From Jude Chinedu, Enugu
Former Speaker of the Abia State House of Assembly and APC House of Representatives candidate for Ikwuano/Umuahia Federal Constituency, Rt. Hon. Chinedum Orji, has defended President Bola Tinubu’s economic reforms, describing them as difficult but necessary measures to reposition Nigeria for long-term growth.
In a statement titled, “The great recalibration: how President Bola Ahmed Tinubu is restructuring Nigeria for a stronger tomorrow,” Orji argued that the Tinubu administration inherited deep-rooted structural economic challenges that required bold decisions rather than temporary solutions.
According to him, President Tinubu’s declaration on his inauguration day that “fuel subsidy is gone” marked a turning point in Nigeria’s economic history.
“In that single sentence, he signalled that the era of deferring hard choices had ended,” Orji wrote.
He said the removal of fuel and electricity subsidies was aimed at restoring fiscal discipline, reducing pressure on public finances and freeing up resources for infrastructure, social investment and economic development.
Orji maintained that the administration’s economic agenda extends far beyond subsidy removal, describing it as a comprehensive restructuring of Nigeria’s economy and governance architecture.
He listed the unification of the foreign exchange market, clearance of the foreign exchange backlog, renewed investor confidence, increased investments in the oil and gas sector, improved domestic refining capacity and stronger capital market performance as signs that the reforms are beginning to yield results.
The former Speaker also highlighted key initiatives introduced by the administration, including the Presidential Petroleum Reform and Value Optimisation Taskforce, the Nigeria Industrial Policy, the Nigerian Education Loan Fund (NELFUND) and the expansion of the Compressed Natural Gas (CNG) programme, saying they are designed to diversify the economy and create jobs.
On governance, Orji said the Renewed Hope Ward Development Plan would deepen grassroots development by unlocking the economic potential of Nigeria’s 8,809 wards and encouraging greater community participation in governance.
He also credited the Federal Government with sustaining military operations against insurgents and bandits, while reopening engagement with Ogoni communities as part of efforts to revive economic activities in the Niger Delta.
While acknowledging the economic hardship facing many Nigerians, Orji insisted that difficult reforms often come with short-term pain.
“Critics are right to point out the hardship. The cost-of-living squeeze has been severe, and inflation remains a challenge. But restructuring is not magic. It is medicine, and medicine often tastes bitter before it heals,” he stated.
The APC chieftain argued that successive administrations had talked about many of the same reforms but failed to implement them.
“Previous administrations discussed these reforms for decades. President Tinubu chose to act in the first week, knowing the political cost, because the economic cost of delay was higher,” he said.
He also cited recent assessments by the World Bank and the International Monetary Fund (IMF), which, according to him, indicate improvements in Nigeria’s macroeconomic stability, while stressing that the real success of the reforms would ultimately be measured by their impact on jobs and the standard of living of ordinary Nigerians.
Orji said history would judge the Tinubu administration not by the immediate discomfort caused by the reforms but by whether they succeed in laying the foundation for lasting national prosperity.
“History will judge this period not by the pain of the transition, but by whether we used the pain to build something durable,” he wrote.
He expressed confidence that the reforms would ultimately leave Nigeria with a stronger economy, more resilient institutions and a more competitive environment for sustainable development.
(The Sun)