President Bola Tinubu has acknowledged the economic hardship experienced by millions of Nigerians since the launch of his administration’s reforms, saying the country’s problems were accumulated over several decades and could not be resolved within a single four-year period.
Tinubu made the remarks on Thursday in his Independence Day address marking Nigeria’s 66th anniversary, titled “From Reform to Prosperity.”
The President said his administration inherited an economy weighed down by long-standing structural problems and had to make difficult decisions to address distortions that had persisted for years.
According to him, Nigeria has now reached a new phase after the initial period of economic adjustment, with the government’s focus shifting from stabilisation and reform to broader prosperity.
He also rejected calls for a return to petrol subsidy arrangements, describing supporters of such a move as “influential but regressive voices.”
“We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way,” he emphasised.
Tinubu said Nigeria’s post-independence history had been marked by civil war, military rule, economic crises, insecurity and political instability, but that the country had continued to survive because of the resilience of its people.
He said independence represented more than the raising of the national flag, arguing that Nigeria’s founding generation envisioned a country where citizens would have the freedom to determine their future and enjoy dignity, opportunity and a better standard of living.
The President blamed decades of policy choices that deferred difficult decisions for many of the economic distortions facing the country.
“For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow.
“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act,” he stressed.
Using the example of a cancer patient, Tinubu compared Nigeria’s economic situation to a serious illness requiring painful treatment rather than temporary relief.
He explained: “Nigeria was like a sick patient who receives the terrible news that he has cancer. 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. They focused on symptoms while allowing the disease to take hold deep within the fabric of our society.
“We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.”
Tinubu said his administration consequently chose to tackle what it considered the root causes of the country’s economic difficulties instead of continuing policies that merely provided temporary relief.
“The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease. Our reforms did not create the weaknesses in our economy. They confronted them,” the president pointed out.
He again criticised calls to reverse the reforms, particularly the removal of petrol subsidies.
“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,” he said.
Tinubu said the reforms had produced improvements in several areas of the economy, citing growth of more than four per cent, lower oil theft, a decline in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.
He also said Nigeria recorded more than $6bn in non-oil export revenue in 2025, describing the figure as the country’s highest on record.
“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.
“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 maintained.
The President said international institutions, investors and other observers had taken note of the changes, adding that the private sector was responding to what he described as greater economic stability.
“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,” he stated.
He said the next stage of the administration’s economic programme would focus on reducing living costs, increasing production, generating employment and widening economic opportunities.
Tinubu stressed that prosperity should be reflected in the daily lives of Nigerians rather than measured only through GDP figures and other economic indicators.
“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.
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“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. This is the promise we must now fulfil,” he explained.
On the rising cost of living, the President said the government’s strategy would involve reducing production and transportation costs, which he argued would eventually lower prices for consumers.
“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” he said.
He listed mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, agricultural mechanisation, storage and transportation as measures being pursued to boost food production.
Tinubu also pointed to investments in roads, railways and ports as part of efforts to improve the movement of goods from farms and factories to markets.
“Our logic is simple. 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,” he said.
The President identified employment and industrialisation as key priorities, particularly given Nigeria’s large and growing youth population.
“Prosperity requires more than cheaper goods. It requires productive work. Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition. Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” he stated.
He said the government would use the country’s gas resources to support industries, revive factories, expand digital connectivity and develop skills needed by employers.
Tinubu also expressed his desire for greater domestic production and stronger participation by Nigerian businesses in international markets.
“I want to see more Nigerians making things. 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,” he said.
The President, however, acknowledged that many households were still struggling to meet their immediate needs despite the reforms.
“I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work,” he said.
He maintained that the hardship facing such families predated his administration and was the result of years of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.
“Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most,” he said.
Tinubu said the government would continue expanding social protection for vulnerable Nigerians, including improvements to the National Social Register.
He also highlighted the Nigerian Education Loan Fund, saying it was intended to ensure that children from low-income families could access higher education despite financial difficulties.
The President cited the Consumer Credit Corporation, CREDICORP, as another measure providing working Nigerians with financing for vehicles, solar systems, digital devices and other essential assets.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently,” he said. “We will defeat it,” he enthused.
He acknowledged that reducing poverty would require time, discipline, sustained economic growth and the creation of millions of productive jobs.
“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country,” he said.
Tinubu also highlighted the payment of salaries and pensions, changes to the national pension system and increased attention to primary healthcare and basic education as measures aimed at supporting vulnerable Nigerians.
He argued that the country was now better positioned to tackle poverty because of the economic foundation established through the reforms.
“But for the first time in decades, we embark on this task from a position of strength; with an economy whose fundamental direction has been corrected. We confronted the difficult choices we faced and have laid the foundations for lasting prosperity. Rather than fail the promise of a better future for our children, the time has come for us to build that future.”
The President called on Nigerians to remain committed to the next phase of the country’s economic development, saying the period of reforms had laid the groundwork for a new era.
“The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life,” he said.
Tinubu urged Nigerians not to reverse the direction of the reforms, using the biblical account of the Red Sea to describe the country’s economic journey.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward.
“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.”