Nigerian President Bola Tinubu said Friday he has no intention of softening his government's economic reform program, brushing aside speculation that political pressure ahead of January elections might trigger a reversal.
Speaking at the Africa CEO Forum, Tinubu described the measures as both painful and essential. "The reform is a very difficult decision, but necessary for the country," he said. He added: "We cannot continue to spend our future generations endowment."
Since assuming office in 2023, Tinubu's administration has taken two major policy steps: ending long-standing fuel subsidies and moving to liberalize the naira. Those policy shifts, the president acknowledged, represented substantial economic shocks that increased living costs for millions of Nigerians.
Tinubu framed the decisions as a response to the scale of fiscal deterioration he encountered on taking office in 2023, saying the measures were unavoidable given the country's financial position at that time. He said that, following the reforms, the economy has moved toward a more stable footing.
Looking ahead to the possibility of another term, Tinubu told the forum that he would pursue a firmer implementation of his agenda rather than scale it back if re-elected. "We made the curve. Today there is a very bright light at the end of the corner," he said.
The president's comments were aimed at quelling expectations that political considerations tied to the upcoming elections would lead to policy moderation or a retreat from the reforms introduced since 2023. He reiterated that the reforms were taken to correct fiscal imbalances and that the government remains committed to that course.
Contextual note: The measures referenced include the removal of fuel subsidies and steps toward a freer exchange rate for the naira, both of which the president linked to higher consumer costs but framed as necessary fiscal corrections.