On October 1, 2026, President Bola Tinubu addressed Nigerians on the country's 66th Independence Day anniversary, defending the economic reforms introduced since he assumed office in 2023. Tinubu stated that his administration had chosen to confront longstanding weaknesses in the economy rather than continue policies that merely eased their effects. He emphasized that the reforms had been difficult and had side effects, but argued that abandoning them would amount to returning to policies that had failed to address the underlying problems.
Tinubu warned against calls from "certain influential but regressive voices" to abandon the reforms and return to subsidy arrangements. He likened the Nigerian economy before the reforms to a cancer patient whose treatment was painful but necessary, saying previous governments had focused on easing symptoms while allowing the underlying problems to deepen. The President said that for too long, Nigeria's leaders had chosen to ease the pain while praying for a miracle that never came.
The President cited economic gains, stating that Nigeria's economic outlook had improved, with growth of more than four per cent in 2026 and contributions from both the oil and non-oil sectors. He also mentioned that oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt, and the foreign exchange market had stabilised.
Tinubu highlighted that Nigeria recorded more than $6bn in non-oil export revenue in 2025, which he described as the highest in the country's history. He stated that international observers, journalists, NGOs, and multilateral institutions had concluded that the reforms had strengthened Nigeria's economic stability and resilience.
The President said that the country had reached a turning point, with the government now moving from economic correction to a focus on jobs, production, and widespread prosperity. He emphasized that the private sector had long since delivered its verdict, and foreign direct investment continued to rise each year.
Tinubu's address was part of his efforts to defend his administration's economic reforms and to warn against reversing them. He described calls to return to the subsidy regime as a "siren song" and urged Nigerians to resist them. The President's statement was reported by Tosin Oyediran, a journalist with Punch Newspapers.
The article was written by Tosin Oyediran, who has over eight years of newsroom experience covering politics, health, advocacy, sports, and entertainment. Oyediran is known for sharp interviews and human-centered reporting, focusing on public accountability, civic issues, and the stories shaping everyday lives.
Key points
- President Bola Tinubu has ruled out a return to Nigeria's petrol subsidy regime.
- Tinubu defended the economic reforms introduced since he assumed office in 2023.
- The President cited economic gains, including growth of more than four per cent in 2026.
