Tinubu: Without My Reforms, Naira Would Be Valueless, You’d Need Wheelbarrow For Tomato Market

President Bola Ahmed Tinubu has defended his administration’s economic reforms, saying Nigeria would have been plunged into a deeper financial crisis if he had not taken over government.

Tinubu spoke on Friday during his visit to Akwa Ibom State, where he inaugurated projects executed by Governor Umo Eno’s administration and addressed supporters at a political gathering.

Describing the January 16, 2027 election as consequential, the President said it would define the direction of the country.

“This coming election January 16th, the 7th. It’s a consequential election. It will define the direction of this country,” he said.

He recalled the state of the economy he inherited in 2023, saying 27 out of 36 state governors were unable to pay salaries, pensions and gratuities.

“When I took over, 27 governors out of 36 of this country were unable to pay salary obligation, not to mention pension and gratuity,” Tinubu said.

“Today I stand before you 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.”

Tinubu then made his strongest defence yet of the naira devaluation and subsidy removal, warning that the naira would have become valueless if his government had not acted.

“By now, if we didn’t [act] the day I took over, we will use wheelbarrows to move our naira.”

“Because it will have been valueless. Nothing we are talking of 1,300 now to a dollar. Huh. Because it is still a marketable value.”

“If we have left it we would have been [carrying] a wheelbarrow when you go to tomato market. That is the truth.”

The President acknowledged the hardship caused by the reforms, saying the pains were real and shared.

“It is difficult, it was hard. It was hard for me, too. And I can say, look by history, that I am a comfortable man. I don’t know the pain of the market. But I share your pain. I share the difficulty,” he said.

Tinubu said it was because of that shared pain that his administration took the responsibility of tuition fees away from parents, to give equal opportunity to every child who wants to go to school.

“That’s why I decided to take away the responsibility of tuition fees away from parents. Equal opportunity for everybody who want to read. Taking education as the greatest weapon against poverty,” he said.

He added that from now on, any money recovered by the EFCC in the fight against corruption would be channelled into the education programme.

“From today on, as we are fighting corruption, any money recovered by the EFCC is dumped into that education program,” Tinubu said.