Tinubu Inherited Economy on Borrowed Time, Saved Nigeria from Collapse

The Chief of Staff to President Bola Ahmed Tinubu, Femi Gbajabiamila, has stated that President Tinubu encountered an economy that was precariously close to collapsing upon his assumption of office in 2023.

Gbajabiamila made the assertion on Thursday at the Working People United Good Governance Summit held in Abuja, where he defended the administration's economic decisions and reform policies.

According to the Chief of Staff, although the economy was rapidly deteriorating, the President had the option to engage in political manoeuvring by retaining the controversial fuel subsidy. However, he chose to prioritise Nigeria's long-term future by taking the decisive step of eliminating the subsidy regime.

Gbajabiamila acknowledged that the bold decision may have inflicted hardship and worsened the difficulties faced by ordinary citizens, but stressed that the consequences of inaction would have been far more catastrophic for the country.

He explained that the fuel subsidy, which consumed trillions of naira annually, was unsustainable and disproportionately benefited a privileged few rather than the average Nigerian who the policy was originally designed to assist.

The Chief of Staff said the Tinubu administration came into office with a clear understanding that sustainable national development must be anchored on bold reforms, inclusive economic growth, and a renewed social contract between government, labour, employers, and the Nigerian people.

"Every major transformation requires courage, patience, sacrifice, and political responsibility. However, the objective of the federal government has remained clear , to build a stronger, more productive, and more resilient economy that works for all Nigerians, especially in the area of labour and employment," Gbajabiamila stated.

He maintained that the administration's reforms, though painful in the short term, were aimed at building a stronger, more productive and resilient economy capable of delivering long-term prosperity for all Nigerians.

In a related development at the same event, Gbajabiamila announced that the Federal Government is working towards reviewing the salary of Nigerian workers, conceding that the current ₦70,000 minimum wage approved by the Tinubu administration in 2024 is no longer in line with the current economic realities in the country.

"₦70,000 wage, which was a milestone in 2024, must be honestly reassessed against today's realities," Gbajabiamila stated. He added that when the time comes to begin the process of reviewing the national minimum wage, the administration will approach the negotiations not as an adversary of labour, but as a partner.

He stressed that President Tinubu has consistently maintained that the custodians of the nation's machinery deserve a fair and commensurate wage.

Also speaking at the event, the National Coordinator of Working People United, William Akporeha, commended the President's bold decisions, stating that the Tinubu administration chose courage over convenience and took the bull by the horns by removing the controversial fuel subsidy.

The administration's economic reforms, including the removal of the fuel subsidy and the unification of exchange rates, have continued to generate mixed reactions, with critics pointing to rising inflation, declining purchasing power, and increased hardship as evidence of the policies' negative impact on ordinary citizens.