President Bola Tinubu has defended his administration’s economic reforms, saying Nigeria has moved beyond the emergency phase of economic restructuring and is now positioned to pursue broader prosperity.
Tinubu stated this in his 66th Independence Day address on Thursday, where he rejected calls for a return to petroleum subsidies and other policies he said had contributed to longstanding economic weaknesses.
The President said the reforms introduced since he assumed office in May 2023, including the removal of petrol subsidy and changes to the foreign exchange system, had been difficult but were necessary to address structural problems in the economy.
He said Nigeria’s economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to what he described as a period of stable growth.
Tinubu also said oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
He added that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the country’s highest recorded revenue from the sector.
The President acknowledged that millions of Nigerians continued to struggle with the cost of food, school fees, healthcare and transportation, but attributed the difficulties to decades of low productivity, inadequate infrastructure and limited economic opportunities.
He said the government was strengthening support for vulnerable households through an improved National Social Register, while the Nigerian Education Loan Fund and consumer credit programmes would provide additional support.
Tinubu also said his administration would continue to strengthen primary healthcare, basic education and other essential public services, while maintaining the payment of salaries and pensions.
He said the next phase of the administration’s economic programme would focus on reducing poverty, creating productive opportunities and ensuring that economic growth translates into broader prosperity.
The President said the government would remain focused on the reforms, arguing that reversing them would undermine the progress already recorded.
Tinubu said Nigeria had corrected its economic course and urged Nigerians to look ahead as the country enters what he described as a new phase focused on shared prosperity.