Ogungbangbe Upscales President Tinubu On Economy, Charges Nigerian Workers To Double Support

By ISAAC OLUSESI

What some Nigerians don't seem to recognize is that the bold economic policies of President Bola Ahmed Tinubu are acknowledged internationally, shifting the world's economic dynamics and impacting trade, investment, and diplomatic relations in favour of Nigeria.

Dr Thomas Olaleye Ogungbangbe, the pioneer and current Chairman of the Aviation Fuel Marketers Association of Nigeria (AFMAN) gave the hints on the eve of this year's Labour Day celebration, in a water-cool chat with some AFMAN members, at the corporate headquarters of CITA ENERGIES, Lagos.

He added that the President's decisive economic actions have set precedents for policy approaches to the sustainability and stability of Nigerian economy, for other nations to emulate.

The Chairman and Chief Executive Officer (CEO) of CITA ENERGIES described Tinubu's economic options as resolute and fearless, and stated that the effective implementation and adaptability of the reforms, with strategic investments in key sectors and infrastructure, have continued to improve economic resilience and enhance business environment in Nigeria.

The All Progressive Congress (APC) chieftain from Osun East Senatorial District of the state said, "without the daring economic policy options and effective leadership provided by President Tinubu, the Nigerian economic development and progress would have become stagnated and vulnerable to external shocks. And the federated states in Nigeria would have continued to have it extremely difficult to survive, with discontent among citizens, loss of trust in government, and social unrest as probable disquiet outcomes.

According to Ogungbangbe, "the reduced government expenditures on subsidy frees up resources for increased investments in key sectors of the economy, and releases more allocation of resources to the state governments for development. While exchange rates' unification eliminates arbitrage, the buying of an asset or security at a lower price in one market and selling it at a higher price in another market."

The scion of the Ajagbusi Ekun Royal Dynasty of Iloko- Ijesa in Oriade local government council area of Osun, lauded the nation's President on the removal of fuel subsidy and unification of exchange rates, and depicted the reforms as a short term pain for a long term gain, potentially as future benefit. 

"The future is here with the infrastructure improvement, increased coping mechanism and, opportunities for growth and renewal," Ogungbangbe said, stating that the removal of fuel subsidy generates fiscal savings, and the merging of the multiple exchange rates eliminates differences between official, parallel or black market rates.

Prince Ogungbangbe charged Nigerian workers on the occasion of the Labour Day to reciprocate the nation's President whose economic policies are attractive to foreign investments, and with the constituent states in Nigeria, now enjoying financial stability and new salary regime, social safety net as well as increased public services. "I expect to see a strong bond between Nigerian workers, and the President of Nigeria who inspires hope, confidence, resilience, and aspires to leave a lasting positive impact on the nation's economy and citizens' lives," he said, wishing workers in the public and private sectors Happy Workers' Day.

He defined President Tinubu as determined and purposeful, not opting for economic quick fixes like printing of more money, the approach of some of the  past presidents of the nation that only created boom-and-bust cycles, challenging to achieve stable long-term economic growth. He noted that Tinubu continually demonstrates commitment to headlong hard economic reforms, evidence based and grounded in data and analysis that shows the nation's President who's prepared and productive.

Ogungbangbe PhD stated further: "I want to see Nigerian workers, so recognized by the rest of us to work harder, to lead to improved governance, economic growth, social cohesion, increased civic engagement, increased political stability and positive international relations in apparent gratitude to the hardworking president of Nigeria to create policies more beneficial to the labour, economy and the nation."

 *OLUSESI writes via* isaacolusesi@gmail.com