Tinubu to Senators: We stopped monumental corruption in subsidy, forex systems
President Bola Tinubu on Wednesday strongly defended his administration’s economic reforms, declaring that the removal of fuel subsidies and changes to the foreign exchange system ended what he described as “monumental corruption” and required shared political courage with the National Assembly.
Speaking during an interfaith breakfast with senators at the Presidential Villa in Abuja, Tinubu said the bold policy decisions would not have been possible without the backing of the 10th Senate.
“I have a lot of credit for bold reforms. Without your collaboration and inspiration, those reforms would not be possible. We are reformists together,” the President told lawmakers.
He said the administration’s decision to scrap the petrol subsidy regime was aimed at dismantling entrenched corruption and halting systemic leakages in public finance.
“What we gave up and what we stopped is monumental corruption in the subsidy system,” Tinubu said. “We don’t want to participate in monumental corruption and arbitrage foreign exchange.”
The President maintained that the reforms had stabilised the economy and restored fiscal discipline, insisting that Nigeria was already witnessing the benefits.
“You don’t have to chase me for dollars; you could see what Nigeria is today,” he said. “You should be proud, and I am glad you are. What we are enjoying is a stable economy, and prosperity is beckoning us.”
President of the Senate, Godswill Akpabio, in his remarks, commended the President’s leadership and said the reforms had increased revenue accruing to states, enabling sub-national governments to invest more in infrastructure and development.
