{"id":127317,"date":"2026-05-29T11:04:09","date_gmt":"2026-05-29T10:04:09","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=127317"},"modified":"2026-05-29T11:04:09","modified_gmt":"2026-05-29T10:04:09","slug":"tinubu-defends-subsidy-removal-forex-reforms-on-three-years-anniversary","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/tinubu-defends-subsidy-removal-forex-reforms-on-three-years-anniversary\/","title":{"rendered":"Tinubu Defends Subsidy Removal, Forex Reforms on Three Years Anniversary"},"content":{"rendered":"<div>By Lizzy Chirkpi<\/div>\n<div><\/div>\n<div>President Bola\u00a0 Tinubu on Friday defended the major economic reforms introduced by his administration over the past three years, insisting that difficult decisions such as the removal of fuel subsidy and unification of the foreign exchange market were necessary to prevent Nigeria from sliding into economic collapse.<\/div>\n<div><\/div>\n<div>Speaking in a nationwide address to mark his third year in office, Tinubu acknowledged the hardship experienced by Nigerians but maintained that the reforms had begun laying the foundation for long-term recovery and economic stability.<\/div>\n<div><\/div>\n<div>\u201cWhen this administration assumed office, our nation faced profound economic and structural difficulties,\u201d Tinubu said.<\/div>\n<div><\/div>\n<div>According to him, the country was battling \u201cmounting 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.\u201d<\/div>\n<div><\/div>\n<div>The President said the fuel subsidy regime had become unsustainable, revealing that Nigeria spent as much as \u20a618.4 billion daily on petrol subsidy payments before his administration ended the policy.<\/div>\n<div><\/div>\n<div>\u201cAt the height of the subsidy regime, Nigeria was spending as much as \u20a618.4 billion daily to sustain petrol subsidies over \u20a64 trillion in 2022 alone resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure,\u201d he said.<\/div>\n<div><\/div>\n<div>Tinubu also defended the decision to unify the exchange rate system, saying multiple forex windows encouraged corruption and speculative practices.<\/div>\n<div><\/div>\n<div>\u201cMultiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than \u20a68 trillion over three years to rent-seeking and speculative practices,\u201d he stated.<\/div>\n<div><\/div>\n<div>Describing the reforms as difficult but unavoidable, Tinubu said: \u201cThe situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis.\u201d<\/div>\n<div><\/div>\n<div>\u201cThe easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,\u201d he added.<\/div>\n<div><\/div>\n<div>The President admitted that the reforms triggered severe economic hardship for many Nigerians, including rising food prices, transport costs, and inflationary pressures on businesses and households.<\/div>\n<div><\/div>\n<div>\u201cThese decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged,\u201d Tinubu said.<\/div>\n<div><\/div>\n<div>However, he assured Nigerians that the sacrifices were beginning to yield results.<\/div>\n<div><\/div>\n<div>\u201cI remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. Today, I can say with confidence that Nigeria has stabilised and is moving forward again,\u201d he stated.<\/div>\n<div><\/div>\n<div>Tinubu highlighted what he described as signs of economic recovery, including increased investor confidence, improved public finances, and growth in the Nigerian stock market.<\/div>\n<div><\/div>\n<div>\u201cThe stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 trillion this year,\u201d he said.<\/div>\n<div><\/div>\n<div>The President also listed major infrastructure projects undertaken by his administration, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads.<\/div>\n<div><\/div>\n<div>\u201cOver 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation,\u201d he said.<\/div>\n<div><\/div>\n<div>On power, Tinubu said his administration was investing heavily to address long-standing challenges in the sector.<\/div>\n<div><\/div>\n<div>\u201cOur administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness,\u201d he stated.<\/div>\n<div><\/div>\n<div>The President also pointed to reforms in the oil and gas sector, saying Nigeria had attracted fresh investments from international oil companies and improved domestic refining capacity.<\/div>\n<div><\/div>\n<div>\u201cWith large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange,\u201d he said.<\/div>\n<div><\/div>\n<div>Tinubu further highlighted interventions in education, housing, healthcare, agriculture, and youth empowerment.<\/div>\n<div><\/div>\n<div>According to him, the Nigerian Education Loan Fund has provided over 1.5 million students access to higher education, with more than \u20a6282 billion already disbursed.<\/div>\n<div><\/div>\n<div>He added that the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering over 10,000 housing units nationwide while creating more than 300,000 jobs.<\/div>\n<div><\/div>\n<div>Addressing Nigerian youths directly, Tinubu said: \u201cTo our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria\u2019s future.\u201d<\/div>\n<div><\/div>\n<div>On insecurity, the President said security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal groups across the country.<\/div>\n<div><\/div>\n<div>\u201cWhile challenges remain, many communities and highways are becoming safer and more economically active,\u201d he said.<\/div>\n<div><\/div>\n<div>Tinubu called on Nigerians to remain hopeful and united, insisting that the country was gradually overcoming its economic and security challenges.<\/div>\n<div><\/div>\n<div>\u201cThe journey of national renewal is not completed in a single year or a single administration\u2019s tenure. Nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future,\u201d he said.<\/div>\n<div><\/div>\n<div>He added: \u201cHistory teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose.\u201d<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Lizzy Chirkpi President Bola\u00a0 Tinubu on Friday defended the major economic reforms introduced by his administration over the past three years, insisting that difficult decisions such as the removal&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":127099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-127317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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