President Bola Ahmed Tinubu has assured Nigerians that the reforms introduced by his administration are beginning to yield positive results across the country.
Gatekeepers News reports that in his nationwide broadcast on Wednesday to mark Nigeria’s 65th Independence anniversary, Tinubu reflected on his government’s journey since May 2023 and emphasised his commitment to restructuring the nation’s economy.
He said, “Fellow compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023.”
“In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.”
The president said that his administration inherited a collapsing economy distorted by years of poor fiscal management. He said the government had two options: continue with business as usual or take the more courageous route of structural reforms.
Tinubu said, “We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
He recalled that one of his earliest steps in office was to end fuel subsidy payments and unify multiple foreign exchange rates, policies he described as corrupt and exploitative.
According to the president, while these measures initially raised fuel prices and worsened hardship for citizens, they were essential to redirect Nigeria’s economy.
He noted, “In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth.”
Tinubu added that resources freed up from subsidy removal and fiscal adjustments are now being channelled into critical areas such as education, healthcare, agriculture, national security, roads, power, broadband, and social investment programmes.
He said, “These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.”
Reflecting on the broader journey since independence, Tinubu said that while Nigeria may not have reached all the dreams of its founding fathers, it has made tremendous progress in economic growth, social cohesion, and physical development.
