President Bola Tinubu on Thursday said the most difficult phase of his administration’s economic reforms was over, declaring that Nigeria had moved from an “age of reform” into an “age of prosperity.”
Delivering a nationwide address themed “From Reform to Prosperity” to mark the country’s 66th Independence anniversary, Tinubu defended his government’s removal of the petrol subsidy and the unification of the naira exchange rate.
He likened Nigeria to a cancer patient who must choose between painful treatment and the “morphine” of denial.
“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 President said. “For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”
Tinubu maintained that his reforms did not cause the weaknesses in the economy but exposed problems that previous administrations had postponed.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said.
The President acknowledged that the reforms had produced real “side effects,” but warned that reverting to what he described as unsustainable subsidy arrangements would erode the gains already made. He said his administration chose to tackle structural weaknesses rather than continue policies that pushed difficult decisions, and their consequences, onto future generations.
According to him, Nigeria has reached a turning point after three years of correcting what he called deep-rooted economic distortions, and must now focus on turning macroeconomic stability into better living standards, more jobs and wider opportunities.
“My fellow Nigerians, we have reached a turning point,” he said. “The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed.”
He added: “For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”
Tinubu said the new phase would prioritise reducing the cost of living by lowering the cost of producing and transporting goods and services.
