President Bola Ahmed Tinubu has said his government inherited a “near-insolvent” economy when he assumed office in 2023, but assured Nigerians that his economic reforms—though painful—are necessary and beginning to produce results.
Tinubu made the remarks on Thursday during a state visit and grand reception in Awka, the Anambra State capital. This is his first official visit to the state since becoming President.
“We met near-insolvent public finance, a decades-old monster of unsustainable multiple subsidies, and a chaotic foreign exchange system,” Tinubu said while addressing a crowd of supporters and traditional rulers.
He pointed to the removal of fuel subsidy and the unification of the foreign exchange rates as part of the tough but needed reforms to bring the Nigerian economy back on track. The President said while the reforms have caused hardship, they are necessary to build a stronger and more stable economy.
“These reforms are difficult, yes, but inevitable,” he said. “Courage and collective action were required to confront them. We have started seeing positive results.”
When Tinubu took over from former President Muhammadu Buhari in May 2023, Nigeria was struggling with rising inflation, heavy debt, and fuel subsidy costs running into trillions of naira annually. The country’s foreign exchange reserves had also dropped, while the naira faced continued devaluation.
Since then, his administration has introduced several key reforms including the removal of petrol subsidy, the floating of the naira, and the introduction of a new minimum wage. The President confirmed during the event that his government has renegotiated and passed a new wage law to support Nigerian workers.
He praised Governor Chukwuma Charles Soludo for his developmental efforts and vision for Anambra, especially in infrastructure, technology, and investment. Projects commissioned by the President during the visit include the Solution Fun City and the new Government House mini-city.
Tinubu expressed support for Soludo’s plan to transform Anambra into a hub for innovation and production. “Your vision of building an African-Dubai-Taiwan-Silicon Valley is bold and inspiring. You have the support of the Federal Government,” Tinubu said.
In a symbolic gesture, traditional rulers in Anambra jointly conferred a chieftaincy title on the President. Overwhelmed by the honour, Tinubu jokingly asked Governor Soludo to allocate him a plot of land in the state for retirement.
Despite the ongoing economic hardship faced by many Nigerians due to high food and fuel prices, the President appealed for patience and unity, saying better days are ahead.
“Let us be patient. We have no other country but Nigeria. We must make it great,” he urged.
The visit comes at a time when Tinubu’s economic policies are under intense public scrutiny. While many ordinary Nigerians are struggling with the cost of living, the government maintains that the reforms are laying the foundation for long-term growth, stability, and investment.
