5 highlights of Tinubu’s Presidential Media Chat

On Monday night, Nigerians gathered nationwide to watch President Bola Ahmed Tinubu’s media chat and listen to him respond to questions on the controversial tax bills, fuel subsidy removal, inflation and others.

This media chat was the first of its kind since Tinubu became Nigeria’s President in 2023.

While addressing journalists in Lagos, he said his “18-month-old” administration is on the right path.

Some of the key points from the media chat are:

1. Budget and borrowing

In the first 16 months of his administration, Tinubu had borrowed $6.45 billion from the World Bank.

Tinubu noted that the debts his administration has accrued for the country were necessary to match expenditure and revenue. Nigeria has been operating with a budget deficit for many years, and previous administrations have sought other alternatives to fund the country’s expenditures. Like other administrations, the Tinubu Administration has explored this path.

He said that borrowing for infrastructure was not a crime.

He said, “Borrowing is not criminal. There is a mismatch in expenditure and revenue. There’s need to address infrastructural deficit. In the last three months, I have not taken a loan from NNPC to meet the country’s obligations. Without ways and means we have done well.”

Many Nigerians have a negative perception of how he spends money and some budgetary allocations to the State House and the First Lady’s office since he was handed the reins of leadership.

In 2023, the President came under fire for allocating N17bn for the presidential air fleet and yacht in the 2023 supplementary budget.

READ ALSO: No going back on tax reforms – Tinubu

He also allocated N1.5 billion to purchase cars for the First Lady’s office that same year. Between November 2023 and March 2024, Oluremi Tinbu, the First Lady received N700 million from the State House to purchase foreign currencies for her foreign trips.

2. Fuel Subsidy Removal

The removal of fuel subsidy in 2023 marked an ugly turn for many Nigerians. The fuel cost has been skyrocketing ever since and now sells for between N1,100-N1300, depending on the location.

This led to an increase in the cost of goods and services, including food items. Despite the numerous challenges the fuel subsidy removal has brought Nigerians, Tinubu noted that he had no regret in removing the fuel subsidy.

“I don’t have any regrets whatsoever removing fuel subsidy. It is necessary. We cannot spend our future generations’ investment. We were not investing. We were just deceiving ourselves. The reforms are necessary,” said Tinubu.

3. Food inflation and high cost of living

The rising inflation rate and high cost of living have thrown many Nigerians below the national poverty line. Currently, over 56% of Nigeria’s population live below the poverty line.’

Also, food inflation is rife, particularly among vulnerable and low-income Nigerian families. The World Food Program disclosed that 33 million Nigerians suffer from food insecurity. Experts have blamed this on some of Tinubu’s economic reforms, including fuel subsidy removal.

The President expressed his willingness to curb this challenge during the media chat. He said his administration will provide incentives to farmers.

“We will give more incentives to farmers, low-interest rates for borrowing. I have over 2,000 tractors coming to this country to mechanism farming. I do not believe in price control. Economic variables will work against hoarders,” said Tinubu.

4. Tax reform bills

On the tax reform bills, which have generated a series of controversies since they were introduced on the floor of the National Assembly, the President noted that the bills will be implemented regardless of the controversies and negative perceptions.

“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.

READ ALSO: 2025 budget will bridge infrastructure deficit – Tinubu

“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.”

5. Bloated Cabinet

Tinubu appointed 48 ministers to head 48 ministries, the highest since the inception of Nigeria’s Fourth Republic. Many Nigerians have considered this a bold move, particularly at a time when economic experts have advised the government to cut administrative costs and spending.

The President has, however, not yielded to this advice.

He reiterated his stance again during the Monday night Presidential Media Chat.

He told Nigerians that he was not ready to cut the size of his cabinet.

“I am not prepared to bring down the size of my cabinet. I saw the need when I put them together,” he said.

In his concluding remark, he sought the understanding of Nigerians and pleaded with them to have hope in his administration.

He said, “I seek your understanding. I understand the trouble you’ve been through: the economic problems. It is just 18 months since I’ve taken the reign. We’ll maintain focus. Let’s believe in ourselves and in our country. Tomorrow will bring a glorious dawn.”