President Bola Tinubu has defended his administration’s economic reforms, insisting that the removal of fuel subsidy and foreign exchange reforms were necessary steps to prevent Nigeria from sliding into economic collapse.
Speaking during a panel session at the Africa CEO Forum in Kigali on Friday, President Tinubu acknowledged that the reforms were painful but said they were unavoidable to reset the nation’s economy.
According to the President, Nigeria could no longer sustain what he described as “wasteful subsidies” that encouraged corruption, smuggling and economic distortions.
He said before the reforms, many states were unable to pay workers’ salaries despite Nigeria’s status as an oil-producing nation.
Ahead of the 2027 elections, President Tinubu said his government would continue taking difficult but necessary decisions to sustain economic stability and growth.
He noted that despite criticism and resistance at the early stage of the reforms, Nigeria’s economy had become more stable and predictable for investors and economic planners.
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Tinubu compared the reform process to childbirth, saying although painful, it would ultimately produce positive outcomes for Nigerians.
The President also defended his administration’s tax reforms, arguing that taxation remains essential for infrastructure, healthcare, education and social development.
He said citizens must understand that development cannot happen without revenue generation, stressing that governments require taxes to provide public services and support vulnerable groups.
President Tinubu also highlighted ongoing social intervention programmes, including direct cash transfers and educational support for poor households to keep children in school.
On industrial policy, the President said his administration would continue supporting major indigenous businesses capable of creating jobs and boosting local production.
Tinubu disclosed that his administration approved the sale of crude oil to the refinery in naira to reduce pressure on foreign exchange and ease operational bottlenecks.
The President further defended the ongoing Lagos-Calabar Coastal Highway project, describing it as a strategic infrastructure initiative aimed at boosting tourism, regional integration and economic inclusion across southern Nigeria.
He said the project was designed to connect economic hubs while promoting the use of locally produced materials including cement and steel.
On regional security and diplomacy, Tinubu stressed the importance of international partnerships and collaboration with neighbouring African countries, saying Nigeria could not tackle security challenges in isolation.
The President maintained that Nigeria still retains its leadership role in West Africa and remains committed to promoting stability and security across the region.
(Editor: Terverr Tyav)
