President Bola Tinubu
President Bola Ahmed Tinubu has defended his administration’s economic reforms, insisting that they are addressing long-standing structural problems and laying the foundation for sustainable growth despite criticism from opposition politicians.
The President made the remarks in excerpts from his October 1 Independence Day broadcast shared on Friday by the Presidency through his Special Adviser on Information and Strategy, Bayo Onanuga, on X.
Responding to critics of his Independence Day address, Tinubu said some politicians reacted to the speech without paying attention to its content.
Defending his government’s economic policies, the President said the reforms did not create Nigeria’s economic challenges but were designed to solve them.
> “Our reforms did not create the weaknesses in our economy. They confronted them. Now, as certain influential but regressive voices would have us abandon the treatment and return to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come,” Tinubu said.
The President also maintained that there are clear signs that the country’s economic outlook has improved since the reforms were introduced.
> “Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth,” he added.
Tinubu’s administration has consistently argued that removing fuel subsidies and introducing other economic reforms were necessary to stabilise the economy, attract investment and reduce pressure on public finances.
However, the policies have continued to generate debate, with opposition parties and some stakeholders blaming them for rising living costs and economic hardship.
The Presidency has repeatedly maintained that although the reforms have come with short-term difficulties, they are expected to deliver long-term benefits by strengthening the economy, improving government revenue and creating a more sustainable path for national development.
The latest remarks form part of the Presidency’s defence of the economic policies outlined in Tinubu’s October 1 Independence Day address, as public debate over the administration’s reforms continues.
