Chief of Staff to the President, Femi Gbajabiamila, has defended the economic policies of President Bola Tinubu, stating that the administration inherited an economy that was “living on borrowed time” when it assumed office in May 2023.
Gbajabiamila made the remarks while addressing stakeholders at a public event, where he argued that the difficult economic decisions taken by the current administration were necessary to stabilize Nigeria’s finances and lay the foundation for long-term growth.
According to him, the Tinubu administration inherited an economy facing significant fiscal challenges, including mounting debt obligations, dwindling revenues, and structural imbalances that required urgent intervention. He maintained that postponing key reforms would have worsened the country’s economic situation.
The Chief of Staff said policies such as the removal of fuel subsidies, exchange rate reforms, and efforts to increase government revenue were designed to restore macroeconomic stability and attract investment into critical sectors of the economy.
Gbajabiamila acknowledged that the reforms have imposed short-term hardships on many Nigerians, particularly through rising inflation and the increased cost of living. However, he expressed confidence that the measures would yield positive results over time by strengthening public finances, creating jobs, and improving economic productivity.
His comments come amid continued public debate over the administration’s economic policies, with opposition parties and labour groups calling for additional measures to cushion the impact of the reforms on households and businesses.
