President Bola Tinubu says Nigeria has ‘passed through its own Red Sea’, vows no return to subsidies and places jobs, food security and lower cost of living at the heart of his next phase.
President Bola Tinubu has marked Nigeria’s 66th Independence Day with a sweeping address that acknowledged decades of hardship, defended his administration’s controversial reforms and declared a shift from economic stabilisation to what he called “the age of prosperity.”
In the speech delivered on October 1, 2026, the President reflected on the nation’s journey since independence and outlined his vision for the next phase of his administration.
Here are the key takeaways:
Nigeria Has ‘Passed Through Its Own Red Sea’
Tinubu declared that the country has reached a turning point, saying the emergency treatment of the economy is over and the foundation has been repaired.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said, adding that Nigeria had “corrected its course” and “passed through our own Red Sea.”
Reforms Were ‘Chemotherapy’ for a Cancerous Economy
The President offered an extended medical analogy to justify his economic policies, comparing Nigeria to a cancer patient who must choose between painful treatment and a morphine-induced haze.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” Tinubu said, insisting his administration “chose to excise the cancer.”
He warned against “influential but regressive voices” calling for a return to fuel subsidies, describing such a move as “the abuse of addictive subsidies” and vowing to resist their “siren song.”
Economic Progress Cited as Evidence
Tinubu pointed to what he described as undeniable economic improvements, including over 4 per cent growth this year, a substantial fall in inflation from its peak, rebuilt foreign reserves and a stabilised foreign exchange market.
He said Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion, and noted that oil theft is down and foreign direct investment continues to rise.
“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” he said.
New Priority: Shared Prosperity and Lower Cost of Living
The President declared that his administration’s central task has shifted from correcting the nation’s course to delivering “shared and widespread prosperity.”
He said the priority now is to bring down the cost of living by lowering the cost of producing and moving goods Nigerians consume. This includes expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, investing in storage and transportation, and completing roads, railways and ports connecting farms and factories to markets.
“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, all those savings will ultimately find their way into the price of goods in the market,” he said.
Jobs and Industrial Growth at the Centre
Describing Nigeria as a young country with millions entering adulthood yearly, Tinubu said his government will place jobs, enterprise and industrial growth at the heart of its policies.
He promised to use gas to power new industries, support businesses reviving factories in industrial centres, expand digital connectivity, invest in skills employers demand, and provide infrastructure and finance for Nigerian businesses to grow.
“I want to see more Nigerians making things. I want to see Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home,” he said.
Acknowledgment of Ongoing Hardship
The President acknowledged that millions of Nigerians still struggle for the next meal, school fee or medical bill, but argued their circumstances are the accumulated consequence of decades of low productivity and inadequate infrastructure, not his reforms.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said, vowing that his objective is not to “manage poverty more efficiently” but to “defeat it.”
Social Intervention Programmes Highlighted
Tinubu cited several initiatives aimed at cushioning hardship, including strengthened direct support for the poorest households through an improved National Social Register, the Nigerian Education Loan Fund for low-income students, and CREDICORP, which provides consumer credit for vehicles, solar systems and digital devices.
He also said his administration has paid salaries and pensions on time and in full since 2023 and reformed the national pension programme to benefit retirees and the vulnerable.
A Call for Unity and Forward Movement
Closing his address, Tinubu called on Nigerians to remain united and focused on the future.
“We have travelled through difficult years together. We have made hard decisions together. And now, still together, we must build the country those decisions have made possible,” he said.
“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.”
