President Bola Tinubu has ruled out a return to Nigeria’s former petrol subsidy system, urging Nigerians to remain committed to the economic reforms introduced by his administration.
Tinubu made the statement in his Independence Day address on Thursday, as Nigeria marked its 66th anniversary.
The President defended the reforms introduced since he assumed office in 2023, saying they were aimed at addressing longstanding weaknesses in the economy rather than simply reducing the effects of those problems.
Tinubu acknowledged that the reforms had been difficult and that their effects had created challenges for Nigerians. However, he argued that reversing the measures would amount to returning to policies that did not address the underlying economic problems.
He specifically rejected calls to abandon the reforms and restore subsidy arrangements, describing such calls as a return to policies that had previously masked deeper economic difficulties.
Using a medical analogy, Tinubu compared Nigeria’s pre-reform economy to a patient suffering from a serious illness, saying previous administrations had focused on easing the symptoms rather than addressing the underlying condition.
Tinubu highlights economic indicators
In defending his administration’s economic policies, Tinubu 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 expansion.
He also cited a reduction in oil theft, a decline in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.
The President said Nigeria generated more than $6 billion in non-oil export revenue in 2025, describing it as the highest figure recorded in the country’s history.
Tinubu said the economic changes had been recognised by international observers, journalists, non-governmental organisations and multilateral institutions.
He also said foreign direct investment was continuing to increase, while describing the country as having reached a point where the government could shift its focus from economic correction towards job creation, production and broader prosperity.
The President maintained that the reforms had laid the foundation for the next phase of his administration’s economic programme.
Source: PUNCH
