President Bola Tinubu has defended his economic reforms, including the controversial removal of the fuel subsidy. He stated that he has no regrets about the decision, calling it necessary for Nigeria’s long-term economic stability. The President emphasized that maintaining a subsidy without a revenue base would have led to a financial crisis.
Tinubu argued that the reforms, despite causing short-term hardship, would benefit future generations. “This is the pathway to prosperity,” he said. He dismissed criticism as coming from smugglers whose interests were threatened by the policy. The President reassured Nigerians that the market would eventually correct inflation.
He pointed out the positive effects of the reforms, such as a reduction in the debt service-to-revenue ratio from 78% to 68% over the past two years. Tinubu explained that borrowing was necessary to bridge Nigeria’s infrastructure gap. He compared it to a pregnant woman enduring temporary pain for future gain.
On tax reforms, the President stressed that they were “pro-poor” and would help create a fairer economy. He said tax reforms are here to stay and that Nigeria could not continue with outdated economic practices. He emphasized that these reforms would help expand the economy for everyone.
Tinubu also addressed the rising food prices and food insecurity, which have worsened inflation. He promised measures to stabilize food prices, such as providing loans to farmers and improving security in rural areas. He also called for more local production and less reliance on imports.
The President expressed confidence that Nigeria would achieve a 15% inflation rate by next year. He pledged continued investment in infrastructure to support local production and reduce inflation. He also highlighted the importance of improving the agricultural sector to ensure food security.
On corruption, Tinubu said the recent minimum wage increase was part of his efforts to fight it. He argued that paying fair wages would reduce the temptation for people to engage in corrupt practices. He also pointed to the student loan scheme and the fuel subsidy removal as measures to address the root causes of corruption.
Tinubu expressed confidence in his cabinet, stating that they are all adding value to Nigeria. He rejected any suggestion of reducing the size of the cabinet, stressing the importance of efficiency. The President ended by reaffirming his belief in Nigeria’s future, stating that the country is on the right path.
While there are challenges ahead, Tinubu remains optimistic. He believes that, in time, the country will see the benefits of the reforms. His focus is on securing a prosperous future for Nigeria.