“Nigeria’s Past Leaders Allowed Economic Distortions To Grow …We Had No Choice But To Act” – President Tinubu

By Ayodele Oni

President Bola Tinubu has observed that for too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow.

In a nationwide broadcast on Thursday to mark Nigeria’s 66th independence anniversary, President Tinubu pointed out that by 2023, poverty was rising, and hope was nearly gone, while 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.

“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.

“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.

“My fellow Nigerians, we have reached a turning point. The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.

“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.

“We have the land and people to feed ourselves. My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation.

“We are building and completing the roads, railways and ports that connect farms and factories to markets.

“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market.

“But prosperity requires more than cheaper goods. It requires productive work.

“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.”