President Bola Ahmed Tinubu has declared that the reforms by his administration did not create weaknesses in the country’s economy, but instead confronted them.
In his Independence Day address delivered to Nigerians on Thursday, President Tinubu said before he came into power, “poverty was rising, and hope was nearly gone.”
He said Nigeria’s situation was darker than ever and his government had no choice but to act, comparing the condition with 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,” he added.
The president further argued that 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.”
President Tinubu noted that when his administration assumed office, he resolved to do things differently. He stressed that unlike many would argue, “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,” he said.
He said three and a half years into his administration, “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.”
He said oil theft is down, inflation has fallen substantially, foreign reserves have been rebuilt, the foreign exchange market stabilised and in 2025 Nigeria recorded its highest revenue from non-oil exports in its history, exceeding $6 billion.
“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,” he added.
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