News
Tinubu Claims His Economic Reforms Are Yielding Results Despite Challenges
President Bola Tinubu has announced that the economic reforms implemented since he assumed office are beginning to show positive outcomes.
While acknowledging the difficulties these policies have caused for Nigerians, the President emphasized that they were necessary to pull the country back from the brink of economic and social collapse.
Tinubu’s remarks were delivered at the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA), where he was represented by the Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole.
During his address, Tinubu highlighted a significant shift in the nation’s economic trajectory, noting that Nigeria is transitioning from a consumption-driven economy to one focused on production and self-reliance.
The President appealed to Nigerians for patience and understanding as his administration works to stabilize the country.
He reassured citizens that his government remains open to constructive criticism while striving to implement policies that benefit all.
Tinubu also reiterated his commitment to prioritizing the well-being of future generations, explaining that key decisions, such as the removal of the fuel subsidy and the unification of exchange rates, were taken to address deep-rooted economic challenges.
He said, “These reforms were essential to secure the future of our children and reposition the country on the path of sustainable growth.
I am fully aware of the hardships caused by these measures and sincerely wish there were less painful alternatives.
However, they were necessary to rescue our economy and ensure long-term prosperity.”
Tinubu pointed out that while macroeconomic indicators are showing signs of improvement, the impact on individual households—the microeconomy—will take time to fully manifest.
He expressed optimism, stating that gradual progress is being made, and citizens will soon begin to feel tangible benefits.
“Every household will, by the grace of God, experience an improved quality of life and greater hope for the future,” he assured.
The President also addressed the issue of national security, affirming his administration’s dedication to protecting Nigerians in all regions.
“We are working tirelessly to ensure the safety and security of every Nigerian.
Our revamped security architecture is yielding results, and the dark days of insecurity are becoming a thing of the past.
We remain focused on building a nation where everyone can thrive in peace and prosperity,” Tinubu added.
Professor Wahab Egbewole, who represented Tinubu at the event, commended FUTA for its contributions to national development through innovation and technology.
He encouraged the graduating students to apply their skills toward solving societal challenges, noting that the country’s economic transformation depends heavily on youth empowerment and technological advancement.
The removal of the fuel subsidy earlier this year was one of Tinubu’s most controversial decisions.
While it caused an immediate spike in fuel prices and transportation costs, his administration argued that the funds previously spent on subsidies could now be redirected toward critical infrastructure and social programs.
Similarly, the unification of exchange rates aimed to reduce market distortions and attract foreign investment, though it initially led to inflationary pressures.
President Bola Tinubu has claimed that his government’s economic reforms are beginning to bear fruit. Speaking at the APC National Summit held at the State House banquet hall in Abuja on Thursday, Tinubu defended his administration’s decisions and insisted that the ruling party has not failed Nigerians. “Two years ago, we set out on a journey powered by hope and a strong belief in this country. We made a promise to tackle Nigeria’s problems directly and rebuild the trust of our people,” he said.
The president expressed confidence that the economic policies introduced since May 2023 are taking effect. He noted that the removal of fuel subsidies was a tough but necessary decision meant to steer the country toward a better future. “We took the bold step to end the subsidy, and we did it for the good of the country. Good things don’t come easy,” Tinubu added.
Since taking office, his administration has introduced a wave of economic reforms, including floating the naira and slashing fuel subsidies—moves which both the government and international bodies say were essential to fix Nigeria’s struggling economy.
However, these changes have been deeply felt by everyday Nigerians, many of whom are battling an intense cost-of-living crisis. With inflation soaring and economic growth sluggish, the World Bank estimates that nearly half of Nigeria’s population lived in poverty in 2024. Similarly, the International Monetary Fund (IMF) recently pointed out that while the reforms may be important in the long run, they are yet to make a real difference in the lives of ordinary citizens.
The Progressive Governors’ Forum has pledged full support to ensure President Bola Tinubu secures a second term in office. Speaking at the APC National Summit in Abuja, the forum’s chairman and Imo State Governor, Hope Uzodimma, urged his fellow governors to take firm control of politics in their states and work to secure victories for the party across all levels.
Uzodimma emphasized that a united and active effort by APC governors will pave the way for Tinubu’s re-election in 2027. He also acknowledged the public backing Tinubu has received from APC governors in the North, calling it a strong step toward solidifying the president’s position as the party’s next flag bearer.
According to him, APC governors must promote federal government policies and dominate their political spaces to ensure success in the next general elections. Uzodimma closed his remarks by formally calling on the summit to adopt the position of the Progressive Governors’ Forum in endorsing Tinubu for a second term and committing to deliver that mandate.
Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.
According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.
In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.
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