President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the period of economic reforms and entered what he described as an “age of prosperity,” saying the government’s next priority is to translate economic gains into improved living standards for Nigerians.
Tinubu stated this in his Independence Day address to Nigerians on Thursday, October 1, 2026, marking the country’s 66th anniversary of independence under the theme, “From Reforms to Prosperity.”
The President said his administration inherited an economy characterised by rising poverty and what he described as deep economic distortions, arguing that difficult reforms were necessary to correct the country’s economic direction.
He likened the situation to a patient diagnosed with cancer who must undergo painful treatment, saying previous governments had often treated the symptoms of Nigeria’s economic problems rather than addressing their underlying causes.
According to Tinubu, the reforms introduced by his administration, including measures that have affected fuel subsidies and the foreign exchange system, were aimed at addressing structural weaknesses in the economy.
‘Economy Has Grown by Over 4%’
Tinubu said Nigeria’s economic outlook had improved, citing growth of more than four per cent in 2026 and contributions from both the oil and non-oil sectors.
He also said oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
The President further stated that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, which he described as the highest in the country’s history.
He attributed the developments to the economic reforms of his administration and said foreign direct investment had continued to rise.
Tinubu, however, acknowledged that millions of Nigerians were still struggling with the cost of food, transportation, education, healthcare and other basic necessities.
He said the government’s next phase would therefore focus on reducing the cost of living by lowering the cost of production and transportation.
Focus on Agriculture, Infrastructure, Jobs
The President said his administration would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation infrastructure.
He also listed roads, railways and ports among infrastructure projects being developed to improve connections between farms, factories and markets.
Tinubu said the government would focus on creating productive jobs, supporting businesses and promoting industrial growth, particularly through the use of Nigeria’s gas resources to power industries.
He also promised expanded digital connectivity, investment in job-related skills and improved access to infrastructure and finance for Nigerian businesses.
“I want to see more Nigerians making things,” Tinubu said, while expressing his desire for Nigerian farms to supply cities and factories and for local businesses to expand their exports globally.
Social Support to Continue
The President acknowledged that some Nigerians could not wait for the long-term benefits of economic reforms and said the government would continue strengthening social intervention programmes.
He said the administration was improving the National Social Register to ensure support reaches vulnerable households.
Tinubu also highlighted the Nigerian Education Loan Fund, saying it would help students from low-income families access higher education, while the Consumer Credit Corporation (CREDICORP) would provide access to credit for working Nigerians seeking to acquire essential assets.
He further said the Federal Government, in collaboration with state and local governments, would continue strengthening primary healthcare, basic education and other essential public services.
According to him, salaries and pensions have been paid on time and in full since 2023, while reforms to the national pension system were aimed at improving support for retirees and vulnerable citizens.
‘We Will Defeat Poverty’
Tinubu said social programmes should serve as a bridge towards prosperity rather than become a substitute for economic growth.
“Our objective is not to manage poverty more efficiently. We will defeat it,” the President declared.
He acknowledged that reversing decades of economic challenges would take time and require sustained economic growth and the creation of millions of productive opportunities.
Tinubu said Nigeria was now approaching the next phase from what he described as a stronger economic position, following the reforms undertaken during the first three years of his administration.
He urged Nigerians to remain committed to the country’s future, declaring that the government would pursue an economy in which prosperity is broadly shared and citizens have greater opportunities irrespective of their background.
The President concluded his address by urging Nigerians to move forward without looking back, saying the country had “corrected its course” and that the foundations for prosperity had been laid.
“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,” Tinubu said.
He wished Nigerians a happy 66th Independence anniversary and prayed for the Federal Republic of Nigeria.
