President Bola Tinubu has declared that the most difficult phase of his administration’s economic reforms is over, saying Nigeria has now moved from an “age of reform” into an “age of prosperity.”
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, marking the country’s 66th Independence anniversary.
In the address, themed “From Reform to Prosperity,” the President defended the removal of the petrol subsidy and the unification of the naira exchange rate, describing the reforms as painful but necessary measures to address longstanding economic challenges.
Using a medical analogy, Tinubu compared Nigeria to a cancer patient who had to choose between undergoing difficult treatment or relying on pain-relieving medication while the underlying disease continued to worsen.
According to him, previous administrations had postponed difficult economic decisions, while his government chose to confront the country’s structural weaknesses.
Tinubu Warns Against Return to Fuel Subsidy
The President also warned Nigerians against what he described as calls to return to petrol subsidies ahead of the 2027 general elections.
He urged citizens to reject what he called a “siren song” to restore subsidies, arguing that the policy had contributed to Nigeria’s economic difficulties.
His remarks came amid political debate over subsidy policy, including proposals by opposition figures such as former Vice President Atiku Abubakar for a targeted petrol subsidy if elected in 2027.
Tinubu maintained that his administration’s reforms did not create Nigeria’s economic problems but confronted challenges that had been deferred by previous governments.
Economy Has Grown, Tinubu Says
The President said Nigeria’s economy grew by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the growth.
He also cited a decline in oil theft, a substantial fall in inflation from its peak, rebuilding of foreign reserves and increased stability in the foreign exchange market.
Tinubu further disclosed that Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion.
He said the developments demonstrated increased resilience in the Nigerian economy and added that foreign direct investment had continued to rise.
‘Emergency Treatment Is Over’
Tinubu described the current phase as a turning point in his administration’s economic programme.
“The emergency treatment is over. The foundation has been repaired,” he said, adding that the government’s focus had shifted from correcting the country’s economic direction to delivering “shared and widespread prosperity.”
He said prosperity should be reflected in the daily lives of Nigerians, including farmers earning better incomes, factories having reliable electricity, businesses gaining access to credit, young people finding productive employment and families being able to afford food, transportation and education.
Government Plans to Address Cost of Living
On the high cost of living, Tinubu said the government would focus on reducing the cost of producing and transporting goods.
He listed plans to expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, strengthen agricultural mechanisation and invest in storage, transportation, roads, railways and ports.
The President said reducing production and transportation costs would eventually help bring down the prices of goods in the market.
Tinubu Promises More Jobs and Industrial Growth
Tinubu said jobs, enterprise and industrial growth would become central to the government’s policies going forward.
He pledged to use domestic gas to power new industries, revive factories in Nigeria’s industrial centres, expand digital connectivity to underserved communities and invest in skills required by employers.
He said his administration wanted to see more Nigerians producing goods locally, Nigerian farms supplying cities and factories, and Nigerian businesses exporting products to international markets.
Government to Strengthen Support for Poor Nigerians
Acknowledging that millions of Nigerians could not afford to wait for long-term economic gains, Tinubu said his administration would strengthen direct support for vulnerable households.
He said the National Social Register would be improved to ensure that assistance reaches those who need it most.
The President also highlighted the Nigerian Education Loan Fund, NELFUND, and the Consumer Credit Corporation, CREDICORP, as programmes designed to provide opportunities and financial support to Nigerians.
Tinubu said salaries and pensions had been paid on time and in full since 2023, while reforms to the national pension system had been introduced to benefit retirees and vulnerable Nigerians.
He stressed that social welfare programmes were only a bridge to prosperity and not a permanent substitute for economic development.
‘Nigeria Has Passed Through Its Own Red Sea’
Tinubu ended his address with a biblical reference, comparing Nigeria’s economic journey to the Israelites’ exodus from Egypt.
He said Nigeria had corrected its course and urged Nigerians not to look back.
“ Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” the President said.
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