President Bola Tinubu has staunchly defended his administration's economic reforms, insisting they are yielding the desired results despite widespread hardship among Nigerians.

Speaking at the All Progressives Congress (APC) National Summit held at the State House in Abuja on Thursday, Tinubu rejected claims that the ruling party has failed to deliver on its promises.

"Two years ago, we embarked on this journey, propelled by a bus of hope and abiding faith in Nigeria. Together, we pledged to confront Nigeria's challenges head-on by rebuilding trust, fostering prosperity," Tinubu stated.

"Today, I am proud to affirm that our economic reforms are working. There's nothing good that comes easily. The subsidy is gone and was gone for the good of this country," he added.

The President's comments come as Nigerians continue to grapple with what many economic experts describe as the worst cost-of-living crisis in a generation. Since taking office in May 2023, Tinubu has implemented several controversial economic policies, including the removal of fuel subsidies and liberalization of the naira currency.

These reforms, while praised by international financial institutions as necessary steps to stabilize Nigeria's economy, have significantly increased the financial burden on ordinary citizens.

The World Bank recently estimated that nearly half of all Nigerians now live in poverty, citing successive years of rising inflation and sluggish economic growth. Similarly, the International Monetary Fund (IMF) acknowledged last month that the government's tough economic reforms have yet to benefit the average Nigerian.

Despite these challenges, Tinubu remains confident that his administration's economic strategy will eventually deliver prosperity to Nigerians. The President's defense of his policies comes amid growing criticism from opposition parties and civil society groups over the handling of the economy.

The APC National Summit provided a platform for the ruling party to showcase its achievements and outline its vision for the future, as the administration approaches its two-year mark in office.