Tinubu: Reforms Difficult, But We Had No Choice But to Act on Economic Distortions

President Bola Ahmed Tinubu, in his Independence Anniversary address, said Nigeria had been forced to confront deep economic distortions after years of postponing difficult decisions.
“Today, as we celebrate our independence, we must speak honestly about the journey so far, the choices we made, and the country we are determined to build from here,” he said.
Tinubu said the country’s promise had for too long been undermined by decisions that allowed economic problems to deepen.
“For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow,” he said.
According to him, “By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act.”
The president compared Nigeria’s economic situation to that of a cancer patient who must choose between difficult treatment and temporary relief.
“Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery,” he said.
“The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.”
Tinubu said previous administrations had chosen to avoid difficult measures.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.
“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.”
The president said his administration decided to pursue a different course after assuming office.
“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer,” he said.
He acknowledged the difficulties associated with the reforms, saying, “The reforms that followed were difficult. The side effects were real.”
“Yet, we must never confuse the medicine with the disease,” Tinubu said.
Tinubu rejected calls to abandon the reforms and return to what he described as “the abuse of addictive subsidies.”
“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” he said.
The President said Nigerians should remember the reasons for embarking on the reforms and the progress made since then.