Tinubu defends reforms as necessary treatment for Nigeria’s economy
President Bola Tinubu defended the removal of fuel subsidies and other economic changes in his Independence Day broadcast, saying they confronted long-standing weaknesses rather than creating them. He acknowledged that the reforms had caused hardship but cited growth, lower oil theft, rebuilt reserves and higher non-oil export revenue as signs of improvement.
President Bola Tinubu defended his government’s economic reforms on Nigeria’s Independence Day, saying the measures addressed weaknesses that had accumulated before his administration took office. In a nationwide broadcast, Tinubu compared Nigeria’s position to that of a seriously ill patient who must choose between difficult treatment and temporary relief that leaves the underlying condition unresolved. The government ended the fuel subsidy regime after Tinubu assumed office in May 2023 and also introduced measures including foreign-exchange liberalisation.
Critics and opposition figures have blamed the reforms for worsening hardship, while the administration says they are necessary to rebuild the economy. Tinubu acknowledged that the changes had produced real side effects. However, he said the reforms should not be mistaken for the economic problems they were intended to confront.
The President argued that previous governments had delayed difficult decisions and spent large sums maintaining arrangements that were not sustainable. He said his administration had chosen to address those structural problems rather than continue with policies that only masked them. Tinubu said there would be no return to what he described as inefficient subsidies.
He urged Nigerians to remember the reasons for the reforms and remain committed to the process despite the discomfort they had caused. He also cited economic indicators that he said demonstrated an improved outlook. According to the President, the economy grew by more than 4 per cent during the year, supported by both oil and non-oil activity.
He said oil theft had declined, inflation had fallen from its peak, foreign reserves had been rebuilt and the foreign-exchange market had stabilised. Tinubu added that non-oil export revenue exceeded $6bn in 2025, which he described as the country’s highest level. He presented the figures as evidence that the reforms were strengthening Nigeria’s economic resilience.
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