- President Bola Ahmed Tinubu described the pre-2023 Nigerian economy as a facade, requiring tough policy decisions to avert collapse.
- Tinubu defended his administration’s removal of fuel subsidies and unification of exchange rates as critical moves to stabilize the economy.
- The President expressed optimism about the outcomes of these policies, stating that the macro-economy is improving daily.
President Bola Ahmed Tinubu has described the pre-2023 Nigerian economy as a facade, asserting that his administration’s tough policy decisions were necessary to avert the nation’s collapse. Speaking at the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA), Ondo State, Tinubu highlighted the precarious state of the nation’s economy at the time he assumed office.
Tinubu explained that the economy was “nose-diving” due to heavy debts from fuel and dollar subsidies. He noted that these subsidies, meant to support the poor, ironically made life harder for the average Nigerian. The President defended his administration’s removal of fuel subsidies and unification of exchange rates as critical moves to stabilize the economy, despite their short-term challenges.
The President expressed optimism about the outcomes of these policies, stating that the macro-economy is improving daily, and the micro-economy, which directly impacts citizens, is also taking shape with positive results. Tinubu’s administration is focused on restoring confidence in Nigeria’s economy, with efforts aimed at reducing inflation, stabilizing the foreign exchange market, and improving fiscal management. The administration’s economic reforms are expected to drive 3.76% growth in 2024.
