Tinubu says economic reforms improving Nigeria’s finances
President Bola Tinubu says his administration’s economic reforms have started improving Nigeria’s finances and restoring confidence in the economy after years of fiscal challenges.
Tinubu stated this on Friday in a nationwide broadcast to mark the third anniversary of his administration, where he defended key policy decisions taken since assuming office in 2023.
According to the president, his government inherited serious economic problems, including rising debt servicing costs, fuel subsidy payments, foreign exchange distortions and declining public confidence.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies, over ₦4 trillion in 2022 alone,” he said.
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Tinubu also blamed multiple exchange rate windows and forex arbitrage for worsening economic distortions in the country.
“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent seeking and speculative practices,” he stated.
The president said the situation forced his administration to take difficult decisions to prevent deeper economic problems.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” Tinubu said.
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He admitted that the reforms increased living costs and placed pressure on Nigerians, businesses and job seekers across the country.
“The rising cost of living triggered by our measures placed enormous pressure on families, workers and businesses. Young people searching for jobs felt discouraged,” he added.
Tinubu, however, maintained that the policies were beginning to produce positive results.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. Today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he said.
The president said investor confidence had improved, while the Nigerian stock market recorded major growth within the last three years.
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“The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 trillion this year,” he said.
Tinubu also highlighted ongoing infrastructure projects across the country, saying over 2,700 kilometres of highways and major roads were currently under construction, reconstruction or rehabilitation.
He listed some of the projects as the Lagos Calabar Coastal Highway, Sokoto Badagry Super Highway, Abuja Kaduna Zaria Kano Road and the East West Road.
According to him, several sections of the projects are nearing completion and are expected to improve transportation, reduce travel time, strengthen regional trade and create jobs.
The president added that rail modernisation projects were also progressing to improve connectivity and economic activities across the country.