President Bola Tinubu insisted on Thursday that the sweeping economic changes introduced under his leadership were yielding positive outcomes.
Speaking at the All Progressives Congress (APC) National Summit, held at the State House banquet hall in Abuja, Tinubu dismissed claims that the ruling party had failed.
“Two years ago, we set out with a shared belief in our nation’s potential. We made a commitment to confront our difficulties and rebuild public confidence while promoting prosperity.
“I can say with confidence that our policies are taking effect. Progress takes sacrifice. The fuel subsidy has been removed, and that decision was made in the country’s best interest,” he said.
Since assuming office in May 2023, Tinubu launched an ambitious economic reform agenda, which, according to his administration and global financial institutions, aimed to restore fiscal stability in Nigeria.
However, the reforms, including allowing the naira to float and scrapping fuel subsidies, have placed a heavy burden on many Nigerians, who continue to battle the worst cost-of-living crisis seen in decades.
Years of high inflation and weak economic growth have exacerbated poverty levels.
By 2024, nearly half of Nigeria’s population was living below the poverty line, according to World Bank estimates.
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The International Monetary Fund (IMF) stated last month that while the reforms were significant, they had yet to translate into tangible relief for most citizens.
During the summit, the APC formally endorsed Tinubu as its sole presidential candidate for the 2027 elections.
APC National Chairman Abdullahi Ganduje made the declaration, citing backing from key party figures.
“As party chairman, and on behalf of the legally recognised National Working Committee, I endorse all previous declarations and confirm President Bola Tinubu as our sole presidential candidate,” Ganduje announced.
The event saw the attendance of APC governors, federal ministers, and senior party stakeholders.
