morganable politics/Governance
The President’s remarks come amid renewed political debate over subsidy policy, with opposition figures, including former Vice President Atiku Abubakar, indicating support for a return to a targeted subsidy regime if elected in 2027.
KaNo—
President Bola Tinubu on Thursday declared that the most difficult phase of his administration’s economic reforms had passed, assuring Nigerians that the country was transitioning from what he described as an “age of reform” to an “age of prosperity,” even as he warned against renewed calls for the return of fuel subsidies ahead of the 2027 general election.
In a nationwide broadcast to mark Nigeria’s 66th Independence anniversary, themed “From Reform to Prosperity,” the President defended key policy decisions taken since assuming office in May 2023, including the removal of petrol subsidy and the unification of the foreign exchange market.
He likened Nigeria’s economic condition before the reforms to that of a cancer patient who must endure painful treatment to survive, rather than rely on temporary relief.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” Tinubu said.
“The treatment will be difficult and painful, but it offers a strong prospect of recovery. For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”he added.
The President’s remarks come amid renewed political debate over subsidy policy, with opposition figures, including former Vice President Atiku Abubakar, indicating support for a return to a targeted subsidy regime if elected in 2027.
Tinubu, however, cautioned Nigerians against what he described as “regressive voices” advocating a reversal of the reforms.
“As certain influential voices would have us abandon the treatment and return to the abuse of addictive subsidies, we must resist their siren song,” he said. “We must remember why we began this journey and how far we have already come.”
Tinubu insisted that his administration did not create Nigeria’s economic challenges but had instead confronted structural weaknesses that previous governments failed to address.
According to him, the results of the reforms were beginning to manifest in key economic indicators.
He stated that Nigeria’s economy recorded growth of over four per cent in 2026, with contributions from both oil and non-oil sectors.
He also cited a reduction in oil theft, improved foreign reserves, and stabilisation in the foreign exchange market as signs of progress.
The President further disclosed that Nigeria achieved its highest-ever non-oil export revenue in 2025, exceeding $6bn, which he said reflected increased productivity and competitiveness among Nigerian businesses.
“This is real money being made by real Nigerian businesses,” Tinubu said, adding that international observers and institutions had acknowledged improvements in Nigeria’s economic stability and resilience, while foreign direct investment continued to rise.
Declaring what he described as a turning point, Tinubu said the focus of his administration would now shift from stabilisation to delivering tangible benefits to citizens.
“The emergency treatment is over. The foundation has been repaired,” he said.
“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”he added
He defined prosperity in practical terms, highlighting the need for farmers to earn decent returns, businesses to access credit, factories to operate with reliable power, and families to afford basic necessities such as food, transportation and education.
Addressing the persistent high cost of living, the President acknowledged the burden on households and outlined measures aimed at reducing production and distribution costs.
These include expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, and investing in transportation infrastructure such as roads, railways and ports.
“When a farmer produces more cheaply, when fewer crops are lost between farm and market, when manufacturers spend less on electricity, and when goods move faster, those savings will ultimately reduce prices for consumers.”he stated.
Tinubu also pledged to prioritise job creation and industrial growth, stating that his administration would leverage Nigeria’s domestic gas resources to power industries, revive manufacturing hubs, and expand digital connectivity to underserved communities.
“I want to see more Nigerians making things,” he said.
“I want to see Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling to the world, and young Nigerians building companies that create opportunities at home.”he added.
While emphasising long-term economic growth, the President acknowledged that many Nigerians were still struggling and required immediate support.
He said the government was strengthening social welfare programmes and improving the National Social Register to better target vulnerable households.
He highlighted initiatives such as the Nigerian Education Loan Fund, which provides financial support for students from low-income families, and CREDICORP, designed to expand access to consumer credit for working Nigerians seeking to acquire essential assets.
Tinubu also stated that salaries and pensions had been paid consistently since 2023, noting that reforms to the pension system were aimed at improving benefits 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.”
In a symbolic conclusion to his address, the President drew a biblical parallel, describing Nigeria’s economic journey as akin to the Israelites’ exodus from Egypt.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said. “Our destination is in sight, our foundations are strong, and our direction is clear.”
The Independence Day speech comes at a time of continued public concern over inflation and rising living costs, as well as increasing political activity ahead of the 2027 elections, where economic policy, particularly fuel subsidy, is expected to remain a central issue in national discourse.
