Nigeria’s acting Ambassador to the United States, Samson Itegboje, has defended President Bola Tinubu’s economic policies, saying the administration inherited a “comatose economy” and has since taken bold steps to revive it.
Speaking at an award dinner held at the Nigeria House in New York to commemorate Nigeria’s 65th Independence anniversary, Itegboje said President Tinubu chose to act decisively rather than complain about the challenges he met on assumption of office.
“The president inherited a stagnant economy; he faced issues like banditry, kidnapping, terrorism, and conflicts between herders and farmers,” he said. “Instead of lamenting, he got to work immediately.”
He explained that Tinubu’s early decisions including the removal of fuel subsidy and the overhaul of the foreign exchange regime, were necessary corrective measures, even though they triggered temporary hardship.
“At that time, we were using 97 percent of our revenue to service debt. I was surprised we didn’t enter a recession,” he remarked.
According to him, the effects of the reforms are beginning to yield positive results, as inflationary pressures are easing and key economic indicators are improving.
“I’m pleased to inform you that our naira has stabilized. Prices of goods and services are decreasing. We are now servicing our debt with less than 50 percent of our revenue. Our foreign reserves have risen to over 42 billion dollars, the highest in five years,” he stated.
He further praised Tinubu’s commitment to local government autonomy and the establishment of the Ministry of Livestock Development, describing them as crucial steps toward promoting grassroots growth and addressing long-standing herder-farmer conflicts.
