Tinubu introduced economic reforms, such as the removal of the fuel subsidy and changes to the foreign exchange system, after he was sworn in in May 2023.
By Kehinde Okeowo
President Bola Tinubu has said that, contrary to the belief that millions of Nigerians are facing hardship as a result of his administration’s economic reforms, their suffering is the product of decades of low productivity, inadequate infrastructure, and limited opportunities.
He made the claim on Thursday morning during his speech marking Nigeria’s 66th Independence Day celebration.
After he was sworn in in May 2023, Tinubu introduced economic reforms, such as the removal of the fuel subsidy and changes to the foreign exchange system, as necessary measures to reposition the Nigerian economy.
Since then, prices of commodities, housing, transportation, medical bills, and other basic necessities have skyrocketed, forcing Nigerians to grapple with daily survival.
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While acknowledging that millions of Nigerians are still struggling to afford basic necessities, including food, school fees, medical bills, and transportation, the president noted that the challenges predated the reforms implemented by his administration since taking power three years ago.
Tinubu said, “Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work.”
He added, “Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity, and institutions that too often failed those who needed them most.
“We cannot erase in four years what has accumulated over generations. But we can change its course.
“We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.”
