Nigeria: At 3rd Anniversary, Tinubu Pledges to Keep Food Prices Low, Cut Transport Costs

President Bola Tinubu has defended the economic reforms introduced by his administration, saying history would vindicate the difficult decisions taken over the past three years to rescue Nigeria from fiscal collapse and long-term economic decline.

In a nationwide broadcast to mark the third anniversary of his administration, the President acknowledged the hardship caused by the removal of the fuel subsidy and foreign exchange reforms, but insisted that the measures were necessary to stabilise the economy and prevent a deeper national crisis

The President, however, stated that the next phase of his administration would focus on ensuring that the benefits of reforms were felt more directly in the daily lives of ordinary Nigerians.

He promised that the government would continue efforts to keep food prices low, noting that prices had already dropped from their peak levels in 2023 and 2024.

Tinubu also promised lower transportation costs as commercial vehicle operators convert from petrol engines to compressed natural gas and electric vehicles.

Tinubu said when his administration assumed office in 2023, Nigeria was facing severe economic and structural challenges, including mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity, energy constraints and weakening public confidence in institutions.

According to him, the country was spending as much as N18.4 billion daily on petrol subsidy payments at the peak of the regime, with over N4 trillion spent on subsidy in 2022 alone.

He also said multiple exchange-rate windows and forex arbitrage led to massive distortions, with the country losing more than N8 trillion within three years to speculative activities and rent-seeking.

"The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis. The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.

"Had we refused to act, our nation would have drifted towards fiscal breakdown, worsening poverty and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort," he said.

The President admitted that the reforms triggered a sharp rise in the cost of living and placed enormous pressure on families, workers and businesses, while many young Nigerians seeking jobs became discouraged.

"I remain deep