President Bola Tinubu has defended his administration’s economic reforms, saying the naira would have become worthless if his government had failed to take decisive action to remove the fuel subsidy upon assuming office.

He made the remarks at a state reception held in his honour at the newly constructed Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State, following the APC rally at the Godswill Akpabio International Stadium.

Tinubu said his administration inherited an economy in which 27 of the country’s 36 state governors were unable to meet their salary obligations, let alone pay pensions and gratuities.

“When I took over, 27 governors out of 36 of this country were unable to pay salary obligation, not to talk of pension and gratuity. Today I stand before you able to say we are out of that tunnel. I can beat my chest to say we are out of the greatest despair, the dark tunnel of uncertainty and the calamity of possible bankruptcy.”

Defending the decisions taken by his government, the President said: “By now, if we didn’t take a decision, the day I took over, we would use wheelbarrows to move our naira. Because it would have been valueless, nothing.”

He added that the exchange rate was about ₦1,300 to the dollar, arguing that the currency had retained some value because of the decisions his administration took.

President Tinubu insisted that his administration would not reverse its decision to end the policy.

Using the biblical account of Moses and the Israelites’ departure from Egypt, he said Nigeria must continue moving forward, stating: “Nigeria will never go back to the subsidy.”

“We are talking of $1,300 now to a dollar. Because it still has pocketable value. If we had left it, it would have been a wheelbarrow when you go to a tomato market. That is the truth.”

Tinubu also aimed at opposition figures Peter Obi and Atiku Abubakar, questioning their leadership capacity and accusing them of abandoning difficult situations.

He criticised Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), over the erosion challenges in Anambra State, while accusing Atiku, now the African Democratic Congress (ADC) presidential candidate, of abandoning the Peoples Democratic Party (PDP) when his leadership came under challenge.

Tinubu questioned whether Nigerians could entrust the country’s leadership to people he accused of lacking responsibility and the ability to manage internal challenges.

Tinubu also highlighted his administration’s education policy, describing education as a major tool for tackling poverty.

He said funds recovered by the Economic and Financial Crimes Commission would be channelled into the education programme.

“I don’t know the pain of the market, but I share your pain. I share the difficulty. That’s why I decided to take away the responsibility of tuition fees away from parents.

“Equal opportunity for everybody who wants to read. Taking education as the greatest weapon against poverty. And creating opportunities for those who are still coming behind.

“From today on, as we are fighting corruption, any money recovered from EFCC is dumped into that education program. No one can reverse it.”

President Tinubu urged Akwa Ibomites to support his administration, pledging to keep his commitment to the realisation of the Ibom Deep Seaport. Channels