I inherited a near-collapsed economy — but we’ve turned the corner, says Tinubu

President Bola Tinubu says he was left with few options when he assumed the reins on May 29, 2023.

Tinubu famously declared the end of the petrol subsidy regime in his inaugural speech as president. 

In the days and weeks that followed, the president unfurled a slew of reforms that inflicted severe economic hardship on the citizenry.

In his Independence Day address, Tinubu said “upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth”.

“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path,” he said. 

“We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.”

The president added that the nation has now turned the corner.

“Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people,” he said. 

“We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.

“I am pleased to report that we have finally turned the corner. The worst is over, I say. 

“Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. 

“I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.”