President Bola Ahmed Tinubu has told global investors in Paris, France, that his administration inherited an economy under severe pressure and had to take difficult decisions to prevent further decline.
Tinubu said the removal of fuel subsidy was necessary because it had become a burden on the country.
“We inherited an economy ready to go south. It was a very serious turnaround, recalibration,” the President said.
“The subsidy that was a burden to the entire country was removed. And ever since, today, we have achieved exchange rate stability. By floating the currency, we are able to have a better return on the bonds,” he added.
Tinubu said policy consistency and transparency remained central to his administration’s reform agenda.
“Consistency is the name of the game. Serious transparency,” he said.
The President also said his administration had assembled a team with the competence and curiosity required to steer the economy through difficult times.
“We brought a team and intellectual curiosity to navigate the stormy weather,” Tinubu added.
