PRESIDENT Bola Tinubu has declared that Nigeria has moved beyond the difficult phase of his economic reforms, citing economic growth of more than four per cent and falling inflation as signs of an improving economy.
Tinubu stated this in his Independence Day address to Nigerians on Thursday, October 1, as he defended the economic choices made by his administration since assuming office on May 29, 2023.
According to the president, Nigeria’s economy grew by more than four per cent in 2026, while inflation had fallen substantially from its peak.
“Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised,” Tinubu said.
The ICIR reports that although inflation has declined considerably from its peak following it being re-dated by the government, the reduction in the rate does not mean that prices have returned to previous levels. Nigerians continue to face the effects of high food and transportation costs.
Tinubu also said Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion.
“These are not idle claims,” the president said, arguing that international observers, journalists, non-governmental organisations and multilateral institutions had recognised improvements in Nigeria’s economic stability and resilience.
He further compared Nigeria’s economic condition before the reforms to a cancer patient who had been given a choice between undergoing painful treatment or taking morphine to suppress the pain while the disease continued to spread.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.
According to Tinubu, previous governments spent heavily on inefficient arrangements instead of confronting the underlying weaknesses in the economy.
He said his administration chose a different path, acknowledging that the reforms had produced hardship, but insisted that the measures did not create the country’s economic weaknesses.
He also warned against calls to abandon the reforms and return to what he described as “addictive subsidies”, in an apparent reference to opposition calls, including those by former Vice-President Atiku Abubakar, to restore the petroleum subsidy that Tinubu removed on the day he assumed office in 2023.
Abubakar, who is seeking to be Nigeria’s president for the seventh time, is the candidate of the African Democratic Congress (ADC) in the election scheduled for January 16, 2027.
He will face Tinubu, who is seeking re-election, former governor Peter Obi, activist and publisher Omoyele Sowore, and other candidates in the poll.
‘The emergency treatment is over’
Tinubu said his administration had reached a turning point, saying that the ’emergency treatment’ is over.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.
“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal. I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour,” he said.
The president also identified reducing the cost of living as a major priority of the new phase, stating that his administration would pursue this by lowering the cost of producing and transporting goods.
The government, he said, would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.
He also cited the Nigerian Education Loan Fund, CREDICORP, and investments in primary healthcare and basic education as part of his administration’s efforts to improve living conditions for Nigerians.
Tinubu declares ‘age of prosperity’
The president said the next phase would require sustained economic growth and the creation of millions of productive opportunities.
He said Nigeria was entering the new phase from a position of strength because his administration had confronted the difficult economic choices facing the country.
He described the desired outcome as a Nigeria where prosperity is broadly shared and where children can pursue opportunities beyond the circumstances of their birth.
Mustapha Usman is an investigative journalist with the International Centre for Investigative Reporting. You can easily reach him via: musman@icirnigeria.com. He tweets @UsmanMustapha_M