Emergency phase of economic reforms over – Tinubu

President Bola Tinubu has defended the economic reforms undertaken by his administration, stating that Nigeria has reached a turning point after three years of challenging adjustments. In his Independence Day address, the President clarified that the reforms were not meant to create the difficulties Nigerians have faced, but rather to address longstanding economic distortions.

He likened the situation his administration inherited to that of a cancer patient requiring painful treatment for survival. "We must never confuse the medicine with the disease," Tinubu emphasized.

Tinubu explained that Nigeria's economy had previously been built upon unsustainable arrangements and that successive governments had delayed making difficult decisions. The reforms implemented have yielded positive results, including an economic growth rate of over four percent, lower inflation, increased foreign reserves, and a more stable foreign exchange market.

Furthermore, non-oil exports reached more than $6 billion in 2025. Tinubu emphasized that these achievements are not mere claims, as they can be observed by international institutions, investors, and other observers.

The President stated that the government will now concentrate on converting economic stability into broader prosperity. Tinubu acknowledged that the reforms have presented real difficulties for Nigerians but maintained that abandoning them would undo the progress achieved so far. He urged Nigerians to support the next phase of the government's economic program, which will focus on job creation, enterprise, industrial production, and reduced living costs.