President Bola Tinubu on Thursday declared that Nigeria had moved beyond the toughest phase of his economic reforms, saying the government would now focus on jobs, production and shared prosperity.
Tinubu made the declaration in his nationwide broadcast marking Nigeria’s 66th Independence anniversary on October 1, 2026.
Speaking on the theme, “From Reform to Prosperity,” the President defended the removal of petrol subsidy and foreign exchange reforms, saying they were necessary to tackle longstanding weaknesses in the economy.
He likened Nigeria’s situation to that of a cancer patient who must endure painful treatment rather than rely on medication that merely masks the symptoms.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” Tinubu said.
He maintained that the reforms did not create Nigeria’s economic weaknesses but confronted problems that had been deferred by previous governments.
Tinubu warns against subsidy return
Tinubu also cautioned against attempts to restore petrol subsidy, an increasingly prominent issue ahead of the 2027 general election.
Without naming any politician, he urged Nigerians to reject what he called a “siren song” from influential voices advocating a return to subsidy payments.
The warning comes more than three years after Tinubu announced the end of petrol subsidy at his May 29, 2023 inauguration, arguing that its rising cost was unsustainable and that the resources should be redirected to development.
President cites economic gains
Tinubu said the reforms had produced measurable improvements, including economic growth, reduced oil theft, easing inflation, stronger foreign reserves and greater stability in the foreign exchange market.
He said the economy had grown by more than four per cent in 2026.
National Bureau of Statistics figures showed real GDP growth of 4.43 per cent year-on-year in Q2 2026, up from 4.23 per cent in Q2 2025 and 3.89 per cent in Q1 2026.
The President also said Nigeria generated more than $6bn in non-oil export revenue in 2025, describing it as a record.
‘Emergency treatment is over’
Tinubu declared that the government’s economic priority had shifted from correcting Nigeria’s course to delivering broad-based prosperity.
“The emergency treatment is over. The foundation has been repaired,” he said.
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He said prosperity must translate into safer and more profitable farming, reliable electricity for manufacturers, easier access to credit and productive jobs for young Nigerians.
Tinubu said jobs, enterprise and industrial growth would therefore drive the next phase of his administration.
He pledged to expand domestic gas use for industry, revive factories, extend digital connectivity and invest in skills demanded by employers.
Cost of living remains key concern
Addressing household economic pressure, the President said the government would focus on lowering production and distribution costs.
He listed expanded irrigation and dry-season farming, improved access to seeds and fertiliser, agricultural mechanisation and better storage among measures to boost food production and reduce losses.
He also identified roads, railways and ports as critical to moving goods from farms and factories to markets.
Tinubu said lower production costs, reduced post-harvest losses, better electricity supply and more efficient transport would help moderate prices.
Support for vulnerable Nigerians
The President said targeted assistance would continue for Nigerians facing immediate hardship.
He said the National Social Register was being strengthened to improve support for vulnerable households, while the Nigerian Education Loan Fund and CREDICORP were expanding access to education and credit.
Tinubu said salaries and pensions had been paid “on time and in full” since 2023 and that pension reforms were strengthening protection for retirees.
“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.”
‘We have passed through our own Red Sea’
Tinubu ended with a biblical reference, declaring that Nigeria had “passed through our own Red Sea” and should not turn back.
“The age of reform has done its work. Now begins the age of prosperity,” he said.
The address came more than three years after Tinubu launched his reform programme and four months after his May 2026 third-anniversary assessment, when he said the economy had stabilised and the foundation for recovery had been laid.
With the cost of living and petrol subsidy policy remaining major issues ahead of the 2027 election, Tinubu’s latest broadcast shifted the emphasis from defending the reforms to delivering the prosperity he says they were designed to create.