President Bola Tinubu says his administration’s bold economic reforms are yielding positive results, stabilising the economy, and restoring Nigeria’s global image and investor confidence.

He made the remarks on Tuesday at the State House, Abuja, while receiving Ghandi Olaoye (Orumogege III), the Soun of Ogbomosoland, and other royal fathers.

“Years of neglect and self-deception, fake records, smuggling, and other harmful practices denied Nigeria the revenue needed for development,” Mr Tinubu said in a statement on Wednesday by presidential spokesperson Bayo Onanuga.

“We were also confronted with currency arbitrage, fake trading, and widespread corruption. The integrity of our economy and our country was severely challenged.”

He said tough decisions had to be made and thanked Nigerians for their patience and support.

“With your prayers, perseverance, and understanding, I can say today that the economy is stabilised. The bleeding has stopped. The haemorrhage is gone. The patient is alive,” he said.

Mr Tinubu reaffirmed his commitment to inclusive access to education, highlighting the creation of the Nigeria Education Loan Fund (NELFUND), which ensures that no student drops out due to poverty.

“We’ve also remained aggressive on infrastructure, and it’s just two years,” he said.

The president thanked the Soun of Ogbomoso for acknowledging the government’s reforms and decisive leadership taken from the onset of the administration.

He commended Mr Olaoye’s developmental vision and noted the ongoing transformation across Ogbomosho under the monarch’s leadership.

Mr Tinubu promised to direct the ministers of power, agriculture, water resources, and works to assess the monarch’s requests aimed at accelerating development in the region.

“Only a bold leader could have done what we did. Removing the fuel subsidy was the right decision, and we are now seeing the results,” Mr Tinubu added.

In his remarks, Mr Olaoye lauded the administration’s reforms, especially the foreign exchange policy and NELFUND, which he said were helping students remain in school.

He thanked the president for approving the long-awaited contract for the dualisation of the Oyo–Ogbomoso Road, which he noted is vital to national trade.

The monarch appealed for government intervention to improve the electricity and water supply, and called for the upgrade of Ogbomoso General Hospital to a Federal Medical Centre.

He also requested the establishment of a research institute to support the mango and cashew value chain in the region, promoting agro-industrial development.

Mr Olaoye further appreciated the appointment of Ogbomoso indigenes to key federal positions, including FIRS Chairman Zacch Adedeji and BPP DG Debo Adedokun.

He was accompanied by five traditional rulers representing key councils in Ogbomosoland, symbolising unity and cultural solidarity.

(NAN)