President Bola Tinubu has declared that the economic pain and suffering brought about by the removal of fuel subsidy was an unavoidable sacrifice Nigerians must endure for a stronger and more sustainable future.
He argued that while the reforms have come with steep costs, they remain the only viable option to save the nation from financial collapse.
The President stressed that the difficult path taken by his administration was not designed to punish citizens but to reposition the economy on a firmer footing.
Tinubu maintained that subsidy on petrol, coupled with distorted exchange rates, had left Nigeria vulnerable, insisting that bold decisions were necessary to prevent deeper crises.
Delivering his Independence Day address on Wednesday to mark Nigeria’s 65th anniversary, Tinubu said the reforms undertaken since 2023, including the controversial subsidy removal and the unification of exchange rates, were “painful but necessary.”
“The alternative of letting Nigeria slide into economic bankruptcy was never an option,” he said. “What we are experiencing today is the seed of tomorrow’s prosperity. Yesterday’s pains are already giving way to relief.”
Acknowledging the immediate consequences, the President admitted that inflation and rising living costs have hit households hard.
However, he highlighted improvements such as a 4.23 per cent GDP growth in the second quarter of 2025, inflation dropping to 20.12 per cent, and foreign reserves rising to $42 billion.
He explained that the reforms had freed up trillions of naira, enabling government at all levels to invest in critical areas like education, healthcare, infrastructure, and social programmes.
“Our decision has opened new opportunities for states and local governments to address grassroots development,” Tinubu noted.
Meanwhile, despite the president’s assurances, discontent persists among many Nigerians who say the hardship is far from easing.
Transport fares, food prices, and housing remain beyond the reach of ordinary citizens, fueling criticism that the benefits of reforms are skewed toward the elite.
“This government keeps saying the worst is over, but everyday life tells a different story,” a Twitter user wrote on X while reacting to Tinubu’s broadcast.
Nonetheless, Tinubu urged citizens to remain steadfast and hopeful, promising that the country was on the path to becoming a more prosperous and self-reliant nation. “With Almighty God on our side, the dawn of a new Nigeria is here,” he said.
