President Bola Ahmed Tinubu has rejected calls for the return of petroleum subsidies, insisting that his administration will not reverse its economic reforms.
Tinubu said the reforms, despite their impact on the cost of living, had addressed underlying weaknesses in the economy and were now producing positive results.
The President stated this on Thursday in his 66th Independence Day address to Nigerians, where he urged the country to resist calls to abandon the reforms.
“Our reforms did not create the weaknesses in our economy. They confronted them. 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.
“We must remember why we began this journey and how far we have already come,” he said.
Tinubu announced the removal of petroleum subsidy shortly after assuming office in May 2023, alongside other economic measures, including the floating of the naira.
The policies contributed to a sharp increase in petrol prices and the cost of living, while opposition figures and critics have repeatedly called for the reversal of some of the measures, particularly the subsidy removal.
However, more than three years into his administration, Tinubu said the economy was now on a stronger footing.
He said Nigeria’s economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the growth.
“The evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year.
“Both oil and non-oil sectors have contributed to the renewed period of stable growth,” he said.
Tinubu also cited a reduction in oil theft, lower inflation from its peak, improved foreign reserves and greater stability in the foreign exchange market as evidence of progress.
He added that Nigeria recorded more than $6bn in non-oil export revenue in 2025, describing it as the country’s highest ever.
“Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion.
“This is real money being made by real Nigerian businesses,” he said.
The President said international observers, journalists, non-governmental organisations and multilateral institutions had also recognised changes in the Nigerian economy.
“Each has concluded that our reforms have strengthened Nigeria’s economic stability and resilience. The private sector has long since delivered its verdict, and foreign direct investment continues to rise each year,” Tinubu said.
He said the government had now moved beyond what he described as the emergency phase of its economic reforms, with the focus shifting towards improving prosperity across the country.
“My fellow Nigerians, we have reached a turning point. The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed.
“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity,” he said.
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