Nigeria has been in desperate need of reform for decades – Tinubu

President Bola Tinubu says the reforms introduced by his administration are repositioning Nigeria for a future of greatness. During his inaugural speech on May 29, 2023, the president announced removal of fuel subsidy and also directed the Central Bank of Nigeria (CBN) to collapse the existing exchange rates. Consequently, the apex bank directed Deposit Money […]

President Bola Tinubu says the reforms introduced by his administration are repositioning Nigeria for a future of greatness.

During his inaugural speech on May 29, 2023, the president announced removal of fuel subsidy and also directed the Central Bank of Nigeria (CBN) to collapse the existing exchange rates.

Consequently, the apex bank directed Deposit Money Banks to remove the rate cap on the naira at the Investor’s and Exporters’ Window of the foreign exchange market, resulting in free-floating of the national currency against the dollar and other global currencies.

The Nigerian currency continued losing ground and a point reached all-time low of over N2000 to a dollar.

Removal of petroleum subsidy also led to more than triple increase in the pump price of petrol, resulting in inflation.

Critics have accused the president of poorly executing his policy, saying he ought to have conducted feasibility studies ahead of implementation.

Following the nationwide hardship, there have been calls on the president to reverse some of his policies.

But speaking on Wednesday during a national broadcast to mark Nigeria’s 25th anniversary of unbroken democracy, Tinubu said the country’s economy has been in desperate need of reform for decades.

He said: “I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.

“I understand the economic difficulties we face as a nation. Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.”