“We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse.”
President Bola Tinubu said on Tuesday that Nigeria’s economy may have collapsed if his administration did not embark on the reforms it did.
Mr Tinubu, speaking in a televised Independence Day broadcast, said his administration was faced with two options when he assumed office.
“My administration took over the leadership of our country 16 months ago at a critical juncture. The economy faced many headwinds, and our physical security was highly impaired.
“We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture,” Mr Tinubu said.
Reforms
Mr Tinubu was sworn-in on 29 May 2023 in Abuja, taking over power from former President Muhammadu Buhari.
On taking office Mr Tinubu announced removal of costly petrol subsidies that had been a drain on the national treasury for years, costing the nation trillions of naira annually.
Following the announcement, the Nigerian National Petroleum Company Limited (NNPC Ltd) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.
The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.
In the weeks that followed, Nigeria unified all the segments of its foreign exchange market into a single window in order to allow the naira to trade more freely.
Upon announcing the policy, for the first time in fifteen years, at the time, the naira traded at a weaker rate at the official market than in the parallel market.
Although the federal government has announced a series of palliatives to mitigate the impact of petrol subsidy removal and similar shocks on the people, many Nigerians are still reeling from the devastating impact as prices of petrol, foodstuff, and other essential commodities continue to rise.
On Tuesday, Mr Tinubu said that the reforms initiated are intended to create a better foundation for future growth.
“Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion.”
He noted that the country’s economy can only thrive when there is peace.
“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanize their creative energy towards a better future. We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects,” he said.
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