President Bola Ahmed Tinubu on Tuesday used his 65th Independence Anniversary address to reassure Nigerians that the economic reforms introduced by his administration are beginning to yield results, even as inflation and the high cost of living continue to bite.
In a nationwide broadcast, the President acknowledged the pains Nigerians have endured since his government removed fuel subsidies and unified foreign exchange rates, but stressed that those “tough decisions” were necessary to rescue the economy from collapse.
“We chose the path of reform over the comfort of today. The worst is over, and yesterday’s pains are giving way to relief,” Tinubu said.
He highlighted key economic gains, including a second-quarter GDP growth of 4.23 percent—Nigeria’s fastest in four years—and a drop in inflation to 20.12 percent, the lowest level in three years. He also noted improved oil production, a stronger naira, record growth in non-oil exports, and rising foreign reserves, which stood at $42.03 billion in September.
The President said over N330 billion had been disbursed to support vulnerable households, while student loan schemes and credit facilities for youths were already in operation. According to him, more than half a million students have benefited from the National Education Loan Fund (NELFUND), while initiatives like YouthCred and Credicorp are helping young Nigerians access affordable loans for education, technology, and small-scale investments.
On infrastructure, Tinubu pointed to progress on major rail projects including the Kano-Katsina-Maradi line, the Lagos-Calabar Coastal Highway, and the Sokoto-Badagry Highway. He also confirmed a $3 billion approval for the Eastern Rail Project.
Addressing security, the President praised the military for recent successes against insurgency and banditry, noting that peace had returned to several communities in the North-East and North-West.
Tinubu, however, admitted that many Nigerians are still struggling with the high cost of living. “The biting effects of inflation and the rising cost of living remain my greatest concern,” he said, but assured that the administration is redirecting resources to education, healthcare, infrastructure, and food security.
He urged citizens to embrace productivity, innovation, and patronage of locally made goods, declaring: “Let us be a nation of producers, not just consumers. Let us put Nigeria first.”
Concluding his address, Tinubu said his message was one of hope and resilience. “With Almighty God on our side, I assure you that the dawn of a new, prosperous, self-reliant Nigeria is here,” he said.
