President Bola Tinubu has defended his administration’s economic reforms, asserting that they are yielding positive results and dismissing claims that the All Progressives Congress (APC) has failed Nigerians.
Speaking at a national event in Abuja, Tinubu addressed criticisms from opposition leaders, including Nasir El-Rufai, Atiku Abubakar, and Peter Obi, who have accused the APC of mismanaging the economy and exacerbating hardship. The president highlighted key reforms, including the removal of fuel subsidies, unification of the foreign exchange market, and investments in infrastructure, as evidence of his government’s commitment to long-term prosperity.
Tinubu pointed to specific achievements, such as a reported 3.5% GDP growth in 2024, increased oil production to 1.8 million barrels per day, and $17 billion in new investments in the oil and gas sector. He also cited progress in agriculture, with initiatives like the Dry Season Farming Programme boosting food production in northern states. The president acknowledged challenges such as inflation and naira depreciation but argued that these are temporary pains necessary for economic restructuring. He emphasized that his administration has saved billions of naira through subsidy removal, redirecting funds to social investment programs like cash transfers to vulnerable households and student loan schemes.
The APC’s national leadership has rallied behind Tinubu, with party officials touting his reforms as a foundation for sustainable growth. However, opposition parties have intensified their criticism, pointing to rising poverty levels, with over 40% of Nigerians living below the poverty line, and unemployment rates exceeding 30%. Public protests over fuel price hikes and food inflation have added pressure on the administration to deliver tangible results. Tinubu urged Nigerians to remain patient, promising that ongoing projects like the Lagos-Calabar Coastal Highway and renewable energy initiatives would create jobs and stabilize the economy. The president’s defense of his reforms sets the stage for a contentious 2027 election, with the APC banking on its achievements to retain power.