President Bola Tinubu defended his government's economic reforms during a session at the Africa CEO Forum in Kigali, Rwanda, on Friday. He described the removal of fuel subsidy and related policy changes as necessary to prevent Nigeria's economic collapse. Tinubu acknowledged the hardship caused but argued that maintaining the previous subsidy system would have further damaged public finances. "The reform is a very difficult decision, but necessary for the country," he said.
He stated that before the reforms, 27 out of 36 states could not pay workers' salaries. Subsidy payments, according to Tinubu, encouraged corruption, smuggling and falsification in the petroleum sector. He compared the reform process to childbirth, saying pain precedes relief. The president defended tax reforms, insisting that development requires contributions from citizens and businesses. "You want a very good highway, but you don't want it to go through your land. You want a good hospital, and you don't want to pay taxes. How do you develop?" he asked.
Tinubu emphasized that taxation funds infrastructure, healthcare, education and social programmes. He noted his administration continues social interventions for vulnerable households and students unable to afford school fees. Despite criticism, he claimed the economy is now stable and predictable. "I stopped reading newspapers and commentary because I knew I was going to get a big pushback, and I did. But we made the curve," he said.
On industrial policy, Tinubu said the government prioritizes local production over imports. He cited the Lagos-Calabar coastal highway project, noting cement and steel used are sourced locally to reduce foreign exchange pressure. "My philosophy is Nigeria first," he said. He defended support for major investors like Dangote and BUA Group, citing their job creation and industrial impact. Tinubu reaffirmed Nigeria's commitment to regional partnerships and security cooperation, stating, "Nigeria is still there. Nigeria is ready."
Tinubu claims 27 states could not pay salaries before reforms, yet provides no data on how many now can. His comparison of economic pain to childbirth assumes relief is imminent, but no evidence confirms salaries are now consistently paid. Nigerians in those 27 states remain in the dark about whether the burden they were asked to bear has lifted. The promise of stability rings hollow without proof it has reached public workers' paychecks.
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