President Bola Ahmed Tinubu has declared that Nigeria has reached a major turning point in its economic journey, insisting that the country will not return to the policies and subsidies he blamed for deepening its economic problems.
In his Independence Day address to Nigerians on Thursday, Tinubu said his administration had completed what he described as the emergency phase of its economic reforms and was now entering an “age of prosperity.”
The President said Nigeria’s economic situation was “darker than ever” in 2023, with rising poverty and diminishing hope forcing his administration to take what he described as difficult but necessary decisions.
He likened the country’s economic challenges to a cancer diagnosis, arguing that previous governments had treated the symptoms instead of confronting the underlying problems.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”
According to Tinubu, his administration chose to “excise the cancer” through reforms, despite the hardship they caused.
He said the reforms did not create Nigeria’s economic weaknesses but were introduced to confront them.
The President specifically warned against calls to reverse the policies, saying the country must resist what he described as the siren song of returning to subsidies.
“We must remember why we began this journey and how far we have already come.”
Tinubu said the government’s assessment of the economy showed signs of improvement, citing economic growth of more than four per cent, falling inflation from its peak, increased foreign reserves, a more stable foreign exchange market and record non-oil export earnings exceeding $6 billion in 2025.
He also said oil theft had declined and that foreign direct investment was increasing.
But the President acknowledged that millions of Nigerians were still struggling with food, school fees, healthcare and transportation costs.
He said the next phase of his administration would therefore focus on translating economic stability into improvements in Nigerians’ everyday lives.
“The age of reform has done its work. Now begins the age of prosperity.”
Tinubu said the government’s priority would be to reduce the cost of living by lowering production and transportation costs, increasing agricultural output, improving infrastructure, expanding industrialisation and creating jobs.
He also promised continued support for vulnerable Nigerians through social intervention programmes, the Nigerian Education Loan Fund and consumer-credit initiatives.
The President ended with a further call against reversing the reform programme.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back.”
