President Bola Tinubu on Wednesday defended his administration’s controversial decision to remove fuel subsidies and unify the foreign exchange market, calling the moves necessary to prevent economic collapse.
In his second anniversary address, Tinubu said the policies were implemented immediately after he assumed office to “save the country from fiscal disaster.”
“The subsidy regime was unsustainable and drained our national resources,” Tinubu stated. “Unifying the exchange rate was vital to restore investor confidence and stabilize our economy.”
The reforms, while praised by international financial institutions, have led to higher fuel prices and a spike in the cost of living, sparking protests across several states.
Tinubu acknowledged the hardships but insisted that the measures were essential for long-term stability and growth.
“We could not continue on a path that threatened our nation’s viability,” he said. “These decisions were difficult but necessary.”
He promised that the government would continue to implement palliative measures to cushion the impact on vulnerable groups.
Tinubu urged Nigerians to remain patient, assuring them that the reforms would soon yield positive results for all.