S&P upgrades Nigeria’s economic outlook over Tinubu’s removal of fuel subsidy, other reforms
![S&P Global Ratings](https://i1.wp.com/gazettengr.com/wp-content/uploads/WhatsApp-Image-2023-08-05-at-9.26.47-AM.jpeg)
S&P Global Ratings has upgraded Nigeria’s credit outlook to stable from negative, citing President Bola Tinubu’s economic reforms in the country.
The agency also scores Africa’s largest economy at ‘B-/B’, according to a statement on Friday.
The improved outlook comes after Mr Tinubu removed subsidies on petrol, otherwise known as Premium Motor Spirit, and overhauled the country’s exchange rate policies through the Central Bank of Nigeria.
“Nigeria’s newly elected government has moved quickly to implement a series of fiscal and monetary reforms, which we believe will gradually benefit public finances and the balance of payments,” analysts Ravi Bhatia, Samira Mensah and Juili Pargaonkar said for the agency in the statement.
Following the removal of the fuel subsidy, Mr Tinubu, on Monday, announced that his government has saved over N1 trillion in just two months of scrapping the costly subsidy.
Investors have continued to welcome the reform of the new government. However, labour unions in the country have protested that the reforms, especially the increment in petrol price occasioned by the removal of subsidy, have led to astronomical hikes in the costs of food items and essential commodities.
In February, S&P had maintained Nigeria’s credit rating at ‘B-/B’ but changed its outlook to “negative.”
The debtor assessor sovereign analyst Frank Grill had said the rating agency was closely watching Nigeria ahead of its review on August 4, adding that recent reforms were positive signs.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
![Katsina State](https://i1.wp.com/gazettengr.com/wp-content/uploads/1863B29B-AC06-49E0-ADFA-655BBEC3389A.jpeg)
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
![Peter Obi](https://i1.wp.com/gazettengr.com/wp-content/uploads/Peter-Obi-1200x795.jpg)
Health
Peter Obi laments GlaxoSmithKline’s exit from Nigeria after 51 years of operation
He said that their reason for leaving portends a gloomy future for the country’s investment climate.
![Vware Diaso [Credit: The Guardian]](https://i1.wp.com/gazettengr.com/wp-content/uploads/WhatsApp-Image-2023-08-05-at-14.54.01.jpg)
Lagos
Three arrested over death of Vwaere Diaso: Police
Reports said that the hospital elevator that killed the late Diaso crashed from the 10th floor to the ground floor.
![Doctors (Photo credit: Guardian)](https://i1.wp.com/gazettengr.com/wp-content/uploads/F6DEE4E6-BB99-4BCB-A0DE-4F21613C3DC5.png)
Health
ARD begins indefinite strike in Kaduna
“We also demand immediate implementation of the new hazard allowance with arrears,” he said.
![Sen. Ovie Omo-Agege,Abdullahi Ganduje and Sen. Ajibola Basiru](https://i1.wp.com/gazettengr.com/wp-content/uploads/Untitled-430.jpg)
States
Omo-Agege says Ganduje, Basiru’s emergence APC’s path to stable polity
The ex-senator said that their emergence was key to the success of the bold reform agenda of the president and the National Assembly.
![Bala Mohammed, Governor of Bauchi State (Credit: Premium Times)](https://i1.wp.com/gazettengr.com/wp-content/uploads/Bala-Mohammed.png)
States
Bauchi govt. tasks stakeholders on measures against animal-to-human diseases
He also called on herders, butchers, and other processors to protect themselves from animal disease transmission.
![NAFDAC officials](https://i1.wp.com/gazettengr.com/wp-content/uploads/IMG_4987.jpg)
States
NAFDAC confiscates expired, unregistered products worth N15 million in Niger
Mr Mohammed explained that during the exercise, two supermarkets and two pharmaceutical outlets were sealed.