President Bola Tinubu has declared that Nigeria has emerged from the most difficult phase of his economic reforms, saying the government will now focus on translating the gains of the past three years into widespread prosperity.
Tinubu stated this on Thursday in his Independence Day broadcast to mark Nigeria’s 66th anniversary, which was themed, “From Reform to Prosperity”.
The President used the address to defend his administration’s removal of petrol subsidy and foreign exchange reforms, arguing that the measures were necessary to tackle structural weaknesses that had been allowed to persist for years.
He also cautioned Nigerians against political promises to restore fuel subsidies ahead of the 2027 general election, saying such a move would amount to abandoning the reforms before their benefits could be fully realised.
According to Tinubu, the economic situation he inherited in 2023 required difficult intervention, which he compared to the treatment of a cancer patient.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” he 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 its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.”
The President said successive governments had preferred temporary relief to addressing the country's underlying economic problems.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.
“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last.”
Tinubu said his administration decided to confront the problems despite the hardship caused by the reforms.
“When this administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.
“Our reforms did not create the weaknesses in our economy. They confronted them.”
Subsidy controversy
The President's defence of the reforms came against the backdrop of renewed political debate over petrol subsidy ahead of the 2027 elections.
Without naming former Vice-President Atiku Abubakar, who has advocated a targeted subsidy regime, Tinubu warned Nigerians against what he described as a campaign to reverse the government's policy.
“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.
“We must remember why we began this journey and how far we have already come.”
Tinubu argued that the subsidy system had consumed public resources without addressing the structural weaknesses in the economy.
He maintained that the reforms had instead created the foundation for a more sustainable economy.
Economy at turning point
The President said the country had now reached a “turning point”, with his administration moving from economic stabilisation to a new phase focused on prosperity.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course,” he said.
“Now, our purpose is simple: shared and widespread prosperity.”
Tinubu said the economy grew by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the expansion.
He also claimed that oil theft had declined, inflation had fallen from its peak, foreign reserves had been rebuilt and the foreign exchange market had become more stable.
According to him, Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6bn.
“This is real money being made by real Nigerian businesses,” he said.
The President further said international observers, multilateral institutions, journalists and civil society organisations had recognised improvements in the country's economic stability and resilience.
Focus shifts to jobs
Tinubu said the next phase of his administration would place job creation, industrialisation and enterprise development at the centre of government policy.
He said the government would deploy domestic gas resources to power industries, revive factories in industrial centres, expand digital connectivity and develop skills required by employers.
“I want to see more Nigerians making things,” he said.
“I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home.”
He said the government would also invest in infrastructure required to lower production and distribution costs.
Tackling cost of living
Acknowledging that many households were still struggling with high living costs, Tinubu said the government's approach would be to reduce the cost of producing and moving goods.
He listed expanded irrigation and dry-season farming, improved access to seeds and fertiliser, agricultural mechanisation and investment in storage facilities as part of the strategy.
He also mentioned roads, railways and ports as critical infrastructure for connecting farms and factories to consumers.
“Our logic is simple,” the President said.
“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, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market.”
Social protection
Tinubu said the government was also strengthening welfare programmes to support Nigerians who could not afford to wait for the benefits of economic growth.
He said the National Social Register was being improved to ensure that assistance reached the poorest households.
The President also highlighted the Nigerian Education Loan Fund, which he said had expanded access to higher education for students from low-income families.
He cited CREDICORP as another initiative providing consumer credit to enable working Nigerians to acquire assets such as vehicles and solar systems.
Tinubu said salaries and pensions had been paid “on time and in full” since 2023, while pension reforms had been introduced to improve support for retirees and vulnerable Nigerians.
“These programmes are not substitutes for prosperity. They are a bridge,” he said.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
‘No looking back’
The President concluded his speech with a biblical reference, comparing Nigeria's economic journey to the Israelites' escape from Egypt.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” Tinubu said.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
The speech comes as the government faces continued pressure over the cost of living and as political parties and presidential hopefuls begin positioning themselves ahead of the 2027 elections.
The future of petrol subsidy has already become a major political issue, with the Tinubu administration insisting that its removal was necessary to redirect public resources, while opposition voices have argued for different forms of intervention to cushion the impact on Nigerians.
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