Nigeria has moved away from wasteful fuel subsidies, naira strengthening, says Tinubu

By Lawrence Agbo

President Bola Ahmed Tinubu has said Nigeria is gradually overcoming the economic distortions caused by fuel subsidies and unstable exchange rate policies, insisting that recent reforms introduced by his administration are beginning to strengthen the naira and improve the country’s economic outlook.

Tinubu stated this on Sunday while delivering his acceptance speech after emerging as the presidential flagbearer of the All Progressives Congress (APC) for the 2027 election in Abuja.

According to the president, his administration deliberately moved away from what he described as “wasteful fuel subsidies” and weak economic structures in order to stabilise the economy and reposition Nigeria for long-term growth.

“We moved away from wasteful fuel subsidies, unstable exchange rates, and weak infrastructure,” Tinubu said.

The president added that the country was already witnessing signs of recovery despite global economic pressures and inflation linked to geopolitical tensions in parts of the world.

“Today, we are witnessing a turnaround: the naira is strengthening, foreign reserves are rising, and our economic outlook is positive,” he stated.

Tinubu noted that his government had also implemented new tax laws and fiscal reforms aimed at boosting revenue generation and improving macroeconomic stability.

He further said the administration had focused heavily on infrastructure development, power sector reforms, digital connectivity, and investment in oil and gas as part of efforts to stimulate economic expansion.

According to him, Nigeria’s power generation has improved under his administration, while programmes such as the Presidential Metering Initiative and the settlement of legacy debts in the power sector are helping to reposition the industry.

The president acknowledged that many Nigerians were still facing economic hardship and rising living costs but maintained that the reforms were necessary to rebuild the economy sustainably.

“Many Nigerians still struggle with rising costs and economic adjustment. We do not dismiss these concerns; we understand them and govern not in comfort, but in reality,” he said.

Tinubu pledged that his administration would continue to pursue policies aimed at economic expansion, industrialisation, food security, and infrastructure development if re-elected in 2027.