President Bola Tinubu on Thursday said the economic reforms of his administration are yielding the desired results.
Speaking at the All Progressives Congress (APC) National Summit at the banquet hall of the State House in Abuja, Tinubu said the ruling party is not a failure.
“Two years ago, we embarked on this journey, propelled by a bus of hope and abiding faith in Nigeria. Together, we pledged to confront Nigeria’s challenges head-on by rebuilding the trust, fostering prosperity.
“Today, I am proud to affirm that our economic reforms are working. There’s nothing good that comes easily. The subsidy is gone and was gone for the good of this country,” he said.
After coming to office in May 2023, President Tinubu embarked on a deep economic reform programme, which the government and international financial institutions said was necessary to right the public finances of the continent’s most populous country.
But those measures – including liberalising the battered naira currency, and cutting fuel subsidies – have come at a cost for many ordinary Nigerians, who are facing the worst cost-of-living crisis in a generation.
Successive years of rising inflation and sluggish growth have raised poverty and hardship levels, the bank said, estimating that nearly half of all Nigerians lived in poverty in 2024.
The International Monetary Fund (IMF) said last month that the government’s tough economic reforms have yet to benefit the average citizen.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
