Tinubu Defends Economic Reforms, Says Naira Would Be Worthless Without Them

President Bola Tinubu defended his administration’s economic reforms during a reception in Uyo, Akwa Ibom State, on November 6, 2026. He stated that without decisive actions, such as removing the fuel subsidy, the naira would have lost its value.

At the event, held at the ARISE Palm Resort, Tinubu noted that when he took office, 27 out of Nigeria’s 36 state governors were unable to pay salaries, pensions, or gratuities. He expressed confidence that his government has improved the situation, saying, “We are out of the greatest despair, the dark tunnel of uncertainty and the calamity of possible bankruptcy.”

Tinubu claimed that if no action had been taken, the naira would be so devalued that people would need wheelbarrows to carry it. He mentioned that the exchange rate was around ₦1,300 to the dollar, arguing that the currency has retained some value due to his administration’s decisions.

He firmly stated that his government would not reverse its decision to end the fuel subsidy, comparing Nigeria’s progress to the biblical story of Moses leading the Israelites out of Egypt. He emphasized that Nigeria will not return to the subsidy system.

During his speech, Tinubu also criticized opposition leaders Peter Obi and Atiku Abubakar, questioning their ability to lead and manage challenges. He highlighted his education policy, stating that funds recovered from corruption would be invested in education to help fight poverty.

Tinubu urged the people of Akwa Ibom to support his administration and reaffirmed his commitment to projects like the Ibom Deep Seaport.