President Bola Ahmed Tinubu
President Bola Tinubu has again reiterated his administration’s stance that it implemented difficult economic policies in order to save the country from economic collapse.
In a Friday statement yo mark the end of his third year as president, Mr Tinubu, who is seeking re-election, also highlighted some of the achievements of his administration.
“When this administration assumed office, our nation faced profound economic and structural difficulties. 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 all threatened our progress,” the president wrote.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion in 2022 alone—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.
