President Bola Tinubu insists his government’s economic reforms are yielding dividends, rejecting calls for the return of subsidies, especially for petroleum.
Tinubu spoke on Thursday during his 66th Independence Day speech, praising the efforts of his government to reposition the country’s economy.
“Our reforms did not create the weaknesses in our economy. They confronted them. 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. We must remember why we began this journey and how far we have already come,” the president said in his early morning broadcast to the nation.
Upon assumption of office in May 2023, President Tinubu announced an end to petroleum subsidy and introduced a slew of reforms which his government said will reposition the nation. That decision led to a spike in the cost of the essential commodity. Economists have attributed the move and others to the hike in the cost of living.
Opposition figures and critics have faulted the reforms, including the floating of the naira. They have called for the return of the petroleum subsidy, arguing that the impacts of the measures have negatively affected Nigerians.
But more than three years after his government came on board, the former Lagos State governor said there has been progress and that the country is heading in the right direction.
He said “the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year.
“Both oil and non-oil sectors have contributed to the renewed period of stable growth.”
“Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion. This is real money being made by real Nigerian businesses,” Tinubu said.
According to him, international observers, journalists, NGOs and multilateral institutions can see the change.
“Each has concluded that our reforms have strengthened Nigeria’s economic stability and resilience. The private sector has long since delivered its verdict, and foreign direct investment continues to rise each year,” he told the nation.
“My fellow Nigerians, we have reached a turning point. 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. Now, our purpose is simple: shared and widespread prosperity.”
