President Bola Ahmed Tinubu has stated that the economic policies introduced at the onset of his administration are beginning to deliver positive results, despite their initial harsh impact on Nigerians.
The President emphasized that the reforms were necessary to rescue the nation from looming crises.
Tinubu’s remarks were delivered by Prof. Wahab Egbewole, Vice-Chancellor of the University of Ilorin, during the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA) on Saturday.
The President noted that the policies, which include the removal of fuel subsidies and unification of exchange rates, were part of efforts to transition Nigeria from a consumption-based to a production-driven economy.
“The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates,” Tinubu said.
Acknowledging the difficulties faced by citizens, he expressed regret that softer alternatives were not available but reassured Nigerians that improvements in both the macro- and micro-economic sectors are becoming evident.
“I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options. The macro-economy of our dear country is improving by the day and beyond expectations. The micro-economy, which directly affects our citizens, is also taking shape gradually with positive results,” Tinubu said.
The President expressed optimism for a brighter future for all Nigerians, vowing that ongoing reforms would lead to better living conditions for every household.
Tinubu also addressed security concerns, asserting that his administration is making significant progress in ensuring the safety of all Nigerians.
“Our security architecture is up to the task, and the ugly narratives of the past are changing for good. We are not relenting in our pursuit of making our country a haven of prosperity for all,” he added.
