October 1: Tinubu Shifts From Reforms to Shared Prosperity 

Nigeria’s President Bola Tinubu has said his administration is moving from economic reforms to a new phase focused on shared prosperity, job creation and lowering the cost of living, as Nigeria marks its 66th Independence Day.

In his Independence Day address on October 1, Tinubu said the government’s priority over the past three years had been to correct the country’s economic direction, adding that its next task was to ensure Nigerians experienced the benefits of improved economic stability.

“Today, as we celebrate our independence, we must speak honestly about the journey so far, the choices we made, and the country we are determined to build from here.

“For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow.

“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act.

“Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread,” he said. 

He acknowledged that the reforms had been difficult and that their effects had placed pressure on households, but argued that they were necessary to address longstanding economic weaknesses.

He urged Nigerians to resist calls to reverse the policies and return to what he described as unsustainable subsidies.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.

“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.

“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.

“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 added. 

Tinubu said the economy had grown by more than four per cent in 2026, with contributions from both the oil and non-oil sectors. He also cited lower inflation compared with its peak, rebuilt foreign reserves, a more stable foreign exchange market and record non-oil export revenue of more than $6 billion in 2025 as signs of progress.

“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.

“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,” Tinubu stated. 

The President said the government would now concentrate on improving living standards by reducing the cost of producing and transporting goods. He identified mechanised irrigation, dry-season farming, access to seeds and fertiliser, agricultural mechanisation, storage and transport infrastructure as key areas for investment.

“Now, our purpose is simple: shared and widespread prosperity.

“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal.

“I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour. A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work. A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence.

“This is the promise we must now fulfil.

“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” he added. 

He also pledged to support industrial growth, expand gas-powered industries, improve electricity supply to factories, strengthen digital connectivity and provide businesses with better access to finance and infrastructure.

Tinubu said creating productive jobs for Nigeria’s young population would be central to the government’s economic plans, adding that he wanted to see more locally manufactured goods, stronger agricultural production and Nigerian businesses expanding into international markets.

“Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition. Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair.

“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.

“We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres. We will expand digital connectivity into communities that have waited too long to participate in the modern economy. We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow.”

Addressing the hardship still facing many households, the President said poverty and limited opportunities were the result of decades of low productivity, inadequate infrastructure and institutional weaknesses. He acknowledged that the problems could not be reversed in a single administration but said the government was committed to changing their course.

He pointed to plans to strengthen direct support for low-income households and improve the National Social Register to ensure assistance reaches people in need. He also highlighted the Nigerian Education Loan Fund, which provides financing for students, and Nigerian Consumer Credit Corporation (CREDICORP) which offers consumer credit for essential purchases.

“I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work. Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most.

“We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.

“That is why we are strengthening direct support for the poorest households and improving the National Social Register so that assistance reaches those who genuinely need it.

“It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees.

“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings,” he said. 

Tinubu said the government would continue working with state and local authorities to improve primary healthcare, basic education and other public services relied upon by poorer Nigerians. He also cited the timely payment of salaries and pensions and changes to the national pension programme as part of the administration’s efforts.

“That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education, and the essential public services poorer Nigerians depend on most. Since 2023, we have paid salaries and pensions on time and in full. We have reformed the national pension program to benefit retirees and the vulnerable.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.

“We will defeat it.

“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country.”

The President described the current period as a turning point, saying the government had laid the groundwork for long-term growth and must now focus on translating economic improvements into better living conditions.

He urged Nigerians to remain committed to the country’s future, expressing confidence that sustained growth and expanded economic opportunities could help reduce poverty and improve prospects for the next generation.

Tinubu concluded by calling for national unity and continued support for the country’s development, saying Nigeria should move forward rather than return to past economic policies.

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward.

“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.

“Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria,” he stated.