Senator representing Ekiti central and Senate Leader, Michael Opeyemi Bamidele, has said the present administration’s tough economic policies triggered inflation, created public discontent, but ultimately stimulated economic growth.

Senator Opeyemi made the assessment in a statement he signed and issued to newsmen in Abuja on Wednesday.

He noted that with the understanding and cooperation of the National Assembly, what was perceived as painful and unpopular policies of removal of oil subsidy and floating of the Naira have “already started redefining our business environment rapidly, boosting investors’ confidence in our domestic economy and creating limitless opportunities for compatriots across the strata.”

Amidst sustained criticisms of the policies, the Senate Leader maintained that the country is
gradually becoming more stable, fiscally and monetarily.

Senator Bamidele specifically cited the coming onstream of the Dangote refinery and the state-owned
Port Harcourt Refining Company and Warri Refining & Petrochemicals Company, which are now back to operations as gains of the tough economic policies, as he noted that the operations of the three refineries at installed capacities will “reduce undue pressure on the Naira, guarantee stability in the foreign exchange market, and trigger an unprecedented crash of the consumer price index.”

The Senate Leader assured Nigerians that in the new year, the Parliament would not rest on its oars to complement the Executive in pushing through policies that will drive the economy and lessen the burden of the average Nigerian.

“With the multi-tiered interventions by the Presidency and National Assembly, for instance, Dangote Refinery and Petrochemicals commenced operations within the 2024 fiscal year.

Likewise, Port Harcourt Refining Company and Warri Refining & Petrochemicals Company are now back to operations after almost two decades of dysfunction.

The operations of these refineries are a testament to the political will of the government of the All Progressives Congress to reverse all negative trends that plague our economy and polity.

“Beyond the downstream petroleum sector, the National Assembly has leveraged its multi-tiered interventions in virtually all strategic sectors to reverse the regression that the country recorded at different times between 2011 and 2023.

The approach has spurred steady growth in our gross domestic products all through 2024. It has sustainably translated to 2.98% growth in the first quarter, 3.19% in the second quarter, 3.46% in the third quarter, and may be as high as 4% in the fourth quarter.

Also, our debt-service-revenue ratio has shrunk from 97% in June 2023 to 65% in November 2024, and I believe the margin will further shrink in the new year we began on Wednesday.

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“Each of these records is indeed a great leap forward, and our parliamentary agenda that emphasises strategic collaboration among government arms without prejudice to our constitutionally guaranteed independence has made it attainable.

All these outcomes simply mean Nigeria is now out of the vicious cycle of fuel importation that cost her $600 million, which annually translates to $7.2 billion.

It also means the operations of these refineries will significantly reduce undue pressure on the naira, guarantee stability in the foreign exchange market, and trigger an unprecedented crash of the the consumer price index, often used to measure inflation.

For me, these are signs of a greater tomorrow that awaits our compatriots regardless of their economic, political, or social status.

“No doubt, the outcome of the multi-tiered initiatives has been impressive and stimulating. But that does not suggest that the National Assembly will now rest on its oars and go to bed. Never! “Rather, as an institution, we duly appreciate the tasks before us.

We also understand the urgency of providing decisive institutional responses that will guarantee the stability of our fatherland, whether economically or politically, culturally or socially.

“For this reason, we will dutifully sustain its drive to deepen global best practice in the country’s petroleum industry.”