Tinubu says economic reforms are working, rejects calls to restore fuel subsidy
In his 66th Independence Day address on Thursday, President Bola Tinubu insisted his administration's economic reforms are delivering results and dismissed calls to reinstate the petroleum subsidy that was removed in May 2023. He said the reforms did not create the economy's weaknesses but confronted them, pointing to over 4% growth this year, a substantial drop in inflation from its peak, rebuilt foreign reserves, a stabilised foreign-exchange market, and 2025's record non-oil export revenue exceeding $6 billion - the highest in Nigeria's history. Tinubu argued that the emergency phase of reform is over and the focus has shifted to achieving shared and widespread prosperity. Critics, including opposition figures and economists, blame the subsidy removal and naira float for the rise in living costs and urge a return of fuel subsidies to ease the burden on households. The speech came as Nigeria marks its 66th year of independence, with the president urging citizens to remember why the reform journey began and to resist what he described as the siren song of regressive voices advocating a return to subsidy abuse. With the government holding firm on subsidy removal, will you adjust your household budget for fuel and transport costs, or expect additional relief measures to mitigate the impact on your daily expenses?