By Atinuke Alao
President Bola Ahmed Tinubu has declared that the reforms his administration introduced upon assumption of office were not meant to weaken the economy.
Instead, Tinubu said they were initiated to confront the weaknesses, which the previous administrations chose to ignore due to postponed difficult decisions that allowed deep economic distortions to grow.
He disclosed this today (Thursday) in his nationwide address to commemorate the nation’s 66th independence day anniversary with the theme “From Reforms To Prosperity.”
Advancing the reasons for the reforms, the President lamented that past administrations chose morphine with the hope for an imaginary miracle.
Tinubu knocked those he referred to as retrogressive voices for being critical of his administration reforms, especially the withdrawal of subsidy on fuel also known as Premium Motor Spirit (PMS).
The Herald reports that preparatory to the 2027 general election, some presidential candidates of opposition parties promised to reintroduce subsidy on petrol in view of the economic hardship in the country.
But the President, who is seeking re-election for a second term in office, urged Nigerians to resist the temptation to return to the subsidy era.
“Today, as we celebrate our independence, we must speak honestly about the journey so far, the choices we made, and the country we are determined to build from here.
“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.
“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.
“When this Administration assumed office, we resolved to do things differently. 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.
“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.
“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.
“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,” Tinubu said.
The President, who acknowledged difficulties that attended his administration’s reforms, said his government’s policies prioritize jobs, enterprise and industrial growth.
He said, “We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.
“We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres. We will expand digital connectivity into communities that have waited too long to participate in the modern economy. We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow.
“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.
“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. 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.
“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.
“That is why we are strengthening direct support for the poorest households and improving the National Social Register so that assistance reaches those who genuinely need it.
“It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees.
“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings.
“That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education, and the essential public services poorer Nigerians depend on most. Since 2023, we have paid salaries and pensions on time and in full. We have reformed the national pension programme to benefit retirees and the vulnerable.”
