Tinubu: Our reforms did not create Nigeria’s economic problems, but confronted them

President Bola Tinubu has said the economic reforms introduced by his administration did not create Nigeria’s economic weaknesses but were designed to confront them.

Tinubu said this in his Independence Day broadcast to Nigerians on Thursday, arguing that the reforms were necessary to address longstanding distortions in the economy.

“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,” he said.

“Our reforms did not create the weaknesses in our economy. They confronted them.”

The President said his administration would resist calls to abandon the reforms and return to what he described as the “abuse of addictive subsidies”.

He said the government had made significant progress since introducing the reforms, citing economic growth of more than four per cent, reduced oil theft, lower inflation, rebuilt foreign reserves and a more stable foreign exchange market.

Tinubu also said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the highest in the country’s history.

“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,” he said.