President Tinubu
PicNews
President Bola Ahmed Tinubu has spoken candidly about the state of the nation’s economy, revealing that when he took office, he inherited a near-collapsed system that had been weakened by years of poor management, unsustainable policies, and mounting challenges that threatened the very stability of Nigeria’s financial structure. He noted that the economy he met was weighed down by excessive reliance on oil revenues, a fuel subsidy regime that drained trillions of naira, multiple exchange rates that encouraged corruption and arbitrage, and a debt profile that limited the government’s ability to fund development. Tinubu explained that these realities demanded bold and urgent action, and that without immediate reforms, the country would have slipped into a deeper economic crisis that could have crippled the livelihood of millions of Nigerians.
The President admitted that the decisions his administration made at the start, such as removing the fuel subsidy and unifying the exchange rate, were tough and unpopular, but he stressed that they were absolutely necessary to stabilize the economy and prevent an eventual collapse. He acknowledged that these policies triggered hardship, with rising costs of living, inflation, and economic pressure on households and businesses, but he emphasized that such turbulence was inevitable whenever a new course of economic direction is charted. He described the pain that Nigerians are going through as part of the transition process, while reassuring the people that the period of intense suffering is giving way to a new phase of gradual stability and improvement.
According to him, the worst is already behind the country, as there are early signs of recovery in critical areas of the economy. He explained that government revenues have started to improve, confidence from foreign investors is returning, and certain sectors such as agriculture, manufacturing, and energy are gradually picking up momentum. He also stressed that his administration is committed to ensuring that the benefits of these reforms are felt by the people, particularly the most vulnerable, through carefully designed social safety nets, direct support programs, and interventions that reduce the burden on ordinary Nigerians.
Tinubu highlighted that one of the key pillars of his economic strategy is to reduce dependence on oil and build a more diversified economy where agriculture, technology, industry, and small businesses can thrive. He mentioned ongoing efforts to boost food security by supporting farmers with inputs, improving storage and distribution systems, and tackling insecurity in food-producing regions. He also noted that policies are being put in place to stabilize the naira and curb inflation, while at the same time encouraging local production to reduce the country’s reliance on imports.
He assured Nigerians that his administration is not blind to their struggles, and every policy is being designed with the aim of creating a future where opportunities abound and citizens are not weighed down by poverty and hardship. He expressed optimism that the sacrifices being made today will soon yield lasting rewards, as the foundation for a stronger, more prosperous, and more self-reliant Nigeria is already being laid. Tinubu urged citizens to remain patient, resilient, and united, insisting that the nation is on the right track and that better days are ahead. He reiterated that the journey to recovery is not without challenges, but the determination of his government, coupled with the resilience of the Nigerian people, will ensure that the country emerges stronger than before.
