President Bola Ahmed Tinubu has defended the economic reforms of his administration, saying Nigeria has reached a turning point after three years of difficult adjustments.
Tinubu made the statement in his Independence Day address, where he said the reforms were necessary to correct longstanding economic distortions rather than cause the hardships experienced by Nigerians.
Using a medical analogy, the President compared the economic situation inherited by his administration to a cancer patient undergoing painful treatment to survive.
“We must never confuse the medicine with the disease,” Tinubu said.
He argued that Nigeria’s economy had for years depended on unsustainable arrangements, with successive administrations postponing difficult decisions.
According to him, the reforms are beginning to produce signs of greater economic stability, including economic growth of more than four per cent, lower inflation, increased foreign reserves and a more stable foreign exchange market.
Tinubu also disclosed that Nigeria’s non-oil exports generated more than $6 billion in 2025, describing the development as evidence of changes taking place in the economy.
“These are not idle claims,” he said, adding that international institutions, investors and other observers could see the changes in Nigeria’s economic outlook.
The President acknowledged that the reforms had created significant difficulties for Nigerians but maintained that abandoning them would risk reversing the progress achieved so far.
He said the government’s focus would now shift from stabilising the economy to translating the gains into broader prosperity through job creation, enterprise development, industrial production and measures aimed at reducing living costs.
“The emergency phase is over,” Tinubu declared.
He subsequently called on Nigerians to support the next phase of the government’s economic programme as his administration seeks to build on the reforms and improve living standards.
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