Abuja, Nigeria – President Bola Tinubu has urged Nigerians to brace for continued reforms, warning that without them, the country risks economic collapse. Speaking during the 64th Independence Day Anniversary on October 1, 2024, Tinubu acknowledged the difficult state of the nation when he assumed office in May 2023, describing it as a “critical juncture” and a “dizzying crossroads.”
The President said Nigeria had to choose between embarking on reforms that would foster progress and prosperity or maintaining the status quo, which would lead to inevitable decline. His administration opted for reform, focusing on restructuring Nigeria’s political economy and overhauling its defense systems to ensure national survival.
Tinubu commended the resilience of the Nigerian people, noting that the country has weathered crises that might have torn other nations apart. However, his policies, particularly the removal of the petrol subsidy and the unification of the foreign exchange rates, have drawn widespread criticism. Many Nigerians blame these moves for the sharp increase in inflation and the rising costs of living and energy. Protests have erupted across the country, with citizens expressing frustration over the worsening economic situation.
Acknowledging the hardships his reforms have caused, Tinubu sympathized with Nigerians, promising that his government is actively working on solutions to lower the cost of living. During his Independence Day address, he called for patience and reassured the public that the ongoing adjustments to economic policies are for the long-term benefit of ordinary Nigerians.
Reflecting on the nation’s journey since independence, Tinubu urged Nigerians to learn from past mistakes to achieve the country’s potential. “While we celebrate the progress made over the past 64 years, we must also recognize missed opportunities and errors,” he said. “To become one of the greatest nations on earth, our past mistakes must not follow us into the future.”
Tinubu stressed that when his administration took office 16 months ago, Nigeria’s economy was faltering, and security concerns were rampant. Faced with tough choices, the government chose the path of reform, aiming for a stronger, more prosperous future for the country.
