President Bola Tinubu says Nigeria has moved past the toughest phase of his economic reforms and entered what he calls an “age of prosperity.”
Tinubu made the declaration on Thursday during his Independence Day address to Nigerians. The President spoke as the country marked its 66th Independence anniversary under the theme, “From Reform to Prosperity.”
He used the speech to defend the removal of petrol subsidy and the unification of the naira exchange rate. According to Tinubu, those policies forced Nigerians to face economic problems that previous governments delayed.
Tinubu defends economic reforms
The President compared Nigeria’s economic situation to a cancer patient facing painful treatment. He said the country had a choice between confronting its problems and using temporary solutions to hide them.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” Tinubu said.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”
Tinubu also warned against calls to restore petrol subsidies. His comments come as politicians position themselves ahead of the 2027 general election. Former Vice President Atiku Abubakar has, for instance, proposed a targeted petrol subsidy if he wins the presidency.
“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” Tinubu said.
The President argued that his reforms did not create Nigeria’s economic problems. Instead, he said they exposed and tackled weaknesses that successive governments had postponed.
President says reforms are producing results
Tinubu said the Nigerian economy grew by more than four per cent in 2026. He attributed the growth to stronger performances from both the oil and non-oil sectors.
He also pointed to lower oil theft, falling inflation, stronger foreign reserves and greater stability in the foreign exchange market. In addition, Tinubu said Nigeria generated more than $6 billion from non-oil exports in 2025.
“These are real gains,” he said, arguing that the reforms had improved economic stability and resilience.
However, the President acknowledged that many Nigerians still struggle with high living costs. As a result, he said his administration would now shift its attention towards jobs, businesses and industrial growth.
Tinubu promises jobs and lower living costs
Tinubu said the government would invest more in agriculture, infrastructure and manufacturing. His plans include expanded irrigation, farm mechanisation, better access to seeds and fertiliser, and improved storage facilities.
He also promised more investment in roads, railways and ports. According to him, better infrastructure will help farmers and manufacturers move goods more cheaply.
“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, all those savings will ultimately find their way into the price of goods in the market,” he said.
The President also wants Nigeria to use its domestic gas resources to power industries. He promised to revive factories, expand digital access and develop skills that employers need.
“I want to see more Nigerians making things,” Tinubu said.
He also wants Nigerian businesses to produce for local consumers and compete in international markets.
Government promises stronger support for poor Nigerians
Tinubu said his administration would continue supporting Nigerians who cannot wait for long-term economic gains. He mentioned plans to improve the National Social Register and strengthen direct assistance to poor households.
He also highlighted the Nigerian Education Loan Fund, known as NELFUND, which provides education financing for eligible students. The President mentioned CREDICORP as another initiative that helps Nigerians access credit for assets such as vehicles and solar systems.
“These programmes are not substitutes for prosperity. They are a bridge,” Tinubu said.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
Tinubu ended his speech with a biblical reference. He said Nigeria had “passed through our own Red Sea” and urged citizens not to return to the past.
“The emergency treatment is over. The foundation has been repaired,” he said.
“Now, our purpose is simple: shared and widespread prosperity.”
