President Bola Tinubu on Thursday declared that the harshest phase of his economic reforms was over, telling Nigerians in his Independence Day broadcast that the country had moved from an “age of reform” into an “age of prosperity.”

He also warned against calls for a return to fuel subsidies ahead of the 2027 general election.

Marking Nigeria’s 66th Independence anniversary in a nationwide address themed “From Reform to Prosperity,” Tinubu defended the removal of the petrol subsidy and the unification of the naira exchange rate.

He likened the country’s economic situation to that of a cancer patient who had to choose painful treatment over the “morphine” of temporary relief.

“Nigeria was like a sick patient who receives the terrible news that he has cancer,” the President said.

“His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.

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

Subsidy return agitation

In an apparent reference to opposition figures, including former Vice President Atiku Abubakar, who has pledged to restore a “targeted” petrol subsidy if elected in 2027, Tinubu urged Nigerians to resist calls for a return to subsidy payments.

“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” he said.

“We must remember why we began this journey and how far we have already come.”

The President insisted that his administration’s reforms did not create Nigeria’s economic weaknesses but confronted problems that previous governments had postponed.

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

Economy growing, Tinubu says

Three and a half years after assuming office, Tinubu said the results of the reforms were “undeniable.”

He said the economy had 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 said oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.

According to the President, Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6bn.

“This is real money being made by real Nigerian businesses,” he said.

He added that international observers, journalists, NGOs and multilateral institutions had concluded that the reforms had strengthened Nigeria’s economic stability and resilience, while foreign direct investment continued to rise.

‘Emergency treatment over’

Declaring a turning point in his administration’s economic agenda, Tinubu said the country’s “central economic task” had shifted from correcting its course to delivering “shared and widespread prosperity.”

“The emergency treatment is over. The foundation has been repaired,” he said.

“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”

The President described prosperity in practical terms, including farmers being able to cultivate safely and earn decent returns, factories having reliable electricity, businesses gaining access to credit, young people securing productive employment and families being able to afford food, transportation and education.

Cost of living

On the cost of living, which remains a major concern for Nigerian households, Tinubu said his administration’s priority was to reduce the cost of producing and transporting goods.

He listed plans to expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, deepen agricultural mechanisation and invest in storage, transportation, roads, railways and ports connecting farms and factories to markets.

“Our logic is simple,” he said.

“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market.”

Tinubu promises jobs

The President said his government would place “jobs, enterprise, and industrial growth” at the centre of its policies going forward.

He pledged to use domestic gas to power new industries, revive factories in Nigeria’s industrial centres, expand digital connectivity to underserved communities and invest in skills demanded by employers.

“I want to see more Nigerians making things,” he said.

“I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home.”

Poverty, welfare programmes

Acknowledging that millions of Nigerians “cannot wait for tomorrow,” Tinubu said his administration was strengthening direct support for the poorest households and improving the National Social Register to ensure assistance reaches those who need it most.

He cited the Nigerian Education Loan Fund (NELFUND), which he said enables children from low-income families to pursue higher education, and CREDICORP, which provides consumer credit to working Nigerians seeking to acquire vehicles, solar systems and other assets without years of prior savings.

He 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.

“These programmes are not substitutes for prosperity. They are a bridge,” he said.

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

‘Red Sea crossed’

Tinubu closed the address on a biblical note, comparing Nigeria’s economic turnaround to Israel’s exodus from Egypt.

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.

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

The President’s speech comes amid continued public concerns over the high cost of living and increased political positioning ahead of the 2027 general election.

Fuel subsidy policy has already emerged as a major point of debate between the ruling All Progressives Congress and opposition figures, including Atiku, whose position on subsidy restoration has drawn criticism from the Presidency.