President Bola Tinubu has said his administration’s reforms did not create the weaknesses in Nigeria’s economy but confronted them, urging Nigerians to resist calls to return to subsidy payments.
The president stated this on Thursday in his nationwide broadcast to mark Nigeria’s 66th Independence anniversary.
“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,” Mr Tinubu said.
Mr Tinubu was sworn in on 29 May 2023, taking over power from former President Muhammadu Buhari.
During his inaugural address, shortly after taking the oath of office as Nigeria’s 16th leader, Mr Tinubu took some far-reaching decisions, including the scrapping of the nation’s costly fuel subsidies.
The announcement immediately triggered an increase in transportation fares and prices of goods and services by various percentages.
Apart from the removal of subsidy, in June 2023, the Central Bank of Nigeria (CBN) also announced the unification of all segments of the forex exchange (FX) market as part of efforts to engender transparency in the markets and boost investors’ confidence.
Since then, many Nigerians are still reeling from the devastating impact as prices of petrol, foodstuffs, and other essential commodities continue to rise.
On Thursday, Mr Tinubu said three and a half years after the removal of fuel subsidy and other reforms, the evidence that the country’s economic outlook has improved is undeniable.
“Three and a half years later, 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,” he said.
Oil theft reduced
Mr Tinubu listed gains of the reforms to include reduction in oil theft, fall in inflation, rebuilding of foreign reserves and stabilisation of the foreign exchange market.
“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,” he added.
The president said his government took difficult decisions to save the economy from collapse, noting that returning to the old order of fuel subsidy would erode the gains recorded.
He assured Nigerians that the administration remains committed to consolidating growth and ensuring that the benefits of reforms reach ordinary citizens.
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“These are not idle claims. 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.
“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. When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal.
“I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour. A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work.
“A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence,” Mr Tinubu said.
