President Bola Tinubu on Friday again defended his administration’s decision to remove fuel subsidy and unify the foreign exchange market shortly after assuming office in 2023, describing both measures as painful but necessary reforms needed to stabilise Nigeria’s economy.

Speaking during an interview session on the second day of the Africa CEO Forum in Kigali, Rwanda, Tinubu likened the hardship caused by the reforms to the pains of childbirth, saying the temporary difficulties would eventually produce long-term benefits for Nigerians.

“It is difficult, it is painful, but it is just like the human reproduction process. A woman carries a pregnancy, enjoys the pain of labour, and has a very big smile when she sees a live child,” the President said.

According to Tinubu, sustaining the previous subsidy regime would have jeopardised the future of unborn generations while encouraging corruption, smuggling and abuse within the petroleum sector.

“It is a fake life to think you can, in a global economy, continue the subsidy that is wasteful. It’s an encouragement to falsification of papers, smuggling, and that is a very critical situation for the country,” he stated.

The President recalled that before the reforms, many states struggled to meet basic financial obligations, including the payment of workers’ salaries.

“Of the 36 states, 27 of them were unable to pay salaries. Where is the money? You are oil producing, you are earning, you are given fuel, you have no refinery that is functional. It is not possible to continue that trend,” he said.

Looking ahead to the 2027 elections, Tinubu said that if re-elected, his administration would continue implementing difficult but necessary reforms aimed at repositioning the Nigerian economy.

“Do more work. More challenges are there. The world won’t wait for anybody. You have to continue to reset and rethink,” he said while responding to questions about his priorities in a possible second term.

Tinubu also defended taxation as a necessary tool for development, insisting that citizens demanding quality infrastructure and social services must be willing to contribute through taxes.

“Nobody wants to pay taxes ordinarily. Every human being expects development, but the question they don’t answer is, how do you pay for it?” he asked.

The President argued that Nigeria’s economy had become more stable and predictable since the implementation of the reforms, adding that businesses and individuals could now plan more effectively.

“Today there is a very bright light at the end of the corner; the economy is stable, the Naira is stable, predictable, planners can do a reasonable budget, they can plan their lives well,” he stated.

Tinubu further disclosed that the government was implementing direct cash transfers for poor households and supporting indigent students through grants and allowances.

“For students who ordinarily would stay out of school because their parents cannot afford school fees, they are now in school. I’m even giving them allowances and upkeep,” he said.

The President also highlighted his administration’s support for local industries, citing the Dangote Refinery and BUA Group as examples of businesses capable of creating jobs and boosting domestic production.

According to him, the government approved the sale of crude oil to the refinery in Naira to reduce operational bottlenecks and ease pressure on foreign exchange.

Tinubu equally defended the ongoing Lagos-Calabar Coastal Highway project, describing it as a major infrastructure initiative designed to promote national integration, tourism and economic growth along Nigeria’s coastline.

On national unity, the President urged Nigerians to see diversity as a strength rather than a source of division.

“This country is ours. We must build it together,” he said.

Addressing regional security and diplomacy, Tinubu stressed the need for collaboration with neighbouring countries and international partners, insisting that Nigeria remained a major force within Economic Community of West African States (ECOWAS) and across Africa.

“In ECOWAS, Nigeria is a big brother; in Africa, we are the fat lady. We must sing the right tune for others to pay attention to,” the President declared.