APC is not a failure, says President Bola Ahmed Tinubu as he speaks on economic reforms.
President Bola Ahmed Tinubu has boasted that the economic reforms of his administration are yielding the desired results.
president Bola Ahmed Tinubu said this on Thursday at the All Progressives Congress, APC, National Summit at the banquet hall of the State House in Abuja, adding that the ruling party is not a failure.
“Two years ago, we embarked on this journey, propelled by a bus of hope and abiding faith in Nigeria. Together, we pledged to confront Nigeria’s challenges head-on by rebuilding trust, fostering prosperity.
“Today, I am proud to affirm that our economic reforms are working. There’s nothing good that comes easily. The subsidy is gone and was gone for the good of this country,” he said.
According to President Bola Ahmed Tinubu, upon taking over office in May 2023, he embarked on a deep economic reform programme, which the government and international financial institutions said was necessary to right the public finances of the continent’s most populous country.
Those measures, including liberalizing the battered naira currency, and cutting fuel subsidies, have come at a cost for many ordinary Nigerians, who are facing the worst cost-of-living crisis in a generation.
The World Bank said successive years of rising inflation and sluggish growth have raised poverty and hardship levels, estimating that nearly half of all Nigerians lived in poverty in 2024.
In the same manner, the International Monetary Fund, IMF, last month stated that the government’s tough economic reforms have yet to benefit the average citizen.
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