Tinubu on reforms: Bitter pill must be administered to build better future for Nigeria

President Bola Tinubu says the “bitter pill” must be administered to an ailing nation and economy to build a better future for the country.

According to a statement by Ajuri Ngelale, presidential spokesperson, on Thursday, Tinubu spoke at a meeting with members of the board and management of the Nigerian Economic Summit Group (NESG). 

He said Nigeria is blessed with rich human and natural resources, in addition to deficit opportunities, which can quickly be leveraged into new prosperity.

The president called for the urgent exploitation of Nigeria’s diversity for collective gain, with an eye on new think tanks in the agricultural sector and the establishment of a commodity exchange.

“We have gone through the past. I will not look back. The focus of my horse and my race remains forward-looking,” Tinubu said.

“We have an abundance of knowledge and untapped mineral resources, and an agricultural sector that is God-given, but we tend to shy away from taking those gigantic steps that will result in prosperity for our people. 

“We are not exploiting our diversity for prosperity, we are at each other’s throats, arguing about unnecessary things, instead of thinking and doing for our people.”

The president said he was elected on a “no excuses” platform for renewed hope and that he will not accept excuses from anyone in his government as they set out to deliver on his agenda.

“I don’t see why Nigeria will be so blessed with good soil and not have a commodity exchange. I don’t see why we have not been able to interrogate our real estate sector and propel it,” he said.

“I don’t see why we have not used consumer credit to build the purchasing power of our people and the capacity of our very own manufacturing sector.”

Tinubu said his administration’s reforms are anchored on a “strong adherence to accountability and transparency.”

While commending the NESG for believing in the reforms of his administration, he emphasised the need for robust public-private sector partnership to grow the economy.

Also speaking at the meeting, Olaniyi Yusuf, chairman of NESG, welcomed the economic reforms announced by the Tinubu-led administration, specifically with respect to petrol subsidy removal, foreign exchange rate harmonisation, food security and palliatives to sub-national governments.

Yusuf pledged that the NESG would work with the newly inaugurated cabinet to achieve the eight-point agenda of the administration.