President Bola Tinubu has rejected calls for a return to subsidies, saying the country should not abandon the economic reforms introduced since he assumed office.
He spoke on Thursday in his address to mark Nigeria's 66th Independence Day anniversary.
Tinubu said some influential voices wanted the government to drop the reforms and go back to subsidies, which he described as addictive. He said Nigerians should remember why the reforms began, adding, "we must resist their siren song."
The President said the reforms addressed weaknesses that already existed in the economy and did not create them. He said the economy had grown by more than 4 per cent this year, with contributions from both oil and non-oil sectors. He added that oil theft had fallen, inflation had declined from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised. He said Nigeria earned more than $6bn from non-oil exports in 2025, its highest on record.
Tinubu said the government's main task had shifted from correcting the economy's course to delivering shared prosperity, with the priority on lowering the cost of living. He said this would come from reducing the cost of producing and moving goods, through mechanised irrigation, dry-season farming, wider access to seeds and fertiliser, storage, and investment in roads, railways and ports.
He said the administration would also use gas to power new industries, expand digital connectivity and fund skills training. On support for vulnerable households, he cited improvements to the National Social Register, the Nigerian Education Loan Fund and CREDICORP, which provides consumer credit.