"I Took Charge of a Near-Collapsed Economy, But the Worst Is Behind Us – Tinubu"

Table of Contents

• Confronting an Economic Crisis
• Removal of Fuel Subsidy
• Economic Reforms Implementation
• Independence Day Broadcast
• Vision for Infrastructure Development
• Conclusion

President Bola Ahmed Tinubu stated that upon taking office on May 29, 2023, he faced an economy on the verge of collapse, compelling him to make bold and difficult decisions to reposition the country.

In his inaugural address as president, Tinubu made headlines by announcing the immediate elimination of the fuel subsidy, a decision that led to widespread hardship for millions of Nigerians.

In the weeks that followed, his administration implemented extensive economic reforms that further strained living conditions.

During his Independence Day speech, the president remarked: “Upon taking office, our administration inherited an almost collapsed economy due to decades of fiscal policy distortions and misalignment that had hindered real growth.”

He explained that the government had two choices: to maintain the status quo and watch the country deteriorate further or to embrace comprehensive reforms, despite the associated pain.

“We chose the path of reform. We opted for the future over the comfort of today. Less than three years later, the fruits of those challenging yet necessary decisions are beginning to show,” he declared.

Tinubu emphasized that Nigeria has now “turned the corner,” asserting that the worst days are behind us. He outlined his administration’s vision to rebuild essential infrastructure and enhance capacities in power, education, health, and transportation.

“Fellow Nigerians, we are racing against time. We must construct the roads we need, repair those that have deteriorated, and build the schools our children will attend and the hospitals that will care for our people,” Tinubu stated.

He added that years of neglect in energy and infrastructure investments had left the country lacking in electricity, modern ports, rail systems, and international-standard airports. He assured that his government is actively working to address these deficiencies.

“I am pleased to announce that we have indeed turned the corner. The worst is over, I assure you. The pains of yesterday are transitioning into relief.”

“I commend your endurance, support, and understanding. I will continue to work for you and earn the trust you placed in me to guide our nation to a safe harbor,” the president concluded.