President Bola Tinubu on Thursday declared that the harshest phase of his economic reforms was over, telling Nigerians in his Independence Day broadcast that the country has moved from an “age of reform” into an “age of prosperity,” while issuing a pointed warning against politicians pushing for a return to fuel subsidies ahead of the 2027 general election.
Marking Nigeria’s 66th Independence anniversary, Tinubu used the nationwide address themed “From Reform to Prosperity” to defend the removal of petrol subsidy and the unification of the naira exchange rate, likening the country to a cancer patient who chose painful treatment over the “morphine” of denial administered by his predecessors.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” the President 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.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”
Subsidy return agitation
In an unmistakable swipe at opposition figures — including former Vice President Atiku Abubakar, who has in recent weeks pledged to restore a “targeted” petrol subsidy if elected in 2027 — Tinubu urged Nigerians to resist what he called a “siren song” of returning to subsidy payments.
“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.”
The President insisted his administration’s reforms had not created Nigeria’s economic weaknesses but had confronted problems that previous governments postponed. “Our reforms did not create the weaknesses in our economy. They confronted them,” he said.
Three and a half years after coming to office, Tinubu said the results of the reforms were “undeniable.” He told Nigerians the economy had grown by more than four per cent in 2026, with both oil and non-oil sectors contributing to what he described as a renewed period of stable growth.
He 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 its highest-ever revenue from non-oil exports in 2025, exceeding $6bn.
“This is real money being made by real Nigerian businesses,” he said, adding that international observers, journalists, NGOs and multilateral institutions had all concluded that the reforms strengthened Nigeria’s economic stability and resilience, and that foreign direct investment continued to rise.
‘Emergency treatment over’
Declaring a turning point in his administration’s economic messaging, Tinubu said the “central economic task” before the country had now changed from correcting Nigeria’s course to delivering “shared and widespread prosperity.”
“The emergency treatment is over. The foundation has been repaired,” he said. “For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”
He described prosperity in personal terms rather than macroeconomic statistics: a farmer who can cultivate safely and earn a decent return, factories with reliable power, businesses with access to credit, young people in productive work, and families who can afford food, transportation and education.
Cost of living
On the cost of living, which remains a dominant concern for Nigerian households, Tinubu said his government’s priority was to lower the cost of producing and moving goods Nigerians consume. He listed plans to expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, deepen agricultural mechanisation, and invest in storage, transportation, roads, railways and ports connecting farms and factories to markets.
“Our logic is simple,” he 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.”
Tinubu promises jobs
The President said his government would place “jobs, enterprise, and industrial growth” at the centre of policy going forward, pledging to use domestic gas to power new industries, revive factories in Nigeria’s industrial centres, expand digital connectivity into underserved communities, and invest in skills demanded 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.”
Poverty, welfare programmes
Acknowledging that millions of Nigerians “cannot wait for tomorrow,” the President said his government was strengthening direct support to the poorest households and improving the National Social Register to ensure assistance reaches those who need it most. He cited the Nigerian Education Loan Fund (NELFUND), which he said allows children of low-income families to pursue higher education regardless of their parents’ finances, and CREDICORP, which provides working Nigerians consumer credit to acquire vehicles, solar systems and other assets without years of prior savings.
He said salaries and pensions had been paid “on time and in full” since 2023, and that the national pension programme had been reformed to benefit retirees and the vulnerable.
“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.”
Red Sea crossed
Tinubu closed the address on a biblical note, describing Nigeria’s economic turnaround as analogous to Israel’s exodus from Egypt. “Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said. “Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
The President’s speech comes against the backdrop of continued public pressure over the high cost of living and mounting political positioning ahead of the 2027 election, in which subsidy policy has already emerged as a flashpoint between the ruling All Progressives Congress and opposition candidates, including Atiku, whose camp has faced criticism from the Presidency over shifting positions on petrol subsidy restoration.
Source: punchng.com
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