By Sandra Kenneth
President Bola Tinubu has firmly ruled out any possibility of restoring Nigeria’s petrol subsidy regime, describing calls to roll back his administration’s economic policies as a dangerous “siren song” pushed by regressive interests.
Delivering a national address on Thursday to mark Nigeria’s 66th Independence Day anniversary, the President strongly defended the tough structural reforms launched since taking office in May 2023.
Addresssing the nation, President Tinubu acknowledged the hardship brought on by the economic policy shifts but maintained that the measures were indispensable for long-term stability and growth.
“Our reforms did not create the weaknesses in our economy; they confronted them,” Tinubu said. “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.”
Painful Cure over Temporary Relief
Likening Nigeria’s pre-reform economic state to a cancer patient relying on short-term pain relief rather than a cure, President Tinubu criticized past leadership for delaying structural adjustments.
“Nigeria was like a sick patient who receives the terrible news that he has cancer,” the President stated. “His doctor explains that the treatment will be difficult and painful, but offers a strong prospect of recovery. The patient can begin treatment, endure its discomfort and fight the disease—or 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.”
Turning Point and Key Economic Gains
Highlighting positive indicators, President Tinubu declared that Nigeria’s economy has reached a pivotal turning point, transitioning from radical correction to sustainable growth, job creation, and industrial production.
Among the key economic benchmarks cited by the President were:
GDP Growth: Projected economic growth exceeding 4% in 2026, driven by output across both oil and non-oil sectors.
Record Non-Oil Exports: Non-oil export revenues topping $6 billion in 2025, marking the highest performance in the nation’s history.
Macroeconomic Progress: Substantial reductions in inflation from its historical peaks, stabilization of the foreign exchange market, rebuilt foreign reserves, and a notable drop in crude oil theft.
Tinubu emphasized that these achievements are widely recognized by international observers, multilateral development partners, and private sector investors, noting that foreign direct investment continues to show consistent year-on-year growth.
