Reforms needed to build $1tn economy, Tinubu explains economic hardship

President Bola Tinubu has again defended his administration’s economic reforms as needed steps towards building a $1tn economy by 2030.

National Chairman of the All Progressives Congress (APC) Prof Nentawe Yilwatda, who represented Tinubu at the second edition of the Asiwaju Scorecard Series and Policy Roundtable in Abuja on Tuesday, said the reforms had strengthened the foundation for economic stability and growth, citing improved foreign reserves, revenue mobilisation, trade and gross domestic product.

This is against submissions by opposition party figures who contend that the reforms have worsened the economic situation of citizens.

But Tinubu, represented by Yilwatda, said the economic reforms introduced by his administration had placed Nigeria on the path to achieving a $1tn economy by 2030.

He said the reforms had strengthened the foundation for economic stability, growth and prosperity.

The President said the removal of fuel subsidy and reforms in the foreign exchange market, alongside increased revenue mobilisation and investments in critical infrastructure, were necessary to move the country away from years of economic uncertainty and towards sustainable growth.

“When President Bola Ahmed Tinubu assumed office on 29 May 2023, Nigeria faced a difficult economic inheritance. We had fuel subsidy distortions, multiple exchange-rate windows, weak revenue mobilisation, foreign-exchange shortages, rising debt-service pressures and years of inadequate investment in critical infrastructure.

“The President understood that Nigeria could not continue on that trajectory and therefore took difficult decisions, including the removal of the fuel subsidy and the reform of the foreign-exchange market.

“The evidence increasingly shows that the foundation is strengthening. Nigeria’s gross external…