President Bola Tinubu has said the economic reforms introduced by his administration did not create the weaknesses in Nigeria’s economy but were aimed at confronting longstanding structural problems.
He stated this in his Independence Day speech to Nigerians on Thursday, October 1, 2026, as the country marked its 66th anniversary.
According to Tinubu, 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
He 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.
However, he maintained that the “emergency treatment” for the economy is over, adding that “The foundation has been repaired.”
He said what is now left is a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost and earn a decent return for his labour.
“A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work. A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence. This is the promise we must now fulfil,” he added.
The president also promised that his administration’s priority is to bring down the cost of living by lowering the cost of production and transportation.
“We have the land and people to feed ourselves. My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation. We are building and completing the roads, railways and ports that connect farms and factories to markets,” Tinubu said.
The president said despite what his administration has done, he is aware that “some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work.”
He added: “Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most.
“We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.
“That is why we are strengthening direct support for the poorest households and improving the National Social Register so that assistance reaches those who genuinely need it. It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees.
“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings.
“That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education, and the essential public services poorer Nigerians depend on most.”
The president said the hard times are over and assured Nigerians that the country is now headed for prosperity.
“We have travelled through difficult years together. We have made hard decisions together. And now, still together, we must build the country those decisions have made possible.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.
