Tinubu: Tough Reforms Have Corrected Nigeria’s Course, Prosperity Era Begins

LAGOS — President Bola Tinubu has said Nigeria has completed the most difficult stage of its economic reforms, declaring that the country is now positioned to pursue broader prosperity and improved living standards.

Speaking in his 66th Independence Day address, the President said the reforms undertaken since his administration assumed office had addressed longstanding economic distortions and placed Nigeria on a stronger path for sustainable growth.

Tinubu said the economy grew by more than four per cent in 2026, while inflation had dropped considerably from its previous peak. He also pointed to rebuilt foreign reserves, improved stability in the foreign exchange market and reduced oil theft as evidence of progress.

He disclosed that non-oil export earnings exceeded $6 billion in 2025, describing the figure as the highest ever recorded by Nigeria.

Despite these developments, the President admitted that millions of Nigerians are still dealing with serious financial pressures, including the rising cost of food, school fees, healthcare and transportation.

He said these difficulties predated the current reforms and reflected decades of weak productivity, infrastructure deficits and inadequate opportunities.

‘We had no choice but to act’

Tinubu said the country’s economic difficulties had become severe by 2023, leaving his administration with limited alternatives.

Using a medical analogy, he compared Nigeria’s economic situation to a cancer patient faced with the choice between enduring difficult treatment or relying on medication that merely suppresses the pain.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.

He said his administration chose to confront the underlying problems rather than continue policies that, in his view, merely postponed them.

“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.”

Tinubu maintained that the reforms were not responsible for Nigeria’s economic weaknesses.

“Our reforms did not create the weaknesses in our economy. They confronted them,” he said.

He urged Nigerians to resist calls to abandon the reforms and return to what he described as unsustainable subsidy arrangements.

Growth and economic stability

The President said the Nigerian economy had entered a period of renewed and stable growth, with both the oil and non-oil sectors contributing to the expansion.

He listed lower oil theft, reduced inflation, stronger foreign reserves and a more stable foreign exchange market among the improvements recorded.

Tinubu also highlighted the record $6 billion-plus non-oil export earnings in 2025.

“These are not idle claims,” he said, arguing that international observers, journalists, NGOs and multilateral institutions had seen evidence of increased economic stability and resilience.

From reform to prosperity

According to the President, the country has reached a major transition point.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” he said.

Tinubu said the government’s focus would now shift from correcting economic distortions to delivering what he called “shared and widespread prosperity.”

He said prosperity should translate into practical improvements in the lives of Nigerians, including safer and more productive farming, reliable electricity for industries, access to business credit and more productive jobs for young people.

The government, he said, would also prioritise making food, transportation and education more affordable.

Reducing the cost of living

Tinubu said lowering the cost of living would require reducing the cost of production and transportation.

He listed mechanised irrigation, dry-season farming, improved access to agricultural inputs, greater mechanisation and investment in storage and transportation among the measures being pursued.

He also said infrastructure projects involving roads, railways and ports would improve connections between farms, factories and markets.

The President said Nigeria’s gas resources would be used to support industrial development, while government policies would help revive factories, expand digital access and provide workers with skills demanded by employers.

“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories,” he said.

He also expressed his desire to see Nigerian companies export more products globally and young Nigerians build technology companies and create employment.

Tackling poverty

The President acknowledged that some Nigerians remain unable to wait for the long-term benefits of economic growth.

He said the government was therefore expanding direct support for poorer households and improving the National Social Register to make assistance more targeted.

Tinubu also cited the Nigerian Education Loan Fund as a means of helping students from low-income families access higher education.

He said CREDICORP was providing consumer credit to enable Nigerians to obtain vehicles, solar systems, digital devices and other essential assets.

The President further said the government would continue working with state and local authorities to improve primary healthcare, basic education and other essential services.

According to him, salaries and pensions have been paid on time and in full since 2023, while pension reforms have been introduced to benefit retirees and vulnerable Nigerians.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.

Tinubu stressed that the government’s goal was not simply to manage poverty.

“We will defeat it,” he said.

‘No looking back’

The President said eliminating poverty would take time and require sustained economic growth and the creation of millions of productive opportunities.

He argued that Nigeria was now better positioned to pursue those objectives because the country’s economic direction had been corrected.

“We confronted the difficult choices we faced and have laid the foundations for lasting prosperity,” he said.

Tinubu said the country had passed through difficult years but should now concentrate on building the future made possible by the reforms.

“The age of reform has done its work. Now begins the age of prosperity.”

He urged Nigerians to move forward with confidence and described the country’s desired future as one where prosperity is widely shared and children can pursue opportunities regardless of their background.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”

Africans Angle News