President Bola Tinubu Stands Firm: Market Forces Will Tame Inflation, Amid Soaring Food Prices & Economic Hardship.

President Bola Tinubu has reaffirmed his commitment to his economic reforms, insisting that market forces will eventually curb inflation and bring relief to millions of Nigerians. Despite criticism and widespread hardship, Tinubu defended his administration’s decision to remove the fuel subsidy, describing it as necessary to safeguard the nation’s economy.

The Road to Prosperity

Tinubu argued that Nigeria was on the brink of a financial crisis, making the removal of the fuel subsidy an imperative step towards ensuring the country’s long-term economic stability and sustainability. “It is something that is necessary, not just for us but also for our children and grandchildren. That is the pathway to prosperity,” he said.

Tax Reforms and Economic Growth

The President also stressed that the ongoing tax reform is for the benefit of all, aimed at eliminating colonial-era assumptions that no longer serve Nigeria’s economic interests. He expressed confidence that the reforms are beginning to yield results, citing a reduction in the debt service-to-revenue ratio from 78 per cent to 68 per cent.

Addressing Inflation and Food Security

Tinubu acknowledged the current hardship and food insecurity faced by many Nigerians, but attributed the situation to a combination of factors, including the aftermath of devastating floods and 15 years of insurgency in the northeast. He expressed confidence that his administration’s efforts to increase investments in infrastructure, support local farmers, and promote the adoption of electric vehicles will help boost local production and reduce food prices.

A Promising 2025

Despite the challenges, Tinubu described 2025 as a very promising year, thanking Nigerians for their confidence in him. “I do not take your trust for granted. I seek your cooperation and understanding. I know what you have been through, but we are on the right path. We will stay focused and share love with one another,” he said.

As the country navigates these challenging times, one thing is clear: President Tinubu is committed to his economic reforms, and is convinced that they will ultimately lead to a more prosperous and sustainable future for Nigeria.