President Bola Tinubu on Friday defended his administration’s economic reforms, saying the removal of fuel subsidy and other policy measures were necessary to rescue Nigeria from economic collapse and place the country on a path of long-term stability.
Speaking during a session at the Africa CEO Forum in Kigali, Rwanda, the Nigerian president acknowledged that the reforms have been painful for many Nigerians but argued that continuing with what he described as wasteful subsidy regimes would have worsened the country’s financial situation.
“The reform is a very difficult decision, but necessary for the country,” President Tinubu said.
He added, “We cannot continue to spend our future generations’ endowment before they are born. It is necessary to reset, recalibrate and reform the economy.”
The president said Nigeria was facing severe fiscal pressures before the reforms were introduced, noting that many states struggled to meet basic obligations, including salary payments.
