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Tinubu Says His Tough Economic Reforms Are Now Helping Nigeria’s Economy Grow
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.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
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