'Seun Ibukun-Oni, Abuja
DAILY COURIER – President Bola Ahmed Tinubu has reaffirmed his commitment to critical economic reforms, including the removal of fuel subsidies and tax restructuring, as well as his approach to governance, emphasizing efficiency and long-term solutions for Nigeria's pressing challenges.
Speaking during a media chat at his Bourdillon residence in Lagos, the President addressed a range of topics, including the economy, security, infrastructure, and his decision to maintain a large cabinet. Tinubu adopted a no-nonsense tone, defending his administration's policies and laying out his vision for the nation's future.
Subsidy Removal: No Regrets
Tinubu firmly defended his decision to remove the petrol subsidy in May 2023, a move that significantly impacted fuel prices and altered the economic landscape. "I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary," he stated.
He added that the removal has fostered competition in the oil sector, leading to gradual reductions in petrol prices. “The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” the President explained, emphasizing his belief in market-driven solutions over government price controls.
Tax Reforms Here to Stay
Addressing concerns over tax reforms, Tinubu reassured Nigerians that while the reforms are essential for economic stability, the government is open to making concessions to ease the burden on citizens and businesses. "Tax reform has come to stay, but we are engaging to make concessions," he said, signaling a balanced approach to fiscal policy.
Borrowing for Infrastructure
Tinubu also spoke about his administration's borrowing strategy, emphasizing the focus on long-term infrastructure development. "We are borrowing long-term funds to match long-term infrastructural needs," he noted, highlighting the necessity of sustainable investments in critical sectors like transportation, energy, and housing.
Cabinet Size: No Reduction in Sight
Responding to criticism of his 48-member cabinet, the President firmly stated that he has no plans to reduce its size. “I am not prepared to bring down the size of my cabinet,” he said, arguing that his appointments are driven by efficiency and strategic planning rather than mere numbers.
Economic and Social Challenges
Tinubu acknowledged the economic challenges resulting from his reforms, including the surge in fuel prices and the depreciation of the naira following the unification of forex windows. However, he insisted that these changes were necessary to stabilize the economy and create a foundation for long-term growth.
The reforms have sparked widespread inflation, driving up the cost of living for millions of Nigerians. Despite this, the President remains optimistic, pointing to efforts to attract foreign direct investment and strengthen local production capacities.
Tinubu’s administration continues to grapple with pressing national issues, including energy challenges, insecurity, and public discontent over rising costs. However, his message during the media chat was clear: tough decisions are essential to rebuilding Nigeria's economy and securing a better future for its citizens.
While his policies have sparked debates and divided public opinion, Tinubu’s straight-shooting approach signals a leader determined to prioritize long-term solutions over short-term appeasement.
