Tinubu Declares APC Economic Policies Are Delivering Results, Not a Failure

President Bola Ahmed Tinubu has asserted that the economic initiatives introduced by his government are producing positive outcomes.

Speaking at the All Progressives Congress (APC) National Summit held at the Banquet Hall of the State House in Abuja on Thursday, the President emphasized that the APC-led administration has not failed Nigerians.

“Two years ago, we began this journey driven by a strong belief in Nigeria’s future and a collective commitment to resolve our national challenges,” he stated. “We vowed to rebuild trust and promote prosperity across the nation.”

He continued by noting, “I am proud to declare that our economic reforms are yielding results. Positive transformation is never easy. The fuel subsidy is removed, and it was removed for the benefit of Nigeria.”

President Tinubu highlighted that since taking office in May 2023, he launched comprehensive economic reforms aimed at stabilizing and improving the country’s financial structure. These reforms, he noted, were backed by the federal government and international financial bodies as essential to correct Nigeria’s fiscal imbalances.

Some of these strategic measures include the deregulation of the naira and the elimination of petrol subsidies. However, they have significantly impacted many Nigerians, who now face a severe cost-of-living crisis not seen in recent times.

Reports from the World Bank have shown that years of escalating inflation and stagnant economic growth have increased the number of Nigerians living in poverty, with nearly 50% of the population affected by 2024.

Similarly, a recent statement from the International Monetary Fund (IMF) acknowledged that although the reforms were vital, their benefits are yet to be felt by the average citizen.