President Bola Tinubu has defended the series of economic reforms introduced at the start of his administration, insisting that the nation has begun to recover from years of fiscal mismanagement.
In his Independence Day address on Wednesday, Tinubu recalled that upon assuming office on May 29, 2023, his government was confronted with an economy he described as “near-collapsed,” weakened by decades of policy distortions and fiscal misalignment.
“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path,” he said. “We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
Tinubu, who had announced the removal of petrol subsidies during his inaugural speech, said his government opted for tough but unavoidable measures to reset the economy, despite the immediate hardship it caused.
READ ALSO: FOR THE RECORDS: TINUBU’s Independence Day address to the nation (Full text)
The president declared that Nigeria had “turned the corner” and was now positioned for growth. He called on citizens to sustain their resilience, noting that the country must urgently invest in roads, schools, hospitals, power, and modern infrastructure to secure the future.
“We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right,” he said.
Tinubu assured Nigerians that the most difficult phase of the reforms was over. “Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour,” he said.
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