Tinubu Credits Economic Policies for Preventing Naira's Collapse

President Bola Tinubu recently defended his administration's choice to eliminate the fuel subsidy, asserting that the national currency, the naira, would have significantly depreciated in value had the policy remained. He further affirmed that the subsidy removal would not be reversed by his government.

These remarks were made by President Tinubu on Friday, November 6, during a state reception held in his honour at the newly built Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State. This event took place after an All Progressives Congress (APC) rally at the Godswill Akpabio International Stadium.

According to the president, upon his assumption of office, 27 out of Nigeria's 36 state governors were struggling to fulfill their salary commitments, with pension and gratuity payments being even more challenging. He contended that the reforms implemented by his government had since steered the nation clear of potential bankruptcy. “By now, if we didn’t take a decision, the day I took over, we would use wheelbarrows to move our naira. Because it would have been valueless, nothing,” Tinubu stated. He noted the exchange rate was approximately ₦1,300 to the US dollar, arguing that the naira had maintained some purchasing power due to his administration's decisive actions. Drawing a parallel to the biblical narrative of Moses leading the Israelites, he emphasized the country's need to progress continually. “Nigeria will never go back to the subsidy,” he declared.

Tinubu also questioned the leadership capabilities of opposition presidential candidates Peter Obi and Atiku Abubakar. He criticized Peter Obi, the Nigeria Democratic Congress (NDC) candidate, for the challenges of erosion in Anambra State. Furthermore, he accused Atiku Abubakar, the African Democratic Congress (ADC) candidate, of abandoning the Peoples Democratic Party (PDP) when his leadership faced scrutiny. Tinubu suggested that their handling of these respective issues cast doubt on their suitability to lead the country.

Shifting focus to education, President Tinubu acknowledged the financial pressures on families. He stated that his administration's policy aimed to alleviate the burden of tuition fees on parents and broaden access to educational opportunities. “Equal opportunity for everybody who wants to read. Taking education as the greatest weapon against poverty. And creating opportunities for those who are still coming behind,” he articulated. He announced that funds recovered by the Economic and Financial Crimes Commission (EFCC) would be allocated directly to the education programme. “From today on, as we are fighting corruption, any money recovered from EFCC is dumped into that education program. No one can reverse it,” Tinubu affirmed.

The president concluded by urging the residents of Akwa Ibom to support his administration and reiterated his commitment to ensuring the successful completion of the Ibom Deep Seaport project.