President Bola Tinubu urged Nigerians to place their trust in his government during his inaugural Presidential Media Chat held last night in Lagos. He described the 18-month-old administration as being on the right track and heralding a “glorious dawn” for Nigeria.
In the chat, Tinubu expressed confidence in his security framework, asserting that there was no reason to dismiss or investigate his security chiefs.
He reiterated his determination to remove the fuel subsidy without regret and maintained that his contentious tax reforms are here to stay, despite resistance from various factions. However, he suggested the government might consider negotiations regarding the Value Added Tax (VAT).
The president clarified that the intentions behind his government’s reforms, despite their unintended hardships, were not to bring pain to Nigerians but to steer the nation toward the brighter future its citizens desire.
Tinubu held palliative organizers responsible for recent stampedes that resulted in multiple fatalities across the country.
Despite a surge in inflation, he rejected the notion of price controls, advocating instead for market supply to dictate prices through the forces of demand and supply.
He assured Nigerians that his administration has met its financial obligations without relying on the Nigerian National Petroleum Company Limited (NNPCL) for funding.
Defending his government’s extensive borrowing, Tinubu emphasized that taking loans for infrastructure development is not inherently wrong.
He expressed confidence in his cabinet and dismissed suggestions to reduce its size.
Tinubu appealed to Nigerians, stating, “I seek your understanding. I recognize the challenges you’ve faced—especially the economic ones. It has been just 18 months since I took office, and I will keep my focus. Let us believe in ourselves and in our nation. A glorious dawn awaits us.”
He assured citizens that 2025 would bring economic prosperity and growth, emphasizing his awareness of the people’s struggles.
“2025 holds great promise. I’m grateful to Nigerians for their confidence in electing me as president. I take this responsibility seriously,” he said. “I want you to know that I will not take this trust for granted. My commitment is to serve with all my heart, and I seek your ongoing cooperation.”
Tinubu also commended the leaders of the country’s security services, stating they deserve praise rather than scrutiny.
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.
Here’s a summary of the takeaways;
•Does not believe in price controls
•Has no regrets removing subsidy
•Says borrowing not a crime
•Tax reforms have come to stay, but open to negotiations on VAT
•Expresses confidence in his security architecture
•Insists reforms not designed to inflict pains on Nigerians, necessary for growth
•Says he has met obligations without recourse to NNPCL funds
•Blames stampedes on very grave error on part of organisers
[ThisDay]
