In his inaugural Presidential Media Chat, President Bola Tinubu addressed a variety of topics concerning the nation’s progress and his administration’s plans.
The chat, held on December 24th, 2024, in Lagos, touched on everything from economic reforms to security.
Below are eight key takeaways from the session:
1. No Belief in Price Controls 
President Tinubu expressed his opposition to price controls, advocating for market forces of supply and demand to regulate prices.
He emphasized the need to maintain a consistent supply to the market to allow the economy to self-regulate.
2. No Regrets Over Fuel Subsidy Removal
The president firmly stood by his decision to remove the fuel subsidy, stating that the alternative would have meant burdening future generations with unsustainable financial obligations. He reiterated that such reforms, though challenging, are crucial for the nation’s long-term growth.
3. Borrowing for Infrastructure is Not a Crime
Tinubu defended his administration’s borrowing strategy, pointing out that borrowing to fund infrastructure development is not inherently wrong.
He stated that the government was ensuring the judicious use of borrowed funds for the country’s advancement.
4. Tax Reforms are Here to Stay, but VAT Negotiations Possible
The president acknowledged the controversial nature of his tax reforms but insisted they are essential for restructuring the economy.
While the reforms are permanent, he indicated openness to discussions regarding the Value Added Tax (VAT) component.
5. Confidence in His Security Architecture
Despite the challenges in the nation’s security landscape, Tinubu expressed unwavering confidence in his security team and their efforts to secure the country.
He stated that there was no need to probe or replace security chiefs, highlighting their commendable efforts in improving the security situation.
6. Government’s Financial Responsibility
Tinubu reassured Nigerians that his administration had been able to meet its financial obligations without resorting to the Nigerian National Petroleum Corporation (NNPCL) funds, showcasing fiscal discipline in managing the country’s resources.
7. No Need to Trim Cabinet Size
Responding to calls for a smaller cabinet, the president voiced his confidence in the ministers, stating that they are effectively contributing to governance. He believes there is no need to reduce the size of the cabinet, as each member plays an essential role.
8. Blames Palliative Organizers for Tragic Stampedes
Addressing the tragic stampedes that occurred during the distribution of palliatives, Tinubu placed the blame on the organizers for not properly managing the crowds.
He stressed the importance of well-organized distributions to prevent such incidents in the future.
Additional Insights from the President
In the chat, President Tinubu also touched on the current state of the Nigerian economy, assuring citizens that the reforms undertaken are necessary for long-term growth.
He asked Nigerians to remain patient, stating that while the country is in a period of economic adjustment, it is on the path to recovery and prosperity.
The president emphasized that 2025 holds promise for significant economic improvement and security enhancement, encouraging Nigerians to have faith in their government’s direction.
The president also shared his perspective on the nation’s food security and the need for the country to produce more for local consumption and export.
He highlighted the importance of encouraging local manufacturing, particularly in the pharmaceutical sector, and discussed strategies to improve agricultural output, including enhanced security for farmers.
Tinubu concluded by reiterating that the ongoing economic reforms were not meant to cause unnecessary hardship, but rather to put Nigeria on a sustainable growth trajectory.
He urged Nigerians to adapt to the changes and help the country build a prosperous future.
The post Eight Key Insights From Tinubu’s First Presidential Media Chat appeared first on Naija News.
