President Bola Ahmed Tinubu has defended his administration’s economic reforms, insisting that the removal of fuel subsidy and unification of the foreign exchange market were necessary decisions to stabilise Nigeria’s economy and block financial leakages.
Speaking at the Africa CEO Forum Annual Summit in Kigali, Rwanda, Tinubu said he has no regrets implementing the policies despite the economic hardship experienced by many Nigerians.
The president also said his administration would intensify reforms and governance efforts if re-elected for a second term.
Responding to questions on what Nigerians should expect from another Tinubu administration, the president said the demands of the global economy require continuous policy adjustments and bold leadership.
“Do more work. More challenges are there. The world won’t wait for anybody. You have to continue to reset and rethink, challenge the intellectual curiosity of yourself as a government,” he said.
Tinubu argued that decisive leadership requires difficult choices, even when such policies trigger public resistance.
“The philosophy I came with in governance is believing that the hallmark of a transformative leader is the ability to take decisions, do what you do at the time it has to be done on behalf of the people. If you miss that curve, you are not on the path to success,” he said.
He recalled the backlash that followed the early reforms introduced by his administration, including subsidy removal and exchange rate unification, but maintained that the policies have started producing positive outcomes.
“And that’s what I believe. The first time, I took hard decisions regardless of the pain, stopped reading newspapers and commentary because I knew I was going to get a big pushback. And I did,” he said.
“I was sitting on a hot burner. But we made the curve. Today, there’s a very bright light at the end of the tunnel.”
Tinubu maintained that the economy and naira are becoming more stable and predictable, enabling improved budgeting and planning.
He also defended the subsidy removal policy, describing it as unsustainable in a global economy.
“It is a fake life to think you can, in a global economy, continue the subsidy that is wasteful. It is an encouragement to falsification of papers, smuggling, and that is a very critical situation for the country,” he said.
According to the president, the removal of subsidy has improved allocations to states, helping many governors meet salary and development obligations.
“Of the 36 states, 27 of them were unable to pay the salaries of workers. Where is the money? You are oil-producing, you are earning, you are given fuel, you have no functional refinery. It is not possible to continue that trend,” he said.
Tinubu acknowledged that the reforms have imposed hardship on citizens but argued that temporary pain is necessary for long-term recovery.
“It is difficult, it is painful, but it is just like the human reproduction process. A woman carries a pregnancy, endures the pain of labour, and has a big smile when she sees a living child,” he said.
The president also defended ongoing tax reforms, insisting that citizens must be willing to pay taxes if they expect quality infrastructure and social services.
“Nobody wants to pay taxes ordinarily. Taxation is not friendly to the wealthy, the middle class, and the poor. Every human being expects development, but the question they do not answer is: how do you pay for it?” he said.
Tinubu said his administration is mitigating the impact of the reforms through direct cash transfers, education support schemes, and allowances for indigent students.
“For those students who would ordinarily stay out of school because their parents cannot afford school fees, they are now in school. I am even giving them allowances and upkeep for their schooling,” he said.
On support for local industries, Tinubu cited the Dangote Refinery, saying government approvals for crude sales in naira were aimed at reducing operational bottlenecks and easing pressure on foreign exchange.
“What should my government do? Support him, encourage him,” he said.
“You do not have to go through letters of credit and bureaucracy that make foreign exchange difficult for him. Give it to him in naira.”