President Tinubu Declares End of Economic Reform Era

President Bola Ahmed Tinubu declared on October 1, 2026, that Nigeria has transitioned from an age of reform to an age of prosperity. In a nationwide broadcast marking the country's 66th Independence Anniversary, Tinubu asserted that the difficult structural corrections initiated in May 2023—including the removal of petrol subsidies and the liberalization of the foreign exchange market—have stabilized the nation's economic foundation.

Tinubu reported that the economy grew by over 4 percent this year, supported by both oil and non-oil sectors. He cited World Bank and National Bureau of Statistics data showing real GDP growth of 4.2 percent in the first half of 2026 and 4.43 percent in the second quarter. He further noted that non-oil export revenues exceeded $6 billion in 2025 and foreign reserves reached $51.9 billion by July 2026.

While acknowledging that millions of Nigerians struggle to afford food, medical bills, and school fees, Tinubu argued these hardships stem from decades of low productivity rather than recent reforms. He compared previous administrations' avoidance of reform to treating cancer with morphine. To alleviate current pressures, the government is utilizing the National Social Register, the Nigerian Education Loan Fund, and CREDICORP to provide direct assistance and credit.

Government officials, including Secretary to the Government of the Federation George Akume and APC Chairman Nentawe Yilwatda, defended the reforms as necessary to prevent imminent collapse. However, opposition figure Gbenga Olawepo-Hashim argued that Nigeria continues to underutilize its potential, while the Nigeria Employers’ Consultative Association warned that the recovery remains fragile due to difficult operating conditions for businesses.