Tinubu Defends Economic Reforms, Says “No Nation Grows on Subsidies” at APC Convention

President Bola Ahmed Tinubu has firmly defended his administration’s economic reforms, declaring that Nigeria cannot achieve growth while sustaining what he described as wasteful subsidies and outdated fiscal practices.

Speaking at the 4th Elective National Convention of the All Progressives Congress in Abuja, the President said his government deliberately chose a difficult reform path to reposition the nation’s economy for long term prosperity.

“No economy grows by sustaining wasteful subsidies or dysfunctional priorities,” Tinubu said, framing his administration’s policies as necessary sacrifices for future gains.

The President acknowledged that the reforms have imposed short term hardships on Nigerians but insisted they are laying a solid foundation for sustainable growth.

He cited improvements in key economic indicators, including declining inflation, increased investor confidence, trade surpluses, and a rebound in the oil and gas sector as evidence that the policies are yielding results.

According to him, Nigeria’s inflation has dropped for eight consecutive months to 14.45 percent, while business activity has expanded consistently for a year, signalling a gradual shift from economic instability to recovery.

Tinubu also highlighted progress in infrastructure, tax reforms, and foreign exchange management, noting that Nigeria has rebuilt buffers to withstand global shocks, including the impact of the ongoing international crisis involving the United States, Israel and Iran.

Despite the optimism, the President admitted that critical challenges remain, particularly in the power sector, where he announced plans to establish a Grid Asset Management Company to boost electricity supply.

Beyond economic issues, Tinubu used the platform to reaffirm his commitment to democratic principles, dismissing fears of a one party state and stressing the importance of a credible opposition in strengthening governance.

The President’s remarks signal a clear attempt to reshape public perception of his reform agenda, positioning current economic hardships as a necessary phase in a broader transition toward long term national stability and prosperity.