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President Bola Ahmed Tinubu has defended his administration’s economic policies, saying reforms implemented since he assumed office did not create Nigeria’s economic weaknesses but were designed to address problems accumulated over decades.
Tinubu made the statement on Thursday in his Independence Day broadcast to Nigerians, where he described the country as having passed through the most difficult phase of its economic adjustment program and entered what he called “an era of prosperity”.
The president, who marked Nigeria’s 66th anniversary of independence with a speech themed “From Reform to Prosperity,” compared the pre-reform economy to a cancer patient who has to choose between painful treatment and temporary relief.
According to him, previous administrations have relied for years on measures that merely alleviated the symptoms of economic problems without addressing their underlying causes.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” Tinubu said.
“His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure the discomfort, and fight the disease. Or he can just ask for morphine, which relieves the pain and lets the cancer spread.”
The president said Nigeria’s leaders had avoided difficult economic decisions for too long as the country piled up structural problems.
“For too long, Nigerian leaders have chosen morphine while praying for a miracle that never came. They focused on the symptoms allowing the disease to take hold in the fabric of our society,” he said.
Tinubu said his administration has accordingly chosen to address problems, including what he described as inefficient economic arrangements that have become unsustainable.
“Our reforms did not create the weaknesses in our economy. They addressed them,” he said.
Tinubu warns against return of subsidies
The President also warned against calls for a return to gasoline subsidy deals, describing such proposals as a retreat from reforms undertaken by his administration.
He urged Nigerians to reject what he called the “siren song” and return to what he described as “addictive subsidies”.
“Now, as some influential but regressive voices would have us abandon treatment and return to the abuse of addictive benefits, we must resist their siren song,” Tinubu said.
The issue of petrol subsidies has emerged as a major point of political debate ahead of the 2027 general elections, with opposition figures including former Vice President Atiku Abubakar advocating variations in targeted subsidy support.
Tinubu, however, insisted that the country must remain on the path of reforms.
‘The economy grows by more than 4%
Three and a half years into his administration, the President said indicators available to his government show that the economy has begun to stabilize.
He said Nigeria’s economy grew by more than 4% in 2026, with contributions from both the oil and non-oil sectors.
Tinubu also said oil theft has declined, inflation has come down substantially, foreign reserves have been replenished and the foreign exchange market has stabilized.
He further said Nigeria generated more than $6 billion in non-oil export revenue in 2025, describing it as the highest level recorded in the country’s history.
“Our reforms have strengthened Nigeria’s economic stability and resilience,” he said.
The President also said that foreign direct investment continues to increase, arguing that the private sector has responded positively to the reforms.
‘Emergency care is over’
Tinubu has declared that the period of “emergency treatment” for the Nigerian economy is over, saying his administration’s focus has shifted from economic correction to realizing broader prosperity.
“The emergency treatment is finished. The foundation has been repaired,” he said.
“For three years, our primary purpose has been to correct the course of our nation. Now, our purpose is simple: shared, widespread prosperity.”
He said the success of reforms should ultimately be measured by their impact on the Nigerian population rather than solely by macroeconomic indicators.
According to him, the desired outcome is an economy where farmers can farm safely and earn better returns, factories have reliable electricity, businesses can access credit and young Nigerians can secure productive employment.
Tinubu targets food and transportation costs
Addressing lingering cost-of-living concerns facing families, the President said his administration will focus on reducing production and transportation costs.
Among the areas receiving attention he listed mechanized irrigation, dry season farming, improved access to seeds and fertilizers, agricultural mechanization, storage and transportation.
He also said roads, railways and ports connecting farms, factories and markets are being built or completed to reduce the cost of moving goods across the country.
“Our logic is simple. When a farmer produces at lower costs, when fewer crops are lost between the farm and the market, when a producer spends less on electricity, when a truck reaches its destination faster, and when the business environment promotes fair competition, all these savings will eventually affect the price of goods in the market,” he said.
The president promises jobs and industrial expansion
Tinubu said job creation, business development and industrial growth will become central in the next phase of his administration.
He pledged to promote the use of domestic gas to power industries, revive factories in industrial centers, expand digital connectivity to disadvantaged communities and develop the skills required by employers.
“I want to see more Nigerians producing things. I want to see more Nigerian farms powering our cities and supplying our factories,” he said.
“I want to see Nigerian companies selling Nigerian products around the world. I want young Nigerians to build unicorns and create opportunities for others here at home.”
‘Millions of people are still in difficulty”
Despite his positive assessment of the economy, Tinubu acknowledged that many Nigerian families are still struggling to afford food, education, healthcare and transportation.
He said the hardships faced by many families predate his administration and are the cumulative result of years of low productivity, inadequate infrastructure and limited economic opportunities.
“Some Nigerian families today still struggle for their next meal, their next school fee, their next medical bill or simply enough money to go to work,” he acknowledged.
“Their plight did not begin with the reforms of the past three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity, and institutions that have too often failed those who need them most.”
He said his government could not reverse the problems accumulated over generations in four years, but it could change the direction of the economy.
NELFUND, CREDICORP, social register
The president said his administration is expanding social intervention programs to protect vulnerable Nigerians, while pursuing long-term economic reforms.
He cited efforts to strengthen direct support to poor families and improve the national social register to ensure assistance reaches the intended beneficiaries.
He also highlighted the Nigerian Education Loan Fund, which he said helps students from low-income families access higher education, as well as CREDICORP, which provides consumer credit for goods including vehicles, solar systems and digital devices.
Tinubu said the government will also continue to work with state and local governments to strengthen primary healthcare, basic education and essential public services.
“These programs are not a substitute for prosperity. They are a bridge,” he said.
“Our goal is not to manage poverty more efficiently. We will defeat it.”
“Don’t Look Back”
The President concluded his Independence Day message with a call for Nigerians to remain committed to the path of reform.
“We have gone through difficult years together. We have made difficult decisions together. And now, together again, we must build the country that those decisions made possible,” he said.
“Our destination is in sight. Our foundation is solid. Our direction is clear. So let’s move forward. Without looking back.”
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