₦airaland Forum

President Bola Tinubu on Friday acknowledged the economic hardship Nigerians have endured since the commencement of his administration’s far-reaching reforms, insisting that the measures, though painful, remain necessary to stabilise the economy and secure long-term prosperity.

Tinubu spoke while presenting the 2026 Appropriation Bill to a joint session of the Senate and the House of Representatives at the National Assembly, describing the proposal as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”

Addressing lawmakers, the President said the past two and a half years had been deliberately devoted to confronting entrenched structural weaknesses that had undermined growth and fiscal sustainability for decades.

He said, “I appear before this Joint Session of the National Assembly, in fulfilment of my constitutional duty, to present the 2026 Appropriation Bill of the Federal Republic of Nigeria.

“This is a defining moment in our national journey of reform and transformation. Over the last two and a half years, we made a deliberate choice: to confront long-standing structural weaknesses, stabilise our economy, rebuild confidence, and lay a durable foundation for a more resilient, inclusive, and dynamic Nigeria.”

Tinubu admitted that the reform agenda had come at a steep cost to households and businesses but stressed that the administration was fully aware of the pressures Nigerians were facing.

“These reforms were necessary — and they have not been painless. Families and businesses have faced pressure; established systems have been disrupted; and budget execution has been tested.”

According to him, the hardship occasioned by the reforms was temporary and unavoidable if the country was to escape a cycle of economic fragility.

“I acknowledge these difficulties plainly, and I assure Nigerians that their sacrifices are not in vain. The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity.”


The President said the 2026 budget was designed to consolidate the gains recorded so far, deepen economic resilience and translate macro-economic recovery into tangible improvements in living standards.

“Today, we come with a Budget that consolidates our gains, strengthens our resilience, and turns recovery into improved living standards for every Nigerian household.”

PUNCH Online reports that upon assuming office in May 2023, Tinubu swiftly rolled out two of the most consequential economic reforms in Nigeria’s recent history.

On his inauguration day, he announced the removal of the petrol subsidy, ending a decades-long policy that had cost the federal government trillions of naira annually and strained public finances.

The move immediately triggered sharp increases in fuel prices, transport costs and inflation.

The policy was aimed at eliminating multiple exchange rates, attracting foreign investment and restoring investor confidence, but it led to a steep depreciation of the currency, further intensifying inflationary pressures.

While the reforms have drawn criticism from labour unions and opposition parties over their social impact, the government has consistently argued that they were unavoidable to avert fiscal collapse and reset the economy on a sustainable path.

Opidondon:
Lead by example sir, let seyi and your gang be experiencing hardship first, I wan check something

AqualinaXYZ:
Agbado will come for u


They no wan use ear here anything hardship around Tinubu while they queue for biscuits every weekend at burdillon

Opidondon:
I don't have a problem with Tinubu been the president, but these guys talks like everyone around them is a phool, can he or any of his family endure what he is doing to Nigerians? Like someone rightly put, if we survive his 2 terms as president, there is every need to get certificate for endurance cos things are on a different level for poor people right now

Noblex2011:
Baba wan reform for 8 years
We know the format.
But as you people are making Nigerians to suffer, you will also suffer but it might be in different ways

adenigga:
Source: https://punchng.com/hardship-reforms-painful-but-necessary-tinubu-insists