Tinubu marks Independence with defence of subsidy removal, declares ‘worst is over’

President Bola Ahmed Tinubu on Wednesday used his Independence Day broadcast to celebrate Nigeria’s progress under his leadership, defending his controversial reforms, particularly the removal of fuel subsidy, as tough but necessary choices that have begun to yield results.

Addressing the nation on the 65th anniversary of independence, Tinubu said his administration inherited “a near-collapsed economy” in 2023 but opted for fundamental reforms instead of “business as usual.”

“We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit. The worst is over,” the president declared.

Economic recovery

Tinubu highlighted Nigeria’s fastest GDP growth in four years, with a 4.23 per cent expansion in Q2 2025, outpacing IMF projections. He noted that inflation had dropped to 20.12 per cent in August, the lowest in three years, while non-oil revenue hit a record N20 trillion by August.

He said Nigeria recorded a trade surplus for five consecutive quarters, with non-oil exports rising to 48 per cent of trade. “For the first time in four decades, Nigeria is refining PMS domestically and has emerged as Africa’s leading exporter of aviation fuel,” he added.

The president also reported stronger reserves at $42 billion, a more stable naira, improved oil production at 1.68 million barrels per day, and renewed investor confidence reflected in stock market gains and upgraded sovereign credit ratings.

Infrastructure and social programmes

Tinubu outlined ongoing infrastructure projects, including the Kano-Katsina-Maradi and Kaduna-Kano railways, Lagos-Calabar Coastal Highway, and Sokoto-Badagry Highway. He said $3 billion had been approved to complete the Eastern Rail Project.

On social welfare, the president said N330 billion had been disbursed to eight million households. He pointed to student loans under NELFUND, affordable credit through Credicorp, and youth-targeted financing such as YouthCred and the iDICE innovation programme.

Security and hope

On security, Tinubu praised the military for “winning the war against terrorism, banditry and other violent crimes,” noting that peace had returned to many communities in the North-East and North-West.

While admitting that many Nigerians are still enduring hardship, Tinubu insisted reforms are working. “The accurate measure of our success will not be limited to statistics, but in the food on our tables, the quality of education, electricity in our homes, and security in our communities,” he said.

He urged Nigerians to embrace productivity, innovation and patriotism: “Let us be a nation of producers, not just consumers. Nigeria first.”

Tinubu ended on a hopeful note: “With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.”