President Bola Ahmed Tinubu says his administration inherited a near-collapsed economy when he assumed office on May 29, 2023.
Speaking during his Independence Day address, the president recalled that decades of distorted fiscal policies and misalignments had crippled real growth, leaving him with limited options upon taking charge.
Tinubu, who declared the removal of fuel subsidy in his inaugural speech, said the government deliberately chose reforms over “business as usual,” despite the hardship that followed.
“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous reform path,” he 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.”
The president stressed that Nigeria has “turned the corner,” assuring citizens that the worst is over.
“We must build the roads we need, repair the ones that have become decrepit, and construct schools and hospitals for our children and people,” Tinubu said. “We also have to plan for future generations, even though we lack sufficient electricity, modern seaports, railroads, and airports today due to decades of neglect. Our administration is setting things right.”
He praised Nigerians for their endurance, support, and understanding, promising to justify the trust reposed in him.
“Yesterday’s pains are giving way to relief. I will continue to work for you and steer the ship of our nation to a safe harbour,” he added.
