President Bola Tinubu has declared that his administration will not return Nigeria to the petrol subsidy system, insisting that the country must continue with the economic reforms undertaken since 2023.
The President spoke on Thursday during his nationwide Independence Day address to mark Nigeria’s 66th anniversary, where he defended the removal of fuel subsidy and other measures introduced by his government to tackle economic imbalances.
Tinubu acknowledged that the reforms had come with significant hardships but argued that the difficulties were part of the process of correcting problems that had accumulated over several years.
He cautioned against pressure to reverse the reforms, saying such a move would amount to returning to a system that, in his view, concealed rather than resolved the country’s economic challenges.
“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,” the President said.
He recalled that Nigeria had for years spent heavily on arrangements that he said were unsustainable, comparing the situation to a patient who chooses painkillers instead of undergoing treatment for a serious illness.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” Tinubu said,
He added that his administration opted to confront the underlying economic problems.
The President cited what he described as improvements recorded since the reforms, including economic growth of more than four per cent in 2026 and contributions from both the oil and non-oil sectors.
He further listed lower inflation from its peak, reduced oil theft, stronger foreign reserves and improved stability in the foreign exchange market among the developments he said had followed the reforms.
Tinubu also disclosed that Nigeria generated more than $6bn from non-oil exports in 2025, describing the figure as the highest recorded in the country’s history.
“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” he said.
The President said the government was now moving beyond economic stabilisation towards a phase focused on expanding production, generating employment and improving living conditions.
He said the next stage would involve measures aimed at reducing production and transportation costs, boosting agriculture and manufacturing, expanding infrastructure and creating opportunities for young Nigerians. Africans and Diaspora
Tinubu said the government would continue supporting vulnerable citizens through social intervention programmes while pursuing policies intended to create sustainable economic opportunities.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
He added that the government’s objective was to build an economy capable of steadily lifting Nigerians out of poverty rather than simply managing the effects of poverty.