Tinubu defends Nigeria economic reforms ahead of 2027 election
Nigerian President Bola Tinubu has defended his government’s economic reforms as he prepares to seek another term in the country’s 2027 presidential election.
In his Independence Day address, Tinubu said Nigeria had overcome major economic challenges since he took office in 2023. He pointed to economic growth, lower inflation and improvements in the oil sector.
Tinubu said Nigeria’s economy had grown by more than 4% this year. He described the improvement in the country’s economic outlook as “undeniable.”
Africanews, citing the Associated Press, reported on the speech as campaigning intensifies ahead of the January election.
Tinubu defends Nigeria economic reforms
Tinubu said both oil and non-oil sectors had contributed to economic growth.
He also said oil theft had declined and inflation had fallen substantially from its peak. The president pointed to stronger foreign reserves and a more stable foreign exchange market.
These were claims made by Tinubu in his Independence Day address.
Tinubu said his government would now focus on making economic growth benefit households. He highlighted jobs, affordable food and transport, reliable electricity and access to credit among his priorities.
Reforms brought major economic changes
Tinubu introduced major Nigeria economic reforms after taking office in May 2023.
His government removed the country’s long-standing fuel subsidy. It also changed the foreign exchange system, contributing to a major depreciation of the naira.
The government argues that the measures helped stabilise public finances and address structural economic problems.
However, the changes also contributed to sharp increases in living costs. Africanews and AP reported that inflation rose significantly following the reforms.
Tinubu acknowledged that the reforms had brought difficult consequences. However, he argued that they were necessary to address weaknesses in the economy.
Nigeria prepares for 2027 presidential election
Tinubu is seeking another term in the presidential election scheduled for January 16, 2027.
Nigeria’s Independent National Electoral Commission has published a final list of 18 presidential candidates and their running mates.
The candidates include Tinubu of the All Progressives Congress, former Vice President Atiku Abubakar of the African Democratic Congress and former Anambra State governor Peter Obi of the Nigeria Democratic Congress.
Economic conditions, security and the cost of living are among the issues facing Nigeria as the election approaches.