President Bola Tinubu donned his bragging hat on Monday when he announced that for three straight months, he has fulfilled Nigeria’s financial obligations without touching remittance by Nigerian National Petroleum Company Limited (NNPCL) or exploring Ways and Means from the Central Bank of Nigeria (CBN).

“Push me to my brag mode, in the last three months, I’ve not taken a penny from NNPC before I meet my other obligations. To me, that is excellent,” a gleeful Tinubu told reporters on Monday during a chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.

The former Lagos governor said he has met Nigeria’s financial obligations “without falling back to the old order, without going into Ways and Means, I’ve met all obligations”.

When asked whether he was scoring himself, the President said, “Why not? Will you score me? I should grade myself if I do my homework right”.

In September 2024, Nigeria’s apex bank chief Olayemi Cardoso blamed his embattled predecessor Godwin Emefiele for harming the Nigerian economy through the excess printing of money and the pumping of liquidity into the system.

“In 2015, the money supply was about N19tn, and in 2023, it was N54tn. That’s a huge increase, a very huge increase. And then a substantial amount of that was through ways and means.

“So, essentially, the printing of money resulted in a huge amount of money chasing the same amount of goods or a relative amount of goods. I think that context is very important to have.”

Known as the Ways and Means, the apex bank offered short-term financing to the Federal Government to cover its budget shortfalls.

President Bola Tinubu, Monday defended the removal of the fuel subsidy about 19 months ago.

Speaking during a presidnetial chat, Tinubu said the decision was a crucial one that needed to be implemented.

He expressed no regrets about the subsidy removal, emphasizing that it was a necessary step to address the economic realities his administration must confront.

He however said that the country is on the path of recovery.

Tinubu had presented the country’s 2025 budget proposal to the National Assembly, christened ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’.

The N49.7trillion budget aims to consolidate economic reforms, restore macroeconomic stability, foster inclusive growth, reduce poverty, and promote equitable income distribution.

Reacting to criticism on the budget presentation, he said: “Regardless of what critics are saying and the criticism, this is a budget of restoration and hope.

“Nigeria is on the path of recovery. We can’t finish the job in one calendar year. I’m not giving myself any excuse. It is only 18 months.

“The funds are used judiciously used. We consider the welfare of service men and women. We’ve a huge country with lot of forest, unoccupied spaces. So we need to give them credit for what they are doing today.

“We need to produce more for consumption locally. Give reasonable level of funding, and low interest rates to farmers. Improve the security so that people can return to farms and produce more food. Encourage procurement of manufacturing items. Production of jobs.

“We are talking of export incentives, building affordable transportation, we’ve compressed natural gas (CNG).”

On the planned tax reform, Tinubu said that the tax reforms initiated by his administration have come to stay.

The tax reform bills are currently before the National Assembly, though there are agitations by a section of the country against the bill.

The president explained that the benefits of the reforms far outweigh the concerns raised.

He added, “I am focused to ensure Nigerians get what they desire.

President Bola Tinubu has advised Nigerians to step up their management skill in reducing electricity bills.

“It’s not negative to learn to manage. You learn to control your electricity bill, switch off the light, let’s learn to manage,” Tinubu said on Monday in a chat with reporters at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.

The All Progressives Congress (APC) chieftain also said he does not believe in price control and he won’t go that path. “I don’t believe in price control, we will work hard to supply the market,” he said.

After his inauguration in May 2023, Tinubu, former Lagos governor, energy costs skyrocketed, especially with the removal of petrol subsidy and electricity tarrif hike. Petrol prices more than quadrupled, soaring from less than N200 per litre to over N1,100 in many parts of the country. The naira also took a nosedive, wobbling from around N700/$ to N1,600.

On April 3, 2024, the electricity regulator raised tariff for customers said to be under the Band A classification, with customers now paying N225 kilowatt per hour from N66, a development that has been heavily criticised by many Nigerians, considering the immediacy of the tariff hike and the current hardship in the land.

Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago but Tinubu has insisted that his reforms are necessary to set the country on the path of prosperity.