Seven key things Tinubu said during his first Presidential media chat

1. No Regrets on Fuel Subsidy Removal

President Tinubu stood by his decision to remove fuel subsidies, stating it was a necessary reform to stop mortgaging the future of Nigeria’s younger generations. He acknowledged the hardships caused but emphasized the inevitability of the move to avert financial disaster.

2. Tax Reforms to Stay, VAT Open to Negotiation

The president defended ongoing tax reforms, which he described as essential for economic recovery. However, he hinted at the possibility of negotiations regarding Value Added Tax (VAT), while maintaining that reforms were not designed to inflict pain but to foster growth.

3. Borrowing is Not a Crime

Tinubu justified the government’s borrowing for infrastructure development, stating that it is essential for national growth. He highlighted reductions in debt servicing costs, from 98% to 68%, as evidence of financial prudence.

4. Confidence in Security Architecture

Expressing satisfaction with his security chiefs, Tinubu dismissed calls for their probe. He credited them for improvements in national security and emphasized ongoing investment in technology, training, and welfare to sustain progress.

5. Market-Driven Economy

The president rejected price controls as a solution to spiraling inflation. He argued that demand and supply dynamics should dictate prices, with increased market supply helping to stabilize costs over time.

6. Accountability in Palliative Distribution

Tinubu criticized organizers of palliative distribution for recent stampedes that led to loss of lives, describing it as a “grave error.” He urged better planning and discipline in handling such initiatives to prevent future tragedies.

7. Vision for Nigeria’s Economic Future

Tinubu projected 2025 as a year of economic prosperity, describing his administration’s path as one of “restoration and hope.” He urged Nigerians to remain patient, assuring them that his reforms are laying the foundation for sustainable growth.

In his first Presidential Media Chat held in Lagos, President Bola Tinubu urged Nigerians to trust his administration, describing its 18-month tenure as the start of a “glorious dawn” for the country.

Tinubu expressed confidence in his security chiefs, stating there was no need to dismiss or probe them, as they had made significant progress in improving security. On the controversial removal of fuel subsidies, he reiterated that he had no regrets, insisting the decision was essential for the country’s future, despite its unintended painful consequences.

Addressing his administration’s tax reforms, the president declared them a permanent feature of the economic landscape but indicated a willingness to negotiate aspects such as the Value Added Tax (VAT). He dismissed the idea of price controls as a solution to inflation, emphasizing that market forces should determine prices.

Tinubu highlighted his government’s ability to meet financial obligations without relying on funds from the Nigerian National Petroleum Company Limited (NNPCL). Defending the administration’s borrowing for infrastructure projects, he stated that borrowing was not a crime but a necessary strategy for development.

On recent stampedes during palliative distributions, the president blamed organizers for poor planning, which he said led to avoidable tragedies. He also dismissed suggestions to reduce the size of his cabinet, expressing full confidence in its members.

Speaking to Nigerians as part of his parting shots at the end of the media chat, Tinubu said, “I seek your understanding. I understand the trouble you’ve been through: the economic problems. It is just 18-month that I’ve taken the reign. We’ll maintain focus. Let’s believe in ourselves and in our country. Tomorrow will bring a glorious dawn.”

Tinubu assured Nigerians that 2025 would usher in economic prosperity and growth, emphasising that he understands the plight of the people.

He said, “2025 is a very promising year. Let me thank Nigerians for having confidence in me to be the president of the Federal Republic of Nigeria. I’m very proud of that.

“I don’t want you to think that I will take it for granted at any given time. It is all about service. I will do it with all my heart. I seek your cooperation all the time.”

Tinubu told the panel anchored by Dr Reuben Abati of ARISENEWS TV that leaders of the country’s security services deserve commendation, not probe.

He said, “I’m not probing service chiefs. You cannot disrespect the institution because of threat of war, without investment in technology, in weaponry and training.

“There might be leakages here and there. We put a very effective control mechanism in place to monitor our budget releases, and those funds have been judiciously used.

“Consider the welfare of our service men and women, consider it. They are living and are operating in a very serious conditions. We have huge country, a very huge world, and lot of forests, unoccupied spaces.

“Give them credit for what they are doing. I am proud of what they are doing to date. No need to probe. I have confidence in my security architecture. It is very, very unfortunate that, you know, two decades of wanton killing.

“I remember when I jumped into the campaign. I had to stop the campaign to pay condolences to Maiduguri, Katsina, Kaduna, Yola. Today, you can still travel the roads. Before now, it was impossible.

“It takes one incident to mess up an organised environment. It takes one. You cannot say the military is not prepared. When the 9th Brigade Battalion was attacked, you can’t laugh at your nation because of that.

“The enemies, with faith and without, are watching what you are doing. You have to be prepared 100 per cent, 24 hours of the day, to make sure that people are safe.

“Today, that is not the story any longer. People can leave Kaduna and still go towards Kafancha by road. Well, the road may not be that smooth. I’m not saying it won’t. Gradually, we will get there.”

The president stressed that he had no regrets removing fuel subsidy at his inauguration on May 29, 2023. He said failure to do so would have amounted to the country spending the lives of its future generations.

Tinubu stated, “We were spending our future, We were spending our generations when we claimed we were giving subsidy to Nigerians on petrol. We were not investing.

“We were just deceiving ourselves. That reform (fuel subsidy removal), is necessary. I could see the small glass crashing back. This is the way out. The fact that we give out fuel, allow all the attacks. We cannot spend our future generations’ investment up front.”

Asked if he thought the removal should have been done in phases, Tinubu said it might have worked that way, too.

He stated, “Please, no matter how you cut it or you slice it in segments, you stay out of the middle of the deal. So, cut your coat, stick it to your side. It’s what we have to manage.

“We have no choice but to pull the handbrake. Otherwise, we are headed for slippery slopes. That could result in financial disaster, not just for us, but our children and grandchildren. Where is the inheritance? Where is the pathway to prosperity?”

The president, who cracked a joke about one of his friends who had stopped driving limousine cars since the fuel subsidy was removed, urged Nigerians to live within their means.

On the controversial tax bills, Tinubu said, “Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears into this economy. We cannot retool this economy with the old broken boat. I believe I have that capacity (to govern this country). I believe so.

“That’s why I went into the race. I have focus, lots of focus, on what Nigeria needs and what I must do for Nigeria. It’s just not going to be Eldorado for everybody. But the new dawn is here. I’m convinced. You should be convinced. You (the media) should help propagate that conviction.”

The president scored his government high with the results already being recorded based on the economic reforms being implemented.

According to him, “When you look at the petroleum revenue, I can tell you, pushed me to my brag mode. In the last three months, I have not taken a penny from the NNPCL before I meet my other obligations.

“That’s excellent. That’s excellent. I repeat, without falling back to the old order, without going into ways and means, I’ve met all obligations.”

He, however, refused to speak on the VAT component of the tax reforms when asked to make some comments on it.

“Why do you want to know that today? Tax matters are subject of debates, reviews, negotiations, not huge concessions. That’s all I’m going to say about that. I don’t mind much energy,” he said.

The president said no amount of time would satisfy the critics, and he needed to take action, nevertheless.

On the tragic incidents that claimed the lives of many people due to stampedes at the distribution of palliatives by some non-governmental organisations in Oyo Anambra states, and the FCT, Tinubu described the development as sad, and blamed the organisers of the events

He also warned that anyone or group that did not have enough palliatives to give should not call many people to a single place.

Tinubu said, “I’ve never experienced this kind of incident, because you have to organise, you have to discipline, and if you don’t have enough to give, don’t attempt to give or publicise it.

“Every society, even in America, they have food banks; they have hungry people. In Britain, they have food banks, they have warehouses, they are organised, they take time to be on the queue and take turns to collect.

“It’s unfortunate, we just have to learn from our past mistakes. It’s a reflection in our bus stops, where we don’t even want to be on queue before we rush into the vehicle.

“It is very sad, but we continue to learn from our mistakes. To me, I see this as a very grave error on the part of the organisers. However, it doesn’t kill our happiness, but this shouldn’t be.”

Tinubu announced that he had reduced debt service from 98 per cent to about 68 per cent and defended the country’s borrowing appetite, arguing that it is not a crime to borrow.

He pointed to ongoing infrastructure project and other investments enabled by borrowing.

The president said he had confidence in his cabinet and would not reduce its size, saying he believes that the ministers are doing what they need to do.

He said his cabinet should be given credit for what it was doing, and there was no need to investigate the members.

Tinubu, who said the country was moving forward despite criticisms from some quarters, described the proposed 2025 appropriation bill as budget of restoration and hope, adding that the country remains on the path of recovery.

He admitted that healing the country was not feasible within a year and asked Nigerians for patience with his government.

Among other things, the president said there was no need to embark on expenditure when revenue remained a challenge, adding that Nigerians must learn to manage in the situation.

Explaining that the ongoing reforms were not designed to inflict pains on the people, but “we want this country to grow”, the president stressed the need for the country to produce more for consumption locally, as well as export.

He said improved security would help farmers to return to their farms to boost food production, saying there is need to further encourage the manufacturing of drugs in Nigeria, and put up incentives to harness other potential.

On food security, the president said the country had all it took to turn disaster to prosperity, and all that was needed was to “remove conflicting elements”.

Tinubu said there was need to embrace commodity exchange, but he kicked against price control mechanism to rein in inflation, saying he would rather that prices were left to market forces to determine than control them.

“I don’t believe in price control. We just need to continue to supply the market,” he said, explaining that demand and supply would eventually reach an equilibrium and find their real bearing.