Tinubu defends reforms, says subsidy removal saved Nigeria from collapse

President Bola Ahmed Tinubu has defended his administration’s economic reforms, saying they saved Nigeria from a looming fiscal crisis.

Speaking during his third anniversary address, Tinubu revealed that the country was spending up to N18.4 billion daily on petrol subsidies before his administration ended the regime.

He said the subsidy system, alongside multiple exchange rate windows, had drained trillions of naira and encouraged corruption and inefficiency.

“The situation demanded urgent and courageous action,” he said, noting that failure to act would have worsened poverty and economic instability.

Tinubu acknowledged that the reforms led to a sharp rise in the cost of living, placing pressure on households and businesses.

However, he maintained that the decisions were taken in the national interest and would lay the foundation for long-term recovery.