Tinubu Defends Economic Reforms Amid Obasanjo’s Criticism, Highlights Progress
posted 13th March 2025
Tinubu Defends Economic Reforms Amid Obasanjo’s Criticism, Highlights Progress
Abuja, 13 March 2025-President Bola Ahmed Tinubu has staunchly defended his administration’s economic reforms, insisting they were vital to safeguard Nigeria’s future generations. The remarks, delivered on Thursday at the State House in Abuja, come in the wake of scathing criticism from former President Olusegun Obasanjo, who branded Tinubu corrupt and dismissed the ambitious coastal road project as a wasteful endeavour. Obasanjo’s comments have fuelled public discontent, with many Nigerians reeling from the impact of Tinubu’s reforms.
Addressing a delegation of former National Assembly colleagues from the short-lived Third Republic—where he once served as a Senator for Lagos West—Tinubu argued that for five decades, Nigeria had been squandering resources meant for its unborn generations. “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” he said.
Tinubu painted a grim picture of the economic inheritance his administration faced upon taking office. “We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” he explained. Despite the hardships, he struck an optimistic tone, asserting that the nation is now on firmer footing. “Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
The President’s remarks follow widespread public frustration over his reforms, including the removal of fuel subsidies and currency adjustments, which have driven up living costs and sparked protests. Critics, including Obasanjo, have pointed to projects like the coastal road as emblematic of misplaced priorities, arguing they do little to alleviate the suffering of ordinary Nigerians.
Tinubu, however, framed his policies as a necessary break from past profligacy, crediting Nigerians for their resilience and support. He also reaffirmed his commitment to democratic principles, which he said remain the bedrock of economic and social progress. “I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball,” he told the delegation. “Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”
The delegation, led by Senator Emmanuel Chiedoziem Nwaka, praised Tinubu’s initiatives, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP). Nwaka hailed these programmes as transformative, especially for students and young Nigerians. “I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it,” he said. He also lauded CREDICORP as a tool to combat corruption by enabling young people to access credit for essentials like cars and homes without upfront cash.
Other members of the delegation included Senator Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
The exchange underscores the deepening divide over Tinubu’s leadership. While his administration touts stabilising exchange rates and falling food prices as signs of progress, critics argue that the reforms have disproportionately burdened the populace. Obasanjo’s outspoken critique has only amplified these tensions, casting a shadow over Tinubu’s efforts to project optimism.
