President Bola Tinubu on Thursday defended his administration’s economic reforms, saying they did not create Nigeria’s economic weaknesses but confronted problems that had accumulated over decades.
Tinubu stated this in his Independence Day address to Nigerians as the country marked its 66th anniversary.
The President said the economy he inherited in 2023 was characterised by rising poverty and diminishing hope, arguing that his administration had to take difficult decisions to reverse the situation.
He likened the reforms to medical treatment for a patient suffering from a serious illness, saying the treatment could be painful but was necessary for recovery.
“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said.
He cautioned against calls to abandon the reforms and return to what he described as unsustainable subsidy arrangements.
“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,” he said.
Tinubu said the economic outlook had improved, citing growth of more than four per cent in 2026, with both the oil and non-oil sectors contributing to the expansion.
He also listed falling inflation, reduced oil theft, rebuilt foreign reserves and greater stability in the foreign exchange market among the gains recorded under his administration.
The President further said Nigeria recorded more than $6bn in non-oil export earnings in 2025, describing it as the highest in the country’s history.
“Our reforms have strengthened Nigeria’s economic stability and resilience,” Tinubu said, adding that foreign direct investment continued to rise.
The President declared that the emergency phase of the economic reforms was over, saying the foundation for recovery had been repaired.
He said the next phase would focus on translating economic stability into better living conditions for Nigerians.
Tinubu identified lower production and transportation costs, increased agricultural output, reliable electricity, affordable credit and productive employment as priorities.
“We are building and completing the roads, railways and ports that connect farms and factories to markets,” he said.
The President acknowledged, however, that many Nigerian families were still struggling to afford food, school fees, medical bills and transportation.
He attributed the hardship to decades of low productivity, inadequate infrastructure, limited opportunities and weak institutions, rather than solely to the reforms introduced since 2023.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
Tinubu said his administration was strengthening social support for vulnerable households and improving the National Social Register to ensure assistance reached those who needed it.
He also highlighted the Nigerian Education Loan Fund and CREDICORP as part of measures designed to expand access to higher education and consumer credit.
On agriculture, the President said the government would expand mechanised irrigation and dry-season farming while improving access to seeds, fertiliser, mechanisation, storage and transportation.
He also promised continued investment in primary healthcare, basic education and essential public services.
Tinubu said Nigeria had reached a turning point and urged citizens to remain committed to the reform path.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
