President Bola Tinubu has defended his administration’s economic reforms, saying they are yielding results and rejecting calls for the return of petroleum subsidies.
President Tinubu spoke on Thursday in his Independence Day address to mark Nigeria’s 66th anniversary, where he highlighted what he described as improvements in the country’s economic outlook.
“Our reforms did not create the weaknesses in our economy. They confronted them,” the President said.
He urged Nigerians to resist calls to reverse the reforms and return to what he described as dependence on subsidies.
President Tinubu removed the petrol subsidy shortly after assuming office in May 2023, while his administration also introduced reforms to the foreign exchange market. The measures were followed by higher fuel prices and increased living costs, with critics and opposition figures calling for policy changes.
However, President Tinubu said the reforms had put Nigeria on a better economic path.
He said the economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to what he described as a period of stable growth.
“Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised,” he said.
The President also said Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion.
President Tinubu said international observers, journalists, non-governmental organisations and multilateral institutions had recognised improvements in Nigeria’s economic stability and resilience.
He added that foreign direct investment continued to rise, saying the private sector had also responded positively to the reforms.
“My fellow Nigerians, we have reached a turning point. The emergency treatment is over. The foundation has been repaired,” President Tinubu said.
He said the government’s focus would now shift from correcting the country’s economic direction to achieving “shared and widespread prosperity.”