Tinubu says reforms confronted, rather than caused, Nigeria’s economic weaknesses

President Bola Tinubu said his administration’s economic reforms did not create Nigeria’s underlying economic problems, arguing instead that they confronted weaknesses that had been allowed to deepen over time. Speaking in a nationwide Independence Day broadcast, Tinubu said earlier policy choices had postponed difficult decisions and allowed economic distortions to grow. He maintained that his government had acted because poverty was rising and public confidence had weakened by 2023.

The administration removed the fuel subsidy after taking office and liberalised the foreign-exchange market among other measures. The changes have contributed to higher transport and consumer costs, according to the source, while the government has defended them as necessary for long-term stability. Tinubu acknowledged that the reforms had been difficult and that their side effects were real.

He nevertheless said Nigerians should distinguish between the discomfort caused by the treatment and the deeper economic condition that the policies were intended to address. He opposed calls to abandon the reforms and return to what he described as unsustainable subsidies. The President said previous governments had spent heavily on inefficient arrangements while passing the consequences of delayed decisions to future generations.

Tinubu also argued that economic indicators had begun to improve. He said Nigeria’s economy grew by more than 4 per cent during the year, with both oil and non-oil sectors contributing to the expansion. The President presented the reported growth as evidence that the reforms were starting to produce results.

The supplied material does not include independent assessments of the figures, reactions from opposition groups or details of the effect of the reforms on particular households. His speech framed the policy debate as a choice between continuing structural changes despite hardship and returning to measures that he said had only concealed the country’s economic weaknesses.