By Our Correspondent President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the most difficult phase of his admi...
By Our Correspondent
President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the most difficult phase of his administration’s economic reforms, saying the country is now entering what he described as an “age of prosperity.”
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, marking the 66th anniversary of the country’s independence.
The President said his administration had taken difficult economic decisions since assuming office in 2023 to address what he described as deep-rooted distortions in the Nigerian economy.
According to him, the reforms were necessary to correct longstanding weaknesses and establish the foundation for sustainable economic growth.
Tinubu acknowledged that the reforms had imposed difficulties on Nigerians but argued that the measures were intended to address problems that had accumulated over several decades.
“Our reforms did not create the weaknesses in our economy. They confronted them,” the President said.
He likened Nigeria’s economic situation to a patient suffering from a serious illness who must undergo difficult treatment rather than rely on measures that merely suppress the symptoms.
Tinubu said the economic outlook had improved three and a half years after his administration began implementing the reforms.
According to him, Nigeria’s economy has 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.
He also claimed that oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
The President further stated that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the highest such figure in the country’s history.
Tinubu said international observers, multilateral institutions and private-sector stakeholders had recognised what he described as improvements in Nigeria’s economic stability and resilience.
He said the government’s focus would now shift from economic correction to delivering broad-based prosperity and reducing the cost of living.
“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,” he said.
The President said his administration would seek to lower the cost of producing and transporting goods by expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, increasing agricultural mechanisation and investing in storage and transportation.
He added that the government was also working to improve roads, railways and ports to strengthen connections between farms, factories and markets.
According to Tinubu, reducing production and transportation costs would ultimately help lower the prices of goods and ease pressure on consumers.
The President also identified job creation, enterprise development and industrial growth as key priorities, particularly given Nigeria’s youthful population.
He said the government would use the country’s gas resources to support new industries, assist businesses seeking to revive factories, expand digital connectivity and invest in skills development.
Tinubu expressed his desire to see more Nigerians engaged in manufacturing, agriculture and technology, saying Nigerian businesses should be able to compete in international markets.
He, however, acknowledged that millions of Nigerians continued to struggle with food costs, school fees, medical bills and transportation expenses.
The President said the hardship faced by many citizens did not begin with the reforms of the past three years but was the accumulated result of decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
Tinubu said the Federal Government was strengthening social protection measures for vulnerable Nigerians and improving the National Social Register to ensure that assistance reached those in need.
He also highlighted the Nigerian Education Loan Fund (NELFUND), saying it was helping students from low-income families access higher education.
The President further cited the Consumer Credit Corporation (CREDICORP), saying the initiative was providing working Nigerians with access to credit for essential assets such as vehicles, solar systems and digital devices.
He said the Federal Government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
Tinubu also said his administration had maintained the payment of salaries and pensions on time and in full since 2023 and had reformed the national pension system to benefit retirees and vulnerable citizens.
He stressed, however, that social programmes were not intended to replace economic prosperity but to support vulnerable citizens while the broader economy developed.
“Our objective is not to manage poverty more efficiently. We will defeat it,” he declared.
The President said achieving that objective would require sustained economic growth, discipline and the creation of millions of productive opportunities across the country.
He described the current period as a turning point for Nigeria, arguing that the foundation for long-term prosperity had been laid through the reforms implemented by his administration.
“The age of reform has done its work. Now begins the age of prosperity,” Tinubu said.
He called on Nigerians to look ahead rather than dwell on the difficulties associated with the reform process, urging citizens to work together towards what he described as a Nigeria of abundance and opportunity.
“Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward,” he said.
Tinubu concluded his address by describing the Nigeria he envisaged as a country where prosperity would be broadly shared and every child would have the opportunity to achieve their aspirations regardless of their circumstances of birth.
“Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria,” the President said.
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