President Bola Tinubu has defended the economic reforms implemented by his administration, saying Nigeria has reached a turning point after three years of difficult adjustments.
In his Independence Day address, the President said the reforms were introduced to tackle longstanding economic distortions rather than create the difficulties Nigerians have experienced.
He likened the situation inherited by his administration to that of a cancer patient who must undergo painful treatment to survive.
“We must never confuse the medicine with the disease,” Tinubu said.
He said Nigeria’s economy had previously relied on unsustainable arrangements, adding that successive governments had postponed difficult decisions.
Tinubu said the reforms had produced signs of greater economic stability, including economic growth of more than four per cent, lower inflation, higher foreign reserves and a more stable foreign exchange market.
He also said non-oil exports generated more than $6 billion in 2025.
“These are not idle claims,” he said, arguing that international institutions, investors and other observers could see changes in the Nigerian economy.
Tinubu said the government would now focus on translating economic stability into broader prosperity.
“The emergency phase is over,” he said.
The President acknowledged that the reforms had created real difficulties for Nigerians but maintained that abandoning them would reverse the progress made so far.
He called on Nigerians to support the next phase of the government’s economic programme, which he said would focus on jobs, enterprise, industrial production and lower living costs.