President Bola Tinubu has insisted that Nigeria has moved beyond the most difficult phase of his administration’s economic reforms, saying the country is now entering a new phase focused on growth and improved living standards.
In his Independence Day broadcast on Thursday, Tinubu said Nigerians had endured painful economic adjustments over the past three years to address structural weaknesses that successive governments had postponed.
According to the President, the focus of his administration is shifting from correcting the country’s economic course to ensuring that the gains from those reforms are felt more broadly.
“The emergency treatment is over. The foundation has been repaired,” Tinubu said.
“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”
Tinubu likened Nigeria’s economic situation to that of a patient diagnosed with cancer who must choose between undergoing difficult treatment or taking medication that only masks the pain.
He said previous governments had effectively chosen the latter approach by relying on measures such as fuel subsidies without addressing the underlying problems facing the economy.
The President also warned politicians against promising a return to fuel subsidies ahead of the 2027 general elections.
“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 insisted that his administration’s reforms did not create Nigeria’s economic weaknesses but confronted problems that had been left unresolved for years.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said.
To support his argument that the economy is turning a corner, the President cited improvements in several key economic indicators.
He said Nigeria’s economy grew by more than four per cent in 2026, with both the oil and non-oil sectors contributing to what he described as renewed and 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 further disclosed that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing the figure as the highest ever recorded by the country.
“This is real money being made by real Nigerian businesses,” the President said.
Tinubu maintained that the reforms had strengthened Nigeria’s economic stability and resilience, adding that foreign direct investment continued to rise.
His remarks mark a shift in the central economic message of his administration. After spending much of his first three years defending difficult measures, including the removal of the petrol subsidy and changes to the foreign exchange system, Tinubu is now positioning the next phase of his government around growth, investment and broader economic gains.
The test for the administration will be whether the improvements it has cited at the macroeconomic level translate into better living standards, stronger purchasing power and greater opportunities for ordinary Nigerians.
For Tinubu, however, the message is clear: the period of economic emergency has passed, and the country must now build on the foundation laid by the reforms.
