President Bola Ahmed Tinubu has said that when he assumed office on May 29, 2023, he was confronted with an economy on the brink of collapse and had no choice but to take bold, difficult decisions to reposition the country.
Tinubu, in his maiden address as president, made headlines by announcing the immediate removal of fuel subsidy, a move that triggered widespread hardship for millions of Nigerians.
In the weeks that followed, his administration rolled out sweeping economic reforms that tightened living conditions further.
Speaking during his Independence Day broadcast, the president declared: “Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.”
According to him, the government had two options: to continue with the old order and watch the country deteriorate further, or to embrace deep-rooted reforms, however painful.
“We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” he stated.
Tinubu stressed that Nigeria has now “turned the corner,” insisting that the worst days are over. He outlined his administration’s vision to rebuild critical infrastructure and expand capacity in power, education, health, and transportation.
“Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people,” Tinubu said.
He added that years of neglect in energy and infrastructure investments had left the country short of electricity, modern ports, rail, and international-standard airports. His government, he assured, is working to correct those gaps.
“I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief.
“I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour,” the president added.
I inherited near-collapsed economy, worst is over – Tinubu