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Tinubu Ball President on Thursday, May 29, 2025 noted that gasoline subsidies and some foreign exchange windows strangled Nigeria’s future, therefore the need for reform.
In a statement to mark his second birthday in the office, the former Governor of Lagos emphasized the need for the elimination of gasoline subsidies and the unification of foreign exchange windows, the two brave steps he took when he took a position on May 29, 2023.
Listen to him, “The economic and general situation of the state that I inherited requires us to direct the affairs of the state with a brave and new vision. I immediately apply the two policies needed to stop our country so as not to float to the cliff.
“It is clear that if the federal government and two other levels of government must remain feasible and meet the welfare of citizens, we must get rid of fuel subsidies for decades and several foreign exchange windows hit by corruption.
“Both of them are no longer sustainable and have become Chokeholding in the neck of our nation, strangling our nation’s future.”
With the removal of gasoline subsidies two years ago, the price of important commodity pumps jumped from ₦ 200 to around ₦ 1,000, with the value of naira to the dollar depreciated from $ 1/₦ 800 to around $ 1/₦ 1,600. Economists blame the inflationary pressure produced and increase living costs in these two factors.
However, Tinubu said his government implemented this reform to restore and revive the country’s economy and strengthen the country’s social order.
According to the President, his government has begun to lay the foundation for a more sustainable future by introducing new national fiscal policies.
Also read: For Note: What Tinubu said to the Nigerians to mark 2 years of his government (full text)
“This strategic framework will guide our approach to fair taxation, responsible loans, and disciplined expenses. This reform is designed to reduce living costs, promote economic justice, and build a business -friendly economy that attracts investment and supports every Nigerian,” he said.
He thanked the Nigerians for their support and confidence in his vision to appoint the nation, even when he promised to face the socio-economic challenges of the country.
The President said, “We are halfway through the journey that began 24 months ago. Today, May 29, 2025, offers our government the opportunity to share how far we have moved and progress in directing our country along the critical path of socio-economic development.
“When we started this journey, driven by explosions of hope and faith that remain in the unity and progress of Nigeria, I made an appointment before God and fellow countrymen and women to face Nigerian challenges directly by rebuilding trust, fostering prosperity, and restoring our country’s economic health.”
Tinubu further promised to overcome economic instability, increase national security, reduce corruption, reform governance, and lift our people out of poverty.
