President Bola Tinubu has asserted that Nigeria’s economy is witnessing serious foundational progress, notwithstanding the challenges accompanying the reforms his administration initiated since assuming office in 2023. The President made this known during a meeting at the State House in Abuja on Wednesday, July 15, as conveyed in a statement by his media aide, Bayo Onanuga.
Reforms described as difficult but necessary
“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about,” Tinubu was quoted as saying. He emphasized that the reforms on revenue will continue to stimulate growth, adding that despite some difficulties, the measures are taking effect.
“The reforms on revenue will continue to stimulate growth. And the effect of the reform? Yes, some issues are difficult, taking the bitter medicine, but it is working well,” the President stated.
Foundational progress acknowledged
Tinubu underscored that the economy is making serious foundational progress, even as the administration navigates the pains of adjustment. The statement did not provide specific economic indicators but highlighted the government’s commitment to sustaining the reform agenda.
The President’s remarks come amid ongoing debates about the impact of policies such as fuel subsidy removal and foreign exchange liberalization, which have contributed to rising costs of living but are intended to stabilize the economy in the long term.
