Our reforms didn’t create economic problems – Tinubu

President Bola Tinubu on Thursday said his administration’s reforms didn’t create the economic challenges confronting Nigerians.

The President made this known in his 66th independence anniversary speech to Nigerians, highlighting his administration’s economic successes.

In a nationwide broadcast on Thursday morning, Mr Tinubu said his administration implemented tough reforms that have begun having a positive impact on the economy.

“For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow,” he said.

The president argued that by 2023, poverty was rising, hope was nearly gone, and the country’s situation was darker than ever.

“We had no choice but to act. Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.”

The president noted that for far too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.

“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society.

“We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next,” he said.

Nigeria has seen a series of reforms aimed at correcting the economy’s structure since Mr Tinubu assumed power in 2023. The government removed the fuel subsidy, liberalised the foreign exchange market, among other reforms.

While the government said the moves are designed to put the nation on a solid footing, the reforms have had an enormous effect on the populace, with skyrocketing costs of transport and consumer goods.

Mr Tinubu argued Thursday that his government chose to do things differently rather than ignore the foundational issues.

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“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease,” he said.

“Our reforms did not create the weaknesses in our economy. They confronted them. Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come.”

The president said the evidence that Nigeria’s economic outlook has improved is undeniable.

“Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth,” he said.