President Bola Tinubu
President Bola Ahmed Tinubu has defended the removal of fuel subsidy, saying the decision was necessary to correct years of economic distortions and place Nigeria on the path of sustainable growth.
Tinubu made the remarks in his Independence Day address to Nigerians as the country marked its 66th anniversary, where he explained the reasons behind the major economic reforms introduced by his administration.
The President said Nigeria had for many years relied on policies that provided temporary relief while allowing deeper economic challenges to continue.
He compared the country’s previous economic situation to a patient battling a serious illness, saying difficult treatment was needed to achieve recovery.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” Tinubu said.
He explained that successive administrations focused on reducing the immediate pain of economic challenges instead of addressing the underlying problems.
According to him, fuel subsidy was among the policies that placed heavy pressure on the nation’s finances and prevented resources from being invested in critical sectors.
“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer,” the President said.
Tinubu acknowledged that the reforms, including fuel subsidy removal, came with difficulties for Nigerians but insisted that the challenges should not be confused with the purpose of the reforms.
“The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease,” he stated.
The President warned against calls to return to what he described as “addictive subsidies”, saying reversing the policy would take Nigeria back to the same economic problems the reforms were designed to solve.
“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” Tinubu said.
He argued that the government’s decision had helped stabilise the economy, rebuild foreign reserves, improve foreign exchange management and encourage investment.
Tinubu said the country had now moved beyond emergency economic measures and was entering a new phase focused on improving the living conditions of Nigerians.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” he said.
The President said the next priority of his administration was to reduce the cost of living by lowering the cost of producing and transporting goods.
He explained that cheaper production costs, improved infrastructure, better electricity supply and efficient transportation would eventually reduce the prices of goods and services.
Tinubu said his government was investing in agriculture, roads, railways and ports to reduce the burden on Nigerians and strengthen local production.
He added that the administration would continue supporting industries, creating jobs and expanding opportunities for young Nigerians.
The President admitted that many citizens were still facing economic hardship, including difficulties with food, transportation, education and healthcare.
However, he said the current challenges were the result of decades of economic weaknesses and could not be solved overnight.
“We cannot erase in four years what accumulated over generations. But we can change its course,” Tinubu said.
He assured Nigerians that government programmes, including social support initiatives, student loans and access to credit, were designed to support vulnerable citizens while the economy improves.
Tinubu said the ultimate goal of his reforms was not simply to manage poverty but to create an economy where Nigerians can thrive.
“Our objective is not to manage poverty more efficiently. We will defeat it,” he declared.
The President urged Nigerians to remain patient and hopeful, saying the country had passed through a difficult period and was now positioned for a better future.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” Tinubu said.
He called on Nigerians to support the journey towards what he described as a new era of shared prosperity.
