Reforms didn’t create Nigeria’s economic problems — Tinubu

President Bola Ahmed Tinubu has said the economic reforms introduced by his administration did not create the weaknesses in Nigeria’s economy but were aimed at confronting longstanding structural problems.

Tinubu stated this in his Independence Day address to Nigerians on Thursday, October 1, 2026, as the country marked its 66th anniversary.

The President said Nigeria had for too long postponed difficult economic decisions, allowing deep distortions to grow and passing their consequences from one generation to another.

He said the situation had become particularly difficult by 2023, when poverty was rising and hope was nearly gone.

“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act,” Tinubu said.

He compared Nigeria’s economic condition to that of a patient diagnosed with cancer, saying difficult and painful treatment was necessary to address the underlying disease rather than merely manage its symptoms.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.

Tinubu said his administration decided to confront the structural problems through reforms after assuming office, despite the difficulties and hardship associated with the measures.

“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease,” he said.

“Our reforms did not create the weaknesses in our economy. They confronted them.”

The President also defended the continuation of the reforms despite calls from some quarters for a return to what he described as “addictive subsidies.”

He said Nigerians needed to remember why the reforms were introduced and the progress he said had been recorded.

Tinubu said three and a half years into his administration, Nigeria’s economic outlook had improved, citing economic growth of more than four per cent, contributions from both the oil and non-oil sectors, reduced oil theft and a substantial decline in inflation from its peak.

He also said foreign reserves had been rebuilt, the foreign exchange market had stabilised and non-oil export revenue exceeded $6 billion in 2025.

“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” Tinubu said.

He said Nigeria had reached a turning point, with the government’s focus now shifting from correcting the country’s economic course to achieving “shared and widespread prosperity.”

According to him, the immediate priority is to bring down the cost of living by reducing the cost of producing and transporting goods.

Tinubu said the government was expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, increasing mechanisation and investing in storage and transportation.

He said the construction and completion of roads, railways and ports would help connect farms and factories to markets and reduce the cost of moving goods.

The President also identified jobs, enterprise and industrial growth as key priorities, saying the government would use gas to power new industries, support businesses working to revive factories and expand digital connectivity.

He said the administration would invest in skills required by employers and provide Nigerian businesses with infrastructure and finance needed for growth.

Tinubu said he wanted to see more Nigerians producing goods locally, Nigerian farms supplying cities and factories, and Nigerian businesses exporting their products to international markets.

The President, however, acknowledged that millions of Nigerians were still struggling with food, school fees, medical bills and transportation costs.

He said the circumstances of vulnerable Nigerians did not begin with the reforms of the last three years, but were the accumulated consequences of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutions that had failed many citizens.

“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.

Tinubu said the government was strengthening direct support for poor households and improving the National Social Register to ensure assistance reached those who genuinely needed it.

He also cited the Nigerian Education Loan Fund as an initiative to help children from low-income families access higher education.

The President said the Consumer Credit Corporation was providing working Nigerians access to credit to acquire vehicles, solar systems, digital devices and other essential assets.

He said the Federal Government, in collaboration with states and local governments, would continue to strengthen primary healthcare, basic education and essential public services.

Tinubu also said salaries and pensions had been paid on time and in full since 2023, while the national pension programme had been reformed to benefit retirees and vulnerable Nigerians.

He said the social programmes were not substitutes for prosperity but a bridge to help citizens on their path towards it.

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

Tinubu acknowledged that achieving the objective would take time, discipline, sustained economic growth and the creation of millions of productive opportunities across the country.

He said the administration was now pursuing the task from what he described as a position of strength, with the fundamental direction of the economy corrected.

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

The President urged Nigerians to look towards the future with renewed hope, saying the country had “corrected its course.”

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. 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 described the “Promised Land” as a Nigeria of abundance and opportunity, where prosperity would be broadly shared and every child could dream beyond the circumstances of his or her birth.

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