President Bola Ahmed Tinubu has said his administration has set the groundwork for Nigeria’s economic recovery, arguing that sweeping fiscal and monetary reforms introduced over the past three years have helped prevent a deeper economic crisis.
In a statement marking the third anniversary of his administration, released via presidential spokesperson Bayo Onanuga on X, Tinubu said the government met a fragile economy weighed down by multiple structural imbalances.
Tinubu, who came into office in 2023 after defeating Atiku Abubakar of the Peoples Democratic Party and Peter Obi of the Labour Party in a closely contested election, said his administration inherited severe fiscal pressures.
He listed key challenges including unsustainable fuel subsidy obligations, exchange-rate distortions, rising debt-servicing costs, insecurity, energy supply constraints, and weakening public confidence in public institutions. According to him, reforms implemented so far have come with significant short-term economic pain, reflected in higher living costs affecting households, businesses, and workers, but he maintained that the policies were necessary to restore long-term macroeconomic stability and investor confidence.
