President Bola Tinubu has insisted that the painful economic reforms introduced under his administration are beginning to yield results, claiming that the worst is over.
In a national address marking Nigeria’s 65th Independence Day, Mr Tinubu defended his administration’s decision to scrap fuel subsidies and unify the foreign exchange rate, saying these actions have stabilised the economy, boosted revenue, and created a pathway to sustainable growth.
“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” he said.
“Yesterday’s pains are giving way to relief,” Mr Tinubu told the nation in his third independence address since assuming office in May 2023. “I salute your endurance, support and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.”
According to him, Nigeria’s economy grew by 4.23 per cent in the second quarter of 2025, its fastest pace in four years and above International Monetary Fund (IMF) projections, adding that inflation has also eased to 20.12 per cent, the lowest level in three years.
The President further cited a record surge in non-oil revenue, improved foreign reserves and a booming stock market as signs of renewed investor confidence.
However, he acknowledged that many Nigerians have faced hardships as a result of rising living costs, but argued that the reforms were unavoidable.
“The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he said.
He pledged that the gains from the reforms would increasingly be felt in households through improved public services, investment in infrastructure, and better support for vulnerable citizens.
The president said the government had disbursed N330 billion to eight million vulnerable households under its social investment programme and was expanding infrastructure across rail, roads, airports, and seaports.
“The accurate measure of our success will not be limited to economic statistics alone,” he noted, “but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities.”