President Bola Ahmed Tinubu has indicated that his administration will intensify ongoing economic reforms as it looks toward a possible second term, asserting that the challenging decisions already made are stabilizing Nigeria's economy and setting the stage for sustained growth.
Commitment to Reforms
Speaking during an interview at the recently concluded Africa CEO Forum in Kigali, Rwanda, Tinubu emphasized his government's dedication to difficult but essential reforms aimed at resetting the economy and enhancing governance. When asked about his priorities if re-elected, the President responded, "Do more work. More challenges are there. The world won't wait for anybody. You have to continue to reset and rethink, challenge our intellectual curiosity as a government."
He described the guiding philosophy of his administration as built around decisive leadership and a willingness to act in the interest of citizens, even when such actions are unpopular. "The hallmark of a transformative leader is the ability to take decisions, do what you will do, at the time it has to be done, on behalf of the people," Tinubu stated.
Defense of Fuel Subsidy Removal and Forex Unification
The President strongly defended the removal of fuel subsidy and the unification of the foreign exchange market, characterizing both measures as painful but unavoidable steps to avert economic collapse. According to him, the previous subsidy regime fostered corruption, smuggling, and waste while placing immense pressure on public finances. "It is a fake life to think you can, in a global economy, continue the subsidy that is wasteful. It's an encouragement to falsification of papers, smuggling, and that is a very critical situation for the country," he said.
Tinubu recalled that before the reforms, many states struggled to pay salaries and meet basic obligations. "Of the 36 states, 27 of them were unable to pay salaries. Where is the money? You are oil-producing, you are earning, you are given fuel, yet you have no refinery that is functional. It is not possible to continue that trend," he noted.
Acknowledging Hardship
He acknowledged the hardship caused by the reforms, likening the pain to labor before childbirth. "It is difficult; it is painful, but it is just like the human reproduction process. A woman carries a pregnancy, endures the pain of labor, and smiles when she sees a live child," he explained.
Taxation and Economic Stability
The President also defended taxation as a vital tool for development, arguing that citizens who demand quality infrastructure and public services must be willing to contribute through taxes. "Nobody wants to pay taxes ordinarily. Every human being expects development, but the question they don't answer is: How do you pay for it?"
Tinubu maintained that recent reforms are already yielding results, with the economy becoming more stable and predictable. "Today, there is a very bright light at the end of the tunnel; the economy is stable, the naira is stable and predictable. Planners can prepare reasonable budgets and people can plan their lives better," he said.
Social Support and Industrial Policy
He disclosed that the administration is implementing direct cash transfers to vulnerable households and supporting indigent students with grants and allowances. "For students who ordinarily would stay out of school because their parents cannot afford fees, they are now in school. I'm even giving them allowances and upkeep," he added.
On industrial policy, Tinubu said his administration will continue to support businesses capable of creating jobs and boosting local production. He cited the Dangote Refinery and BUA Group as examples of indigenous enterprises deserving government backing. "What should my government do? Support him, encourage him," the President said in reference to the Dangote Refinery. He explained that the government approved the sale of crude oil to the refinery in naira to ease operational difficulties and reduce pressure on foreign exchange demand.
Infrastructure and National Unity
Tinubu also defended the ongoing Lagos-Calabar Coastal Highway project, describing it as part of a broader agenda to strengthen national integration and unlock tourism and investment opportunities. "My philosophy is Nigeria first," he declared, adding that locally produced cement and steel were deliberately prioritized for the project to stimulate domestic industries.
On national unity, the President urged Nigerians to embrace diversity as a source of strength rather than division. "This country is ours. We must build it together," he said.
Regional Security and Diplomacy
Speaking on regional security and diplomacy, Tinubu stressed the importance of collaboration with neighboring countries and global partners, insisting Nigeria remains strategically important within West Africa and across the continent. "In ECOWAS, Nigeria is a big brother; in Africa, we are the fat lady. We must sing the tune and sing the right tune for others to pay attention to," he stated.
