Economic reforms not to punish Nigerians, but to avert collapse, says Tinubu
…says he inherited near-empty treasury
President Bola Tinubu on Thursday stated that his administration inherited a “near-insolvent” treasury and a chaotic economic structure upon assuming office in 2023, but has since implemented bold and painful reforms that are beginning to yield results.
Speaking during a state visit and grand reception in Awka, the Anambra State capital, Tinubu said the financial state of the nation was dire when he took over, citing massive public debts, “unsustainable multiple subsidies”, and an unstable foreign exchange regime.
“We met near-insolvent public finance, a decades-old monster of unsustainable multiple subsidies, a chaotic and debilitating forex regime,” the President declared.
“Just as we tamed the Atlantic in Lagos, many of these monsters have been tackled.”
This marks one of Tinubu’s strongest public acknowledgements yet of the fiscal challenges he inherited from his predecessor, former President Muhammadu Buhari, under whose administration public debt ballooned, subsidy spending soared, and inflation worsened.
Despite the rising cost of living and widespread discontent with subsidy removal and currency devaluation, Tinubu insisted that the reforms were inevitable and have begun to restore macroeconomic stability.
“These reforms are difficult, yes, but inevitable,” he said.
“Courage and our collective action were required to confront them in order to lay a strong foundation for a more stable, prosperous, and inclusive economy.”
The President, who was on his first official visit to Anambra since assuming office, commissioned major infrastructure projects undertaken by Governor Chukwuma Charles Soludo, including the Solution Fun City and the new Government House mini-city.
He praised Soludo’s vision of transforming Anambra into an “African-Dubai-Taiwan-Silicon Valley” and stated that the Federal Government would continue to support the state, particularly in the areas of security, infrastructure, and investment in technology and manufacturing.
Tinubu also noted that his administration had renegotiated and passed a new minimum wage law to cushion the impact of the reforms on workers. He commended the Anambra State Government for implementing and even exceeding the national minimum wage benchmark.
In an emotionally charged moment, the President was conferred with a new chieftaincy title by all traditional rulers in Anambra.
He described the honour as historic and joked that he now considers himself a “bona fide son of the soil”, urging Governor Soludo to allocate him land for a retirement home in the state.
The visit comes at a time of heightened scrutiny of Tinubu’s economic agenda, with many Nigerians grappling with high food prices, fuel costs, and weakened purchasing power.
Nonetheless, the President maintained that investor confidence is rising and opportunities are expanding, particularly in agriculture, digital innovation, and small-scale enterprise.
“Let us be patient. We have no other country but Nigeria. We must make it great,” he concluded.
