In a landmark presidential media chat, President Bola Tinubu addressed the nation on several critical issues, emphasizing his commitment to economic reforms, particularly tax restructuring and the removal of fuel subsidies. President Tinubu stated that the economic changes in Nigeria have come to stay because "we cannot continue to do what we previously did in today’s economy." He reassured Nigerians that despite the challenges, these changes are crucial for the country’s long-term prosperity and stability.
President Tinubu underscored that tax reform is an essential and permanent fixture of his administration’s agenda. He noted that while tax matters are always subject to debates, reviews, and negotiations, his administration is prepared to make necessary compromises on controversial bills. He stressed the importance of evolving economic strategies to meet contemporary challenges, stating, “... We cannot retool this economy with the same broken boat.”
Tinubu highlighted his focus on what Nigeria needs and his determination to address these needs head-on. “It is not yet eldorado for everybody but the new dawn is here. I am convinced,” he added, reflecting his optimism for the future despite current hardships.
When questioned about reducing the size of his cabinet to cut governance costs, Tinubu defended his decision to maintain a large cabinet. He argued that the size is necessary for effective governance in a populous and diverse country like Nigeria. “Nigeria is a large country. If you are to entertain over 200 million people, calculate how many stewards you will need. Let us pay attention to efficiency,” he stated. Tinubu emphasized that all his ministers are adding value and fulfilling their roles efficiently.
President Tinubu expressed deep sorrow over the recent stampedes in Oyo, Anambra, and the FCT, which resulted in numerous fatalities, including children. He criticized the lack of organization at these events and stressed the importance of discipline and proper planning to prevent such tragedies. Tinubu shared his personal experience of distributing aid for over 25 years without incident due to organized and disciplined methods. “If you do not have enough to give, please don’t attempt to give or try to publicize it,” he advised, highlighting the need for better crowd management and planning.
President Tinubu firmly defended the removal of the fuel subsidy, stating that it was a necessary step to prevent financial disaster. He emphasized that the subsidy was unsustainable and that its removal was crucial for managing the country’s resources responsibly. “We were spending our future, we were spending the fortunes of our generations, and we were not investing. We were just deceiving ourselves,” he explained.
Tinubu acknowledged the initial difficulties caused by the subsidy removal but maintained that it was essential for the country’s long-term financial health. “No matter how you cut it in segments, you still have to face the bill. We must manage what we have. We have no choice but to pull the hand brake; otherwise, we are headed for a slippery slope that will result in financial disaster.”
Addressing concerns about borrowing and debt servicing, Tinubu argued that borrowing is not inherently problematic if used to address infrastructure deficits. He pointed out that Nigeria’s infrastructure, including roads, internet, and electricity, needs significant investment for long-term prosperity. “We headed the wrong road in the past and I don’t want to look at that. I want to think of prosperity for our country. I want to think about tomorrow today,” he stated.
Tinubu emphasized the importance of investing in infrastructure to support economic growth and improve living standards. “It is not because we want to inflict pain on anybody, it is because we want this country to grow. There is no other way out of it unless we invest in today’s prosperity.”
When asked about potential changes to the security leadership, Tinubu expressed confidence in the current security architecture. He acknowledged the challenges but emphasized the need for continuous investment in technology, weaponry, and training. “You cannot fight this way without investment in technology, weaponry, and training,” he said.
Tinubu highlighted improvements in security, noting that it is now possible to travel by road in areas that were previously unsafe. He stressed the importance of being prepared to ensure the safety of citizens at all times.
On the topic of Ways and Means, Tinubu noted that Nigeria has moved past the era of relying heavily on this mechanism due to increased revenue generation. He expressed optimism about the country’s economic progress and stressed the importance of sustainable fiscal policies. “Nigeria is moving forward. We can’t finish the job in one year and I am not giving myself an excuse,” he concluded.
President Tinubu’s media chat indicated his administration’s commitment to economic reforms, efficient governance, and national development. His focus on tax restructuring, infrastructure investment, and responsible resource management reflects a strategic approach to addressing Nigeria’s challenges. Despite the hardships and controversies, Tinubu’s vision for Nigeria’s future remains steadfast, with a clear emphasis on sustainable growth and prosperity.
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