Tinubu says reforms didn't cause Nigeria's economic woes, cites 4% growth in independence speech
President Bola Tinubu defended his administration's economic reforms in his 66th independence anniversary speech broadcast nationwide on Thursday morning, arguing the policies didn't create Nigeria's current economic challenges but were necessary treatment for deep-rooted weaknesses.
Tinubu stated that by 2023, poverty was rising and hope was nearly gone, leaving no choice but to implement tough reforms including fuel subsidy removal and foreign exchange market liberalization. He likened the reforms to cancer treatment - painful but offering prospect of recovery - and insisted his government chose to 'excise the cancer' rather than ignore foundational issues.
The president claimed evidence of improvement is undeniable, stating 'Our economy has grown by over 4 per cent this year' with both oil and non-oil sectors contributing to stable growth. He warned against influential voices urging abandonment of the reforms in favor of returning to 'abuse of addictive subsidies,' saying Nigerians must remember why the reform journey began and how far they've come.
While acknowledging reforms caused real side effects like increased transport and consumer goods costs, Tinubu maintained the medicine should not be confused with the disease. The speech comes as Nigerians continue to feel the impact of removed fuel subsidies and forex liberalization through higher prices for essentials.
With Nigeria's economy showing signs of growth according to government claims, will you view the current hardship as necessary treatment for long-term recovery, or do you believe the reforms have caused more harm than good given your personal experience with rising costs?