President Bola Tinubu has defended his administration’s economic reforms, saying the naira would have become worthless if his government had failed to take decisive action to remove the fuel subsidy upon assuming office. He made the remarks at a state reception held in his honour at the newly constructed Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State, following the APC rally at the Godswill Akpabio International Stadium.
Tinubu said his administration inherited an economy in which 27 of the country’s 36 state governors were unable to meet their salary obligations, let alone pay pensions and gratuities. “When I took over, 27 governors out of 36 of this country were unable to pay salary obligation, not to talk of pension and gratuity. Today I stand before you able to say we are out of that tunnel. I can beat my chest to say we are out of the greatest despair, the dark tunnel of uncertainty and the calamity of possible bankruptcy.”
Defending the decisions taken by his government, the President said: “By now, if we didn’t take a decision, the day I took over, we would use wheelbarrows to move our naira. Because it would have been valueless, nothing.” He added that the exchange rate was about ₦1,300 to the dollar, arguing that the currency had retained some value because of the decisions his administration took.
President Tinubu insisted that his administration would not reverse its decision to end the policy.
