President Bola Ahmed Tinubu on Tuesday declared that Nigeria has “finally turned the corner” from years of fiscal mismanagement, insisting that the painful reforms introduced at the start of his administration are now yielding results.
In a nationwide broadcast to mark Nigeria’s 65th Independence anniversary, Tinubu said his government inherited “a near-collapsed economy” when he assumed office on May 29, 2023, but chose to implement bold and unpopular reforms instead of “business as usual.”
“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,” the president said.
“We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”
Tinubu, who ended petrol subsidy on his first day in office, admitted that the policy triggered severe economic hardship but maintained that Nigeria is now on a sustainable path.
“The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding,” he said.
The president listed infrastructure and energy as his government’s top priorities, stressing the urgent need to expand roads, schools, hospitals, power supply, railroads, and seaports.
“We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right,” Tinubu assured.
Promising to justify the confidence reposed in him, the president said: “I will continue to work for you and steer the ship of our nation to a safe harbour.”
Tinubu also unveiled Nigeria’s first Industrial Manpower Policy to bridge the country’s widening skills gap, which he said would prepare the youth for opportunities in emerging sectors of the economy.
While the president’s speech was heavy on optimism, critics say many Nigerians are yet to feel the impact of the reforms, with inflation, unemployment, and poverty still biting hard across households.
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