President Bola Ahmed Tinubu has defended his administration’s economic reforms, saying they did not create Nigeria’s existing economic weaknesses but were introduced to confront problems that had accumulated over decades.
Tinubu made the remarks on Thursday in his Independence Day address to Nigerians as the country marked its 66th anniversary of independence.
The President said his administration inherited an economy characterised by rising poverty, deep economic distortions and declining hope, arguing that difficult reforms were necessary to correct the country’s economic direction.
“Our reform did not create the weakness in our economy. They confronted them,” Tinubu said.
He compared Nigeria’s economic situation to a patient diagnosed with cancer, saying previous governments had opted for temporary relief rather than addressing the underlying problems.
According to him, the reforms, including the removal of fuel subsidies and changes to the foreign exchange system, came with real and painful side effects but were necessary to address the structural problems in the economy.
Tinubu also acknowledged that millions of Nigerians continue to struggle with food, school fees, healthcare costs and transportation, but argued that these challenges predated his administration and were the accumulated result of decades of low productivity, inadequate infrastructure and limited opportunities.
Details Later…