President Bola Tinubu reflected on the state of Nigeria when he assumed office on May 29, 2023, describing the nation as being at a “critical juncture” and facing “dizzying crossroads.” He explained that upon taking leadership, the country was confronted with a crucial decision: either to implement reforms that would lead to progress and prosperity or continue with the status quo, risking national collapse.
During his address on Nigeria’s 64th Independence Day Anniversary on October 1, 2024, Tinubu emphasized that the challenging circumstances at the time demanded swift and decisive reforms.
He begged Nigerians to give him more time and exercise patience, noting that his administration was working on reshaping the country’s economic policies for the long-term benefit of its citizens.
The President underscored that the reforms introduced were aimed at overhauling Nigeria’s political economy and defence system to ensure national survival. Tinubu also took the opportunity to commend the resilience of the Nigerian people, pointing out that the country had weathered crises that could have led to the disintegration of other nations.
However, the President’s economic policies, particularly the removal of the petrol subsidy and the unification of the foreign exchange rates, have been met with widespread criticism.
Many Nigerians have attributed these policies to the soaring inflation, rising energy costs, and general economic hardship. In response to the growing discontent, which has seen thousands of Nigerians protest against the difficult living conditions, Tinubu acknowledged the challenges.
He expressed sympathy for the hardships his reforms may have caused but assured the public that his government was taking steps to alleviate the high cost of living.
During his second Independence Day Broadcast, the President once again appealed for patience, reiterating that his administration was retooling economic policies to benefit ordinary Nigerians. He called on citizens to reflect on Nigeria’s journey toward nation-building and to renew their commitment to creating a better future for all generations.
Tinubu highlighted that, while there had been significant progress over the past 64 years, there had also been missed opportunities and mistakes. He urged that these mistakes should not be carried into the future if Nigeria is to fulfill its potential as one of the greatest nations in the world.
Reflecting on the conditions his administration inherited, Tinubu noted that after 16 months in office, it was clear that Nigeria had been facing severe economic challenges and significant security threats.
Faced with this reality, his administration chose a path of reform rather than allowing the country to stagnate and collapse.
