Nigeria now has more money, no more corruption — Tinubu

President Bola Tinubu has declared that Nigeria now has more money and less corruption following the economic reforms his administration introduced over two years ago.

Speaking to investors in Brazil on Tuesday, Tinubu said the measure including the removal of fuel subsidies and the liberalisation of the foreign exchange marke had curbed currency speculation, boosted revenues, and created a more competitive economy.

“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming,” Tinubu said. “It’s getting clearer to the people. We have more money for the economy, no more corruption.”

The subsidy regime, which ended in 2023, had cost the country about N10 billion, while multiple exchange rates created arbitrage opportunities that enriched a few elites at the expense of the wider economy.