December 23, (THEWILL) – Nigeria’s President Bola Tinubu said on Monday that his economic reforms would continue despite increasing hardships that have fuelled public anger, saying they were necessary to avoid the fall.
Tinubu, who came to power last year, removed a decades-old petrol subsidy that kept prices artificially low and devalued the currency, sending inflation soaring to 34.60% in November 2024, from 22.4% in May 2023 when he assumed office.
Speaking on Monday, in his first Presidential Media Chat in Ikoyi, Lagos, President Tinubu, who rated himself high in achievements, acknowledged hardships caused by the reforms, but insisted they are necessary to create a stronger foundation for future growth.
“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”, Tinubu said.
Nigeria is grappling with the worst cost-of-living crisis in decades. last week, over 80 Nigerians died in stampede in Oyo, Abuja and Anambra, as they struggled for palliatives.
President Tinubu, who decried the previous mismanagement of the economy said, “We spent our future maintaining subsidies” that drained the economy.
He defended the removal of petrol subsidy saying “I don’t have any regrets removing fuel subsidy. We can’t be subsidising the entire West Africa sub region. Either we slice it in half or bits, we still have to completely remove it”, he said.
President Tinubu also defended the borrowing plan to fund the 2025 budget insisting “borrowing is not criminal”.
President Bola Tinubu last Wednesday, presented the 2025 Appropriation Bill of N49.7 trillion to a Joint Session of the National Assembly. Tagged “Budget of Restoration: Securing Peace, Rebuilding Prosperity”, security and defence, infrastructure, health and education were some of the sectors with highest allocations.
Tinubu noted that the government expected N34.82 trillion in revenue for 2025, leaving a deficit of N13.39 trillion, representing 3.89 percent of Nigeria’s Gross Domestic Product. He explained that the deficit would be financed through borrowing, stressing that this approach is necessary to achieve the government’s developmental goals.
Raising concerns about the borrowing plan during the media chat, President Tinubu defended the decision to borrow, saying it is not criminal and necessary for Infrastructural development.
The President also defended his large cabinet with 49 ministers. Insisting that he will not trimdiwn his appointees, President Tinubu said all the cabinet members are doing well in their various areas.
“I’m not prepared to bring down the number of my cabinet. I saw the need for them when I created the portfolio. Nigeria is a large country. If you are to entertain over 200 million persons, calculate how many stewards will be required”, he said.
The President also scored himself high on security noting that the roads are free.
“I remember what I met, and I’m proud of what I left. It’s expanding today. We have to accommodate new thoughts in the economic calculation. Two decades of wanton killings have been addressed. Today, you can travel the roads. Before now, it was impossible”, he said, adding that the military remains vigilant against both internal and external threats to ensure the safety of citizens.
On corruption, President Tinubu maintained that it was better to fight incidences that encourage corruption like the implementation of living wage.
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