…President Tells Global Investors He Inherited an Economy on the “Tethers,” Says Tough Reforms Inevitable
By Yinka Giwa
President Bola Tinubu on Tuesday made a striking admission in Paris, telling global investors that Nigeria’s economy was on the brink of collapse when he assumed office, marking a rare public critique of the administration of his predecessor, Muhammadu Buhari.
Speaking during an engagement with top international investors in the French capital, Tinubu said he met an economy “on the tethers, ready to go south,” requiring urgent and sweeping reforms to stabilise it.
The President, who has often been restrained in assessing Buhari’s legacy—and had only weeks ago declared “I am Buhari and Buhari is me”—departed from that posture as he outlined the dire fiscal and macroeconomic conditions he inherited.
“I inherited the economy on the tethers, ready to go south. It was a very serious turnaround. Recalibration,” Tinubu said.
He pointed to key policy decisions taken by his administration, including the removal of fuel subsidy and the floating of the naira, as necessary steps to avert economic collapse.
“A subsidy that was a burden to the entire country was removed. Today we have achieved exchange rate stability by floating the currency, and we are able to create better returns on the bonds. Consistency is the name of the game. We have shown some serious transparency,” he added.
Tinubu said his role has been to “captain the team” and apply “intellectual curiosity” in navigating what he described as “stormy waters” of the economy.
According to a statement issued by Presidential Spokesperson, Bayo Onanuga, the meeting brought together major global investors, including representatives of Citibank, Amundi, BlueCrest, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management, and Mesarete Capital.
At the session, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted what he described as strong economic gains under the current administration, noting that Nigeria recorded 11.2 per cent GDP growth in dollar terms in 2025.
He said the performance supports the government’s ambition of building a $1 trillion economy by 2030, while stressing the need to translate reforms into tangible benefits for citizens.
Edun also pledged quarterly publication of financial data to deepen transparency and boost investor confidence.
Similarly, the Director-General of the Debt Management Office, Patience Oniha, assured investors of prudent debt management, emphasising the government’s commitment to sustainable financing strategies.
Tinubu reiterated that his administration’s reform agenda is focused on achieving macroeconomic stability and inclusive growth, noting that ongoing measures are aimed at eliminating distortions and restoring policy credibility.
“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” the President said.
He also reaffirmed his commitment to transparency in the oil sector and outlined a multi-layered security strategy, including the decentralisation of policing and efforts to curb terrorist financing.
Some of the investors at the meeting commended the administration’s reforms and expressed optimism about Nigeria’s economic trajectory.
Responding to a question on his post-2027 plans, Tinubu pledged to sustain fiscal discipline, transparency, and policy consistency, signalling continuity in his economic agenda.