Economic Reforms Working, says Tinubu

President Bola Tinubu has affirmed that the economic reforms of his APC led government are working very well.

Recalled that after assuming office in May 2023, President Tinubu introduced major economic reforms to stabilise Nigeria’s finances, supported by international institutions.

However, these changes, including currency liberalisation and subsidy cuts, have led to a severe cost-of-living crisis, with nearly half of Nigerians living in poverty in 2024.

The removal of fuel subsidies further triggered a sharp rise in petrol prices, setting off a ripple effect that increased transport fares, food costs, and overall living expenses for millions of Nigerians.

But Tinubu, speaking at the APC summit, maintained that the reforms, including the removal of fuel subsidies, are beginning to yield results and were necessary to secure the country’s long-term future.

“Today, I am proud to announce that our economic reforms are working,” he declared. On the controversial fuel subsidy removal, Tinubu remarked, “There is nothing good that comes easy in life.

“All of you have been through life. I only threw in a little casual decision to make it easy at the beginning. The subsidy is gone—and it was gone for the good of this country. We couldn’t just afford to spend the future of our children and our unborn babies ahead of their birth.”

Touching on broader reforms, Tinubu highlighted efforts to combat poverty and corruption, noting the EFCC’s recovery of over 700 properties linked to the embattled former CBN governor, Godwin Emefiele, as evidence of progress.

He said, “We pledged to tackle poverty and remove insecurity. How fast would you have reconstructed this country if you had allowed the arbitrage in the exchange rate to continue? That is the grandfather of corruption.

“You could see the EFCC recovering over 753 houses from one person locally here. We encountered challenges when we assumed office in May, but we have made progress by implementing difficult, long-overdue, but necessary economic reforms.”

“Because of the reforms, our country now attracts greater foreign investment that will ultimately create jobs and produce much-needed goods and services that will significantly improve the standard of living in our country,” he said.