President Bola Tinubu has said his administration will not reverse any of the economic reforms it has embarked upon since coming into office in May 2023.

 

The President said this while receiving the World Bank delegation led by its Managing Director of Operations, Anna Bjerde, on Tuesday, February 3. He stated that Nigeria has already crossed the most difficult phase of reform implementation and was determined to stay the course in the interest of long-term stability and prosperity.  He said difficult decisions taken on fuel subsidy removal and exchange-rate unification were necessary sacrifices for long-term gains.

 

“It’s difficult for a leader to look the other way in a corrupt environment where subsidy regimes or multiple exchange rates can offer quick gains. We gave that up so that the world and the country can benefit from a stable currency.

Yes, the first reaction was the high inflation but it has come down dramatically. Nigeria is the heart of the continent and it is necessary for us to do what is necessary to strengthen the economy, particularly looking at the young population of this country.

I give you the assurance that since we’ve gone into this tunnel of reform, we have our hands on the plough and we’re never going to look back. Initially it was painful and difficult, but those who win are not the ones who give up along the way in difficult times”.

 

In her response, the Managing Director Operations of the World Bank, Anna Bjerde, said she appreciates President Tinubu for always speaking to Nigerians and the World about the economic reforms his administration embarks upon.

‘’What I appreciate is your steady direction as you communicate to Nigerians as well as outside of Nigeria of the importance of the reforms because that has given confidence and clarity.”