My reforms rescued Nigeria from fiscal collapse -Tinubu 

By Paul Dada

President Bola Ahmed Tinubu say the economic reforms introduced by his administration, have prevented Nigeria from sliding into fiscal breakdown and laid the foundation for national recovery.

Speaking during the third anniversary of his administration, Tinubu acknowledged the hardship experienced by Nigerians but insisted that the sacrifices made by citizens were beginning to yield positive results.

“Three years ago, you entrusted me with the sacred responsibility of leading our beloved nation at a defining moment in our history,” the President said.

He added, “I accepted that responsibility, fully aware of the magnitude of the challenges before us, but also deeply confident in the resilience and potential of the Nigerian people.”

Tinubu said his administration inherited severe economic and structural problems, including “mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions”.

According to him, Nigeria spent huge amounts on fuel subsidies before the policy was removed.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4bn daily to sustain petrol subsidies, over ₦4tn in 2022 alone,” he said.

He argued that such resources “could have been invested in roads, healthcare, education, housing, and critical infrastructure”.

The President also blamed multiple foreign exchange windows for encouraging corruption and speculation in the economy.

“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8tn over three years to rent-seeking and speculative practices,” he stated.

Tinubu said his administration had no choice but to take difficult decisions to stabilise the economy and avert a deeper crisis.

“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis,” he said.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.”

The President maintained that refusing to implement reforms would have worsened poverty and economic uncertainty across the country.

“Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty,” he said.

“Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.”

Tinubu, however, admitted that the reforms had increased the cost of living and placed pressure on Nigerians.

“The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses,” he said.

“Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.”

Despite the hardship, the President assured Nigerians that the sacrifices made were beginning to produce results.

“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he said.

“And today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape