Be patient, my economic reforms will stabilize Nigeria — Pres. Tinubu tells Nigerians

President Bola Ahmed Tinubu has urged Nigerians to remain patient as his administration’s economic reforms will guarantee a more stable and prosperous future for the nation.

Speaking on Tuesday, March 5, at an event in Abuja, the president said: “I should start by respectfully challenging the notion that Nigeria’s economy is indeed facing challenges. Describing our situation as ‘distress’ suggests helplessness and being at the mercy of forces beyond our control.

However, that is not the case. We are certainly in challenging times, but these times are also marked by unprecedented opportunities to reassess costs and build a new, sustainable economy, moving away from the rent-seeking and wasteful practices that were once commonplace.

The Leadership Group, as you yourself have alluded to, has made difficult but necessary decisions. Since the removal of fuel subsidies, our petrol imports have halved, saving about a billion liters according to the Nigerian Bureau of Statistics. Moreover, revenues accruing to the federal, state, and local governments have grown by 50 to 100% since the subsidy removal.

This increased revenue means more funds are available to directly impact Nigerians’ lives through investments in critical infrastructure, social security, and other areas.

For instance, the additional funding is being directed to a new minimum wage, for which negotiations have begun between the federal government, state governments, organized labor, and the private sector…(continue reading from next slide.)