President Bola Tinubu on Thursday reiterated the need for the removal of petrol subsidy and the unification of the foreign exchange window when he assumed office on May 29, 2023.
In a statement to mark his second anniversary in office, the ex-Lagos governor said petrol subsidy and multiple foreign exchange windows strangulated Nigeria’s future hence the need for reforms.
He said, “The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice.
“It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows.
“The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future.”
With the removal of petrol subsidy two years ago, the pump price of the essential commodity jumped from ₦200 to around ₦1,000, with the naira to dollar value depreciating from $1/₦800 to about $1/₦1,600. Economists have blamed the resultant inflationary pressure and increase in living costs on these two factors.
However, Tinubu said his administration implemented these reforms to restore and reinvigorate the nation’s economy and strengthen the country’s social fabric.
According to the president, his administration has begun laying the foundation for a more sustainable future by introducing a new national fiscal policy.
“This strategic framework will guide our approach to fair taxation, responsible borrowing, and disciplined spending. These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian,” he said.
He thanked Nigerians for their unrelenting support and belief in his vision to uplift the nation, even as he promised to confront the nation’s socio-economic challenges.
The president said, “We are halfway through the journey that began 24 months ago. Today, May 29, 2025, offers our administration the opportunity to share again how far we have gone and our progress in steering our country along the critical path of socio-economic development.
“When we embarked on this journey, propelled by a burst of hope and abiding faith in Nigeria’s unity and progress, I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on by rebuilding trust, fostering prosperity, and restoring our nation’s economic health.”
Tinubu further pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift our people out of poverty.
