Tinubu Says Past Presidents Avoided Tough Economic Decisions

President Bola Ahmed Tinubu has criticised previous administrations for failing to take difficult economic decisions, saying their inaction contributed to the worsening of Nigeria’s economic situation.

Tinubu made the remarks on Thursday, October 1, 2026, during his Independence Day address to Nigerians, while defending the economic reforms introduced by his administration.

The President said Nigeria inherited an economy weighed down by an unsustainable petrol subsidy system and an opaque foreign exchange market.

“For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow,” Tinubu said.

He added that by 2023, poverty was increasing and public optimism had declined significantly, leaving his administration with what he described as no choice but to implement difficult reforms.

Tinubu specifically defended the removal of the petrol subsidy and the unification of the foreign exchange market, saying the measures were necessary to address longstanding economic distortions and create more fiscal space for government.

Previous administrations under former Presidents Goodluck Jonathan and Muhammadu Buhari had also attempted to reform or remove petrol subsidies, but those efforts were reversed or abandoned following strong public opposition.

Tinubu’s administration removed the petrol subsidy on May 29, 2023, shortly after he assumed office. The Central Bank of Nigeria subsequently consolidated the country’s multiple official foreign exchange windows into the Investors and Exporters window.

The reforms resulted in significant increases in petrol prices and depreciation of the naira, contributing to higher transportation, food and production costs.

The government has maintained that the reforms have improved Nigeria’s macroeconomic position and created additional resources for development. Tinubu said funds previously spent on petrol subsidies were being redirected towards education, healthcare, security, agriculture, infrastructure and social investment.

He also said the reforms had provided additional fiscal space for federal, state and local governments.

However, concerns remain over the impact of the reforms on Nigerians’ living standards. The International Monetary Fund has said Nigeria’s reforms improved macroeconomic outcomes and strengthened resilience, while poverty remained high and living conditions continued to be difficult for many Nigerians.

Tinubu urged Nigerians to continue supporting the reforms, arguing that they were necessary to address Nigeria’s infrastructure deficit and create conditions for long-term economic growth.

He said the government was using additional resources to fund roads, electricity, broadband infrastructure and social investment programmes, as well as education, healthcare and national security.

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