President Bola Tinubu on Thursday absolved his government from the weaknesses in the Nigerian economy, insisting the policies he introduced confronted the challenges he met.
The president stated this in a nation-wide national broadcast to mark Nigeria’s 66th independence anniversary.
“Our reforms did not create the weaknesses in our economy. They confronted them,” the president said.
Taking a swipe at those calling for the return of subsidies on petrol, Tinubu said such calls must be resisted.
“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.”
According to President Tinubu, there is evidence that the reforms he embarked upon when he assumed office on May 29, 2023, have begun to yield positive results.
“Three and a half years later, 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.
“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.
Tinubu said that international observers, the media and civil society organisations have acknowledged the gains of the reforms.
“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change.
“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,” President Tinubu said.
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