President Bola Tinubu has defended his administration’s economic reforms, claiming that the naira would have become virtually worthless if his government had failed to take decisive measures after assuming office in May 2023.
Tinubu said Nigerians might have needed wheelbarrows to transport money if his administration had not taken what he described as difficult but necessary economic decisions.
The President spoke on Friday at the All Progressives Congress presidential campaign rally in Uyo, Akwa Ibom State, where he urged Nigerians to support his re-election bid ahead of the January 16, 2027 presidential election.
He described the forthcoming election as consequential, saying the outcome would determine the country’s future direction.
Tinubu said his administration inherited a difficult economic situation, claiming that 27 of the 36 state governors were struggling to meet their salary obligations, let alone pay pensions and gratuities.
He said, “This coming election, January 16, 2027, is a consequential election. It will define the direction of this country.
“When I took over, 27 governors out of the 36 in this country were unable to meet their salary obligations, not to talk of pensions and gratuities.
“By now, if we hadn’t taken a decision the day I took over, we would be using wheelbarrows to move our naira because it would have become valueless.”
The President maintained that the economic decisions taken by his administration helped prevent the country from sliding into a deeper financial crisis.
His remarks come amid continuing public debate over the impact of the government’s economic policies, particularly the removal of the petrol subsidy and the unification of the foreign exchange market.
Although the administration has consistently defended the reforms as necessary to stabilise public finances and strengthen the economy, Nigerians continue to grapple with rising living costs, exchange rate pressures and higher prices of goods and services.
Tinubu, who is seeking re-election, was in Akwa Ibom State as part of the APC’s campaign activities ahead of the 2027 general election.
He is expected to face 17 other presidential candidates in the January 16, 2027 poll.
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