Tinubu Defends Economic Reforms on 65th Independence

On Nigeria's 65th Independence Day, President Bola Tinubu said he inherited a near-collapsed economy and that "the worst is over," defending tough reforms including ending fuel subsidies and unifying foreign-exchange rates as necessary to reset the economy. He cited official indicators — second-quarter GDP growth of about 4.23%, August inflation near 20.12%, five consecutive quarters of trade surpluses, oil output around 1.68 million barrels per day and external reserves near $42.03 billion — and said savings had been redirected into infrastructure and social programmes. The government says it disbursed 330 billion naira to eight million vulnerable households and has expanded rail, roads, airports and seaports while boosting resources for states and local governments. Critics, including the IMF, opposition leader Atiku Abubakar and civil society, warned of persistently high inflation, worsening poverty (more than 129 million below the poverty line) and urged transparency over cash transfers. Regional voices such as Afenifere's Reuben Fasoranti expressed guarded optimism that sustained reforms and greater local government empowerment could improve economic and security outcomes, highlighting a national split between reform defenders and skeptics.