We inherited near-collapsed economy, ended corrupt fuel subsidies, says Tinubu

By Kunle Sanni –

President Bola Tinubu on Wednesday said his administration inherited a “near-collapsed economy” upon assuming office, blaming decades of fiscal distortions and policy misalignments for stifling real growth.

Delivering his nationwide address to mark Nigeria’s 65th Independence anniversary, Tinubu said his government was faced with a tough choice: to continue “business as usual” or to embark on far-reaching reforms.

“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today,” he declared.

The President highlighted his government’s decision to remove fuel subsidies and end multiple foreign exchange rates, which he described as corrupt systems that enriched only a minority while leaving ordinary citizens with nothing.

“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority,” he said.

Tinubu noted that the savings from these reforms are being redirected to critical sectors, including education, healthcare, agriculture, security, infrastructure, and social investment programmes. According to him, these measures are already enabling federal, state, and local governments to channel more resources to the grassroots and address development challenges.

“Sixteen months later, the seeds of those difficult but necessary decisions are bearing fruit,” he said, assuring Nigerians that the reforms will translate into a better quality of life for citizens.