President Bola Tinubu, on Monday, said he took difficult steps at reforming Nigeria’s economy to avert a looming financial crisis.
The president made this disclosure In his maiden New Year address to the nation.
He assured Nigerians that the harsh economic realities would not last long, as his reforms would yield the desired results in 2024.
Tinubu said, “Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe.”
“I am well aware that for some time now the conversations and debates have centered on the rising cost of living, high inflation which is now above 28 per cent and the unacceptable high under-employment rate.
“I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope.”
However, Tinubu highlighted the transience of the current difficulties, urging Nigerians to exercise more patience.
“Dear Compatriots, take this from me: the times may be rough and tough; however, our spirit must remain unbowed because tough times never last.
“We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria.
“Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year, 2024, each and every one of us will commit to be better citizens,” he stated.
Looking ahead, the President outlined his administration’s commitment to economic recovery, touching on agreements made at COP28 to enhance Nigeria’s power infrastructure and his intent to revamp local refining of petroleum products and bolster agricultural production.
He said, “My administration recognises that no meaningful economic transformation can happen without steady electricity supply.
“In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery, which shall fully come on stream.”
Tinubu cited the signing of a deal in Dubai, which he witnessed alongside the German Chancellor Olaf Scholz, to speed up the delivery of the Siemens Energy power project.
He said the deal committed will “ultimately deliver a reliable supply of electricity to our homes and businesses under the Presidential Power Initiative, which began in 2018.”
Recall that upon assuming office in May 2023, the President announced an end to the
subsidy on petrol, which, he said, had become “an unsustainable financial burden” on the economy.
He also unified the exchange rate, a move he described as “the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us.”
However, the decisions led to soaring inflation and high living and operating costs for individuals and businesses.
