (CEO) of CITA ENERGIES attributed the now salutary economic indicators in the country, attracting domestic and foreign investments for sustainable economic growth and improved living standards for citizens, to the presidential departure from outdated policies and practices, and adaptation to evolution approaches in economy and institutions.

Continuing, the Chairman of the Aviation Fuel Marketers Association of Nigeria (AFMAN) noted that President Tinubu had reviewed and simplified the nation's tax law, reduced bureaucracy around taxation, and increased transparency.

The CITA boss added that "a reduction in companies income tax from the current rate of 30per cent to 27.5per cent for 2025 and 25per cent for subsequent years is a more efficient and effective tax system, currently making the nation's overall business environment more attractive to domestic and foreign investments, and ultimately, to cause increased market economy for growth and development. And the tax reform, generally is progressive as it reduces the tax burden of low income earners in the country and improves their disposable income."

Ogungbangbe, PhD, FICA, FLEAD, FNIM, GPA had on the 2024 Democracy Day said, "the present government is bequeathing to the nation a virile and enduring sociopolitical and economic order with focus on the interests and aspirations of the governed as President Tinubu resets the country on a steady path to greatness."

 *OLUSESI writes via* isaacolusesi@gmail.com