President Bola Ahmed Tinubu has claimed that the Nigerian naira would have become virtually worthless, forcing citizens to use wheelbarrows to transport money, if his administration had failed to take critical economic decisions upon assuming office in May 2023.
Tinubu made the remarks on Friday during the All Progressives Congress (APC) presidential campaign rally in Uyo, Akwa Ibom State, where he addressed party supporters ahead of the January 16, 2027, presidential election.
The President described the forthcoming election as consequential, insisting that its outcome would determine the future direction of the country.
Reflecting on the economic situation he inherited when he assumed office, Tinubu claimed that 27 of Nigeria’s 36 state governors were struggling to meet their salary obligations, including the payment of pensions and gratuities.
He argued that the economic decisions taken by his administration immediately after assuming power prevented the country from plunging into a deeper financial crisis.
According to the President, failure to implement those measures would have further weakened the naira and undermined its purchasing power.
“This coming election, January 16, 2027, is a consequential election. It will define the direction of this country.
“When I took over, 27 governors out of the 36 in this country were unable to meet their salary obligations, not to talk of pensions and gratuities.
“By now, if we hadn’t taken a decision the day I took over, we would be using wheelbarrows to move our naira because it would have become valueless,” Tinubu said.
His remarks come amid sustained public debate over the impact of his administration’s economic reforms, particularly the removal of the petrol subsidy and the unification of the foreign exchange market.
Although the government has consistently defended the policies as necessary measures to stabilise public finances and reposition the economy for sustainable growth, they have also attracted widespread criticism over their impact on household incomes and living conditions.
Nigerians continue to grapple with rising food prices, increasing transportation costs, exchange rate pressures and the high cost of goods and services.
Tinubu has repeatedly maintained that the reforms, despite their immediate challenges, are essential to addressing longstanding structural problems in the Nigerian economy.
The President is currently in Akwa Ibom State as part of the APC’s political activities ahead of the 2027 general election.
He is seeking re-election for a second term, with 17 other presidential candidates also expected to contest the January 16, 2027, presidential election.
