BREAKING: “I feel your pain,” Tinubu tells Nigerians reforms are intended to create a stronger, economy

Kunle Sanni

President Bola Tinubu says that the economic reforms initiated by his government are focused on creating a stronger and better foundation for future growth.

Tinubu said this on Wednesday in a televised national broadcast speech on Democracy Day on NTA. He initiated several key reforms in an attempt to bolster the economic situation of the country.

In his inaugural speech on May 29 of last year, President Tinubu declared the withdrawal of subsidies, citing the absence of any such provisions in the 2023 appropriation act. As a result, the price of petrol skyrocketed by approximately 200 per cent, from around N200 to over N500.

Also in June of last year, the Central Bank of Nigeria (CBN) surprisingly announced the unification of the exchange rates, and in October, there was the removal of the foreign exchange restrictions on 43 items, which were imposed under Godwin Emefiele, former governor of CBN.

The action elicited widespread reaction from different quarters. In reaction, the federal government initiated palliatives schemes.

In his speech, Tinubu who also acknowledged that these reforms may have caused short-term hardship for Nigerians, emphasized that they are necessary to repair the economy in the long run.

Tinubu further emphasised assuring that the goal of these reforms is to ensure that everyone has access to economic opportunity, fair pay, and compensation for their labour.

He said, “The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship.

“Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

The president also assured Nigerians that his government would continue to listen to the people and will never turn its back on the people.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you,” he added.