Subsidy removal, forex reforms irreversible, says Tinubu

President Bola Tinubu has justified his administration’s decision to scrap fuel subsidies and overhaul the foreign exchange system, declaring that the measures were taken in Nigeria’s national interest and will not be reversed.

The president made this known during an engagement with officials of the World Bank, where he explained that the reforms were designed to fix deep-rooted structural weaknesses in the economy, despite the short-term difficulties they imposed on citizens.

Tinubu admitted that the initial impact of the policies was tough on Nigerians but stressed that meaningful economic recovery demands courage, consistency, and sacrifice.

He maintained that the country must stay the course rather than retreat from hard choices.

He outlined agriculture as a major pillar of the reform agenda, alongside youth empowerment and large-scale mechanisation, noting that Nigeria’s expansive arable land and youthful population provide a strong foundation for sustainable growth.

According to the president, the government is working to boost agricultural productivity by providing quality seedlings, ensuring better access to fertilisers, establishing regional mechanisation hubs, and encouraging smallholder farmers to form cooperatives for improved output and market reach.

Reaffirming his resolve, Tinubu said economic reform is an ongoing process, adding that his administration remains fully committed and “will not turn back” on the path it has chosen.