President Bola Tinubu has declared that the toughest phase of his economic programme is over, saying Nigeria has entered a new phase focused on economic growth.
Tinubu made the declaration on Thursday in his Independence Day broadcast marking Nigeria’s 66th anniversary.
He defended the removal of petrol subsidy and the unification of the naira exchange rate, arguing that difficult decisions were necessary to address longstanding economic problems.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” Tinubu said, comparing the measures to painful treatment that offered the country a chance of recovery.
The President also warned against calls to restore fuel subsidies ahead of the 2027 general elections, describing such proposals as a return to policies he said had failed to address the country’s underlying problems.
“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,” he said.
Tinubu cited lower inflation, rebuilt foreign reserves, greater stability in the foreign exchange market and a decline in oil theft among the gains achieved under his administration. He also said Nigeria recorded more than $6 billion in non-oil export revenue in 2025.
“The emergency treatment is over. The foundation has been repaired,” Tinubu said, adding that the government’s focus had shifted to improving living standards.
On the cost of living, the President said the government would focus on reducing the cost of producing and transporting goods through investments in agriculture, irrigation, storage, roads, rail and ports.
He said jobs, enterprise and industrial growth would be central to the next phase of his administration, with plans to expand domestic gas use, revive industries, improve digital connectivity and develop skills for young Nigerians.
Tinubu also highlighted social support programmes, including the Nigerian Education Loan Fund and CREDICORP, saying they were intended to support vulnerable Nigerians while the government works towards reducing poverty.
“These programmes are not substitutes for economic progress. They are a bridge,” he said. “Our objective is not to manage poverty more efficiently. We will defeat it.”
Tinubu ended his address by urging Nigerians to remain committed to the country’s economic path.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
The address came as economic policy and the cost of living remain major issues ahead of the 2027 general elections.
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