President Bola Tinubu has rejected calls for the return of petroleum subsidies, insisting that his administration’s economic reforms are beginning to deliver results.
Tinubu spoke today in his Independence Day address to Nigerians as the country marked its 66th anniversary. He said reversing the reforms would undermine the progress recorded since he assumed office three year’s ago.
The President said the reforms had confronted longstanding weaknesses in the Nigerian economy rather than create them.
“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said.
He urged Nigerians to resist calls to return to what he described as “addictive subsidies”, saying the country had made significant progress on its economic journey.
Tinubu said Nigeria’s economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to what he described as a period of stable growth.
He also listed falling inflation, rebuilt foreign reserves and a more stable foreign exchange market among the indicators of improvement.
According to him, Nigeria recorded more than $6 billion in non-oil export revenue in 2025, which he described as the highest in the country’s history.
“Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised,” he said.
The President acknowledged that the reforms had been difficult and had produced real economic hardships, but maintained that the country was now moving beyond the emergency phase.
“The emergency treatment is over. The foundation has been repaired,” Tinubu said.
He said the government’s focus had now shifted from correcting economic distortions to achieving “shared and widespread prosperity”.
Tinubu said reducing the cost of living would remain a priority, with the government focusing on agricultural production, infrastructure, industrial growth, job creation and support for businesses.
He also said his administration would strengthen social support for vulnerable Nigerians while expanding access to education, healthcare and consumer credit.
“Our objective is not to manage poverty more efficiently. We will defeat it,” he said.
The President declared that Nigeria had entered what he called an “age of prosperity”, urging citizens to look ahead rather than return to previous economic policies.
