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Tinubu

President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the phase of difficult economic reforms and entered what he described as a new era focused on shared and widespread prosperity.

Tinubu made the declaration on Thursday in his Independence Day broadcast to Nigerians, marking the country’s 66th anniversary of independence.

The President said his administration inherited an economy burdened by deep structural weaknesses and argued that difficult decisions taken since 2023 were necessary to correct what he described as long-standing economic distortions.

He said the next phase of his administration would focus less on economic stabilisation and more on translating the gains of the reforms into lower living costs, productive jobs, industrial expansion and improved living standards.

“The age of reform has done its work. Now begins the age of prosperity,” Tinubu said.

The President acknowledged that the reforms had imposed significant hardship on Nigerians, but maintained that the difficulties were consequences of correcting problems that had accumulated over several decades.

He likened the economic situation inherited by his administration to a serious illness requiring painful treatment, arguing that successive governments had often chosen temporary relief rather than confronting the underlying problems.

Tinubu specifically defended the removal of fuel subsidies and changes to the foreign exchange system, warning against what he called efforts to return the country to unsustainable subsidy arrangements.

According to him, the reforms “did not create the weaknesses in our economy” but confronted them.

The President said economic indicators now pointed to improved stability, citing growth of more than four per cent, reduced inflation from its peak, stronger foreign reserves and greater stability in the foreign exchange market.

He also highlighted Nigeria’s non-oil export performance, saying the country recorded more than $6 billion in non-oil export earnings in 2025.

Independent assessments have similarly acknowledged improvements in some macroeconomic indicators while noting that significant pressures remain. The International Monetary Fund estimated Nigeria’s economic growth at four per cent in 2025 and projected 4.1 per cent growth for 2026. It also reported that gross international reserves increased to about $46 billion in 2025.

However, the IMF also said poverty and food insecurity remained major challenges, with 63 per cent of Nigerians estimated to be living below the national poverty line and about 27 million people estimated to have faced food insecurity in late 2025.

Tinubu acknowledged that millions of Nigerians were still struggling with food costs, school fees, medical bills and transportation expenses.

He said his administration’s immediate economic priority was therefore to reduce the cost of living by lowering the cost of production and distribution.

The President listed increased agricultural production, mechanised farming, irrigation, better access to seeds and fertiliser, storage facilities and improved transportation among measures intended to reduce food costs.

He said investments in roads, railways and ports would help connect farms and factories to markets, while lower production and logistics costs should eventually translate into cheaper goods.

Beyond agriculture, Tinubu placed job creation and industrialisation at the centre of the next phase of his administration.

He said the government would deploy Nigeria’s gas resources to support new industries, revive factories, expand digital connectivity and develop skills demanded by employers.

“I want to see more Nigerians making things,” he said, adding that Nigerian farms should feed the country’s cities and supply factories, while local businesses should increasingly compete in international markets.

The President also highlighted youth enterprise, saying Nigeria’s large young population should become an economic asset rather than a source of frustration.

On social protection, Tinubu said the government was strengthening support for vulnerable households and improving the National Social Register to ensure assistance reaches people who genuinely need it.

He also pointed to the Nigerian Education Loan Fund as a mechanism for helping students from low-income families access higher education, while citing the Consumer Credit Corporation as a means of enabling Nigerians to acquire essential assets such as vehicles, solar systems and digital devices.

He further pledged continued collaboration with state and local governments to strengthen primary healthcare, basic education and other essential services.

Tinubu said the government had paid salaries and pensions on time since 2023 and had also undertaken pension reforms intended to benefit retirees and vulnerable citizens.

He stressed, however, that social intervention programmes were not intended to replace economic prosperity.

“Our objective is not to manage poverty more efficiently. We will defeat it,” he said.

The President conceded that the problems confronting Nigeria could not be resolved within a single four-year administration, describing them as the accumulated consequences of decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.

He nevertheless argued that his administration had changed the country’s economic direction and laid the foundation for sustained growth.

The Federal Government’s official anniversary programme has similarly framed the 66th Independence anniversary around consolidating reforms, strengthening stability and translating economic gains into greater opportunities for Nigerians.

Tinubu ended his address with an appeal for Nigerians to look ahead rather than return to policies he believes contributed to previous economic difficulties.

He described the country as having “passed through our own Red Sea” and urged citizens to move forward with confidence in Nigeria’s future.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” the President said.

The 2026 Independence anniversary marks 66 years since Nigeria gained independence from British colonial rule on October 1, 1960, and 27 years of uninterrupted constitutional democracy since the return to civilian rule in 1999.

The Traffic NG
President Bola Ahmed Tinubu
Amarachi Ihesiulo
The Traffic NG

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