Fuel Subsidy, Hardship, Stampede: 10 Key Takeaways From President Tinubu’s Maiden Media Chat

President Bola Ahmed Tinubu held his first media chat on Monday, where he addressed critical national issues ranging from security and economic reforms to governance and social welfare. 

EKO HOT BLOG looks at the 10 major highlights from the discussion:

1: On Stampede Incidents

President Tinubu extended condolences to families affected by recent stampede incidents during charity events, emphasizing the need for responsible philanthropy.

“Condolences to those who lost a family member, but it is good to give,” he said.

“I have been giving out foodstuff and commodities in Bourdillon. If you know you don’t have enough to give, don’t attempt or publicize it.”

2. Progress in National Security

Tinubu expressed optimism about the country’s improving security landscape, citing reduced violence in previously volatile regions.

“Today, I have confidence in my security architecture,” Tinubu said. “For two decades, we witnessed wanton killings. I remember pausing my campaign to visit Maiduguri, Katsina, Kaduna, and Kogi. Today, you can travel roads that were once impassable.”

3. Fuel Subsidy Removal and Forex Harmonization

The President defended his administration’s controversial decisions to remove the fuel subsidy and harmonize foreign exchange rates, describing them as essential for Nigeria’s economic recovery. 

“We were spending our future, our generation’s fortune,” he remarked.

“We were not investing; we were deceiving ourselves. These measures are necessary despite the initial shocks.”

4. Tax Reforms for a Modern Economy

Tinubu reiterated his administration’s commitment to overhauling Nigeria’s tax system to align with global standards, reducing dependence on oil revenues while fostering growth.

“Tax reform is here to stay,” Tinubu declared.

“We cannot continue to do what we were doing yesterday in today’s economy. An efficient tax system is critical for sustainable development.”

5. A Call for Patience Amid Reforms

Acknowledging the short-term hardships brought about by his policies, Tinubu urged Nigerians to remain steadfast, emphasizing the long-term benefits of his reforms.

“The reforms come with temporary hardships, but conviction about their positive impacts is key,” he said.

“It is not going to be Eldorado for everybody. But the new dawn is here, and we must all share in this conviction.”

6. Reduction in Debt Service Ratio

Tinubu announced that his administration had reduced Nigeria’s debt service from 98% to about 68%.

He defended borrowing as a tool for infrastructure development and national growth.

“It is not a crime to borrow,” Tinubu explained, pointing to ongoing infrastructure projects and investments enabled by borrowed funds.

7. Confidence in Cabinet Performance

The president dismissed calls to downsize or investigate his cabinet, expressing satisfaction with their performance.

“Give them credit for what they are doing,” he said. “I am proud of what they are achieving today.”

8. Focus on Long-Term Development

Tinubu stressed the importance of building a sustainable future for Nigeria.

“I will not preside over a nation that will eat its future today,” he said.

“We must ensure that our programs are centered on creating a future for our country.”

9. Local Production and Market Dynamics

The President advocated for increased local production and rejected price control mechanisms to curb inflation.

“I don’t believe in price control,” Tinubu stated.

“The solution to middlemen’s antics is to produce and supply more. By overwhelming the market with supply, hoarding will no longer be feasible.”

He also highlighted investments in modern agricultural equipment and security to enable farmers to return to their farms and boost food production.

10. 2025 Budget as a Pathway to Restoration

Describing the proposed 2025 appropriation bill as a “budget of restoration and hope,” Tinubu emphasized that the country is on a recovery path.

He called on Nigerians to embrace the ongoing reforms and maintain hope for a better future.

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