…Says era of reforms are over
By Eshioromeh Sebastian
President Bola Ahmed Tinubu marked Nigeria’s 66th Independence Anniversary on Thursday with a speech that sought to close one chapter of his presidency and open another — telling Nigerians that the painful economic reforms of the past three years are finished, and that the focus now shifts to making life cheaper and creating jobs.
The address, broadcast nationwide from Abuja, was part report card, part roadmap, and part political defence. Tinubu did not announce new policies in any great detail. Instead, he spent much of the speech explaining why he made the decisions he made, why he believes they are working, and why he will not reverse them despite mounting pressure.
“Our purpose is simple: shared and widespread prosperity,” he said. “The emergency treatment is over. The foundation has been repaired.”
A President Defending His Record
Tinubu came into office in May 2023 and immediately ended petrol subsidies and floated the naira — two decisions that sent fuel prices and inflation soaring, eroded household purchasing power, and sparked widespread hardship. Nearly three and a half years later, the President remains unapologetic.
He used the speech to frame those decisions as unavoidable, describing Nigeria in 2023 as a country where poverty was rising and hope was nearly gone.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” he said. “His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery.”
The patient, he said, has a choice: endure the treatment, or ask only for morphine and let the disease spread.
“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.”
It was a pointed critique of previous administrations, including those of his own party, and a reminder that Tinubu sees his legacy as that of the leader who finally made the hard calls.
He acknowledged the pain the reforms caused. “The side effects were real,” he said. “Yet we must never confuse the medicine with the disease.”
The Evidence He Presented
To make his case that the treatment is working, Tinubu laid out a series of economic indicators:
· Growth: The economy has grown by over 4 per cent this year, with both oil and non-oil sectors contributing.
· Inflation: It has fallen substantially from its peak, though he did not give a specific figure.
· Foreign reserves: Rebuilt.
· Exchange rate: The foreign exchange market has stabilised.
· Oil theft: Down.
· Non-oil exports: Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion.
“This is real money being made by real Nigerian businesses,” he said.
He also cited external validation, saying international observers, journalists, NGOs and multilateral institutions have all concluded that the reforms have strengthened Nigeria’s economic stability and resilience. The private sector, he added, has “long since delivered its verdict,” and foreign direct investment continues to rise each year.
The claims will be tested against the daily experience of Nigerians, many of whom still grapple with high food prices, expensive transport and weak purchasing power. But Tinubu’s message was clear: the macroeconomy has stabilised, and the benefits will soon reach households.
The Plan to Bring Down Prices
The centrepiece of the speech was Tinubu’s plan to lower the cost of living — an issue that has dominated public discourse and, in some states, fuelled protests.
His approach is not to hand out money directly, but to attack the cost of producing and moving goods. If it costs less to farm, transport and manufacture, he argues, prices will eventually fall.
“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.
The specific measures he outlined include:
Agriculture: Expanding mechanised irrigation and dry-season farming so that food can be grown year-round, not just in the rainy season. Improving access to seeds and fertiliser. Investing in storage facilities to reduce post-harvest losses. Increasing mechanisation across the sector.
Infrastructure: Building and completing roads, railways and ports that connect farms and factories to markets. The idea is to cut the time and cost of moving goods across the country.
Energy: Using Nigeria’s gas reserves to power new industries and reduce electricity costs for manufacturers, many of whom currently rely on expensive diesel generators.
Digital economy: Expanding digital connectivity into communities that have been left out of the modern economy, and investing in skills that employers demand.
Industrial revival: Supporting businesses that want to reopen factories in Nigeria’s traditional industrial centres, many of which have been dormant for years.
“I want to see more Nigerians making things,” Tinubu said. “I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home.”
Acknowledging Hardship Without Accepting Blame
In one of the more candid passages of the speech, Tinubu acknowledged that millions of Nigerians are still struggling — for the next meal, the next school fee, the next medical bill, or simply the fare to get to work.
But he was careful to locate the cause of that struggle outside his administration.
“Some Nigerian families still struggle today,” he said. “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.”
He admitted his government cannot undo generations of neglect in one term.
“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.”
He then listed the interventions his government has put in place:
· National Social Register: Being strengthened so that direct support reaches the poorest households.
· Nigerian Education Loan Fund: Designed to ensure that children from low-income families can pursue higher education without their parents being able to afford fees.
· CREDICORP: A consumer credit scheme giving working Nigerians access to loans for vehicles, solar systems, digital devices and other assets without years of saving.
· Primary healthcare and basic education: To be strengthened in collaboration with states and local governments.
· Salaries and pensions: Paid on time and in full since 2023, with reforms to the national pension programme to benefit retirees.
“These programmes are not substitutes for prosperity,” Tinubu said. “They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently. We will defeat it.”
Rejecting the Calls to Reverse Course
Tinubu reserved his sharpest words for those urging him to abandon the reforms — particularly the removal of petrol subsidies, which some economists and opposition figures argue should be partially restored to ease hardship.
“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,” he said.
He urged Nigerians to remember why the journey began and how far the country has come, warning that a return to subsidies would undo the gains of the past three years.
It was a clear signal that despite public frustration, the President has no intention of changing direction — at least not in the near term.
“We Have Passed Through Our Own Red Sea”
Tinubu closed the speech with a religious metaphor, invoking the biblical story of the Israelites’ escape from Egypt.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
He called on Nigerians to move forward together, with faith in themselves, their country, and the sacrifices they have made.
“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.”
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
He ended with the traditional Independence Day greeting: “Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria.”
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