President Bola Ahmed Tinubu has declared in his Independence Day speech 2026 that Nigeria has moved beyond what he described as the most painful phase of his economic reforms and is entering an “age of prosperity”, with reducing the cost of living now the government’s immediate priority.
Tinubu made the declaration on Thursday in a national broadcast titled From Reform to Prosperity to mark Nigeria’s 66th Independence Anniversary. The address was broadcast at 7 a.m. across television, radio and other electronic media.
Key Highlights
- Tinubu said Nigeria has moved from the reform phase to an “age of prosperity”.
- The President identified reducing the cost of living as the immediate priority of the next phase.
- He defended the economic reforms implemented since he assumed office in May 2023.
- He cited economic growth, lower oil theft, moderating inflation and stronger foreign reserves as signs of improvement.
- He said the government would focus on food production, infrastructure, industrial growth and job creation.
- Tinubu ruled out a return to the previous fuel subsidy regime.
- He acknowledged that millions of Nigerians continue to struggle with food, school fees, healthcare and transportation costs.
- The President said social intervention programmes would continue to support vulnerable Nigerians.
Tinubu Says Nigeria Has Entered New Economic Phase
Tinubu framed the past three years of his administration as a period of difficult economic restructuring.
Using the analogy of medical treatment, the President described Nigeria’s economy as a patient requiring painful intervention after years of accumulated structural weaknesses.
“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer,” Tinubu said, arguing that the consequences of the reforms should not be confused with the economic weaknesses they were designed to address.
He maintained that the government had deliberately chosen long-term economic restructuring rather than what he described as temporary relief.
President Defends Economic Reform Record
Tinubu said the reforms had produced what he described as measurable improvements in the Nigerian economy.
He cited economic growth of more than four per cent, contributions from both the oil and non-oil sectors, reduced oil theft, moderating inflation, stronger foreign reserves and a more stable foreign-exchange market.
The President also pointed to non-oil export revenue exceeding $6 billion in 2025 as evidence of increased economic activity outside the oil sector.
He said international observers, multilateral institutions and investors were also seeing changes in the Nigerian economy.
Tinubu Makes Lower Cost of Living Priority
The President said the next phase of his administration would focus on ensuring that economic improvements translate into better living conditions for Nigerians.
He said the government would seek to reduce the cost of producing and transporting food and other goods rather than return to broad fuel subsidies.
Tinubu said the administration would expand mechanised and dry-season farming, improve access to seeds and fertiliser, and invest in storage and transportation infrastructure.
He also listed roads, railways and ports among the areas where government investment would be used to reduce the cost of moving goods across the country.
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Government Targets Agriculture, Industry and Jobs
Tinubu said his administration would place greater emphasis on domestic production and industrial expansion.
He said gas would be used to support industrial activity while efforts would be made to revive factories and improve infrastructure for businesses.
The President also highlighted digital connectivity and skills development as part of the strategy to create more economic opportunities.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories,” he said.
He added that the government wanted Nigerian businesses to sell more Nigerian-made products internationally and for young Nigerians to build technology companies and create employment.
Tinubu Acknowledges Continuing Economic Hardship
Despite declaring the end of the most difficult phase of the reforms, Tinubu acknowledged that millions of Nigerians remain under significant economic pressure.
He cited the cost of food, school fees, medical bills and transportation among the challenges confronting households.
The President attributed many of these difficulties to structural problems that had accumulated over several decades.
“We cannot erase in four years what accumulated over generations,” he said, adding that his administration could nevertheless change the country’s economic direction.
Social Programmes to Support Vulnerable Nigerians
Tinubu said social intervention would remain part of the government’s response to economic hardship.
He said the administration would strengthen direct support for poor households, improve the National Social Register and work with state and local governments on primary healthcare and basic education.
The President also cited the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, CREDICORP, as existing mechanisms designed to provide support and improve access to opportunities.
He said the ultimate objective was to reduce poverty rather than simply manage it.
Tinubu Rejects Return to Fuel Subsidy
A major part of the address was Tinubu’s defence of the decision to remove the fuel subsidy and reform the foreign-exchange system.
He rejected calls for a return to the previous subsidy arrangement, arguing that such a move would reverse the economic changes his administration had pursued.
The President said Nigerians should not return to what he described as an unsustainable system of government support.
The position comes amid continued concerns over petrol prices and the cost of living, with public-sector unions separately demanding lower petrol prices and other economic relief measures.
Tinubu Uses ‘Red Sea’ Metaphor
The President concluded his Independence Day speech with a biblical reference, telling Nigerians that the country had “passed through our own Red Sea”.
He urged citizens not to look back but to focus on the opportunities he said were emerging from the economic reforms.
Tinubu said the government’s goal was a Nigeria where prosperity would be broadly shared, children could achieve their aspirations regardless of their background and economic growth would translate into improvements in ordinary lives.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.
From Reform to Prosperity
The 2026 Independence Day address represents a shift in the administration’s messaging from defending difficult economic reforms to emphasising the expected benefits of those reforms.
Tinubu’s argument is that macroeconomic stabilisation must now translate into lower production costs, cheaper movement of goods, increased domestic production, more jobs and improved household welfare.
Whether those promised gains translate into lower prices and improved living standards will remain a key measure of the next phase of the administration’s economic programme.
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