By Biofact News Desk – October 1, 2025

President Bola Ahmed Tinubu, in his Independence Day broadcast on Wednesday, reassured Nigerians that the country has moved past its most difficult economic phase, despite the hardship many citizens are currently facing.

Economic Reforms and Their Impact

Tinubu defended his administration’s controversial decisions, including the removal of fuel subsidies and the unification of the exchange rate. While these measures triggered inflation and widespread public frustration, he argued that they were critical to “reset” the Nigerian economy.

According to him, “The seeds of those tough decisions are now bearing fruit.” He highlighted Nigeria’s second-quarter GDP growth of 4.23%  the strongest in four years  and a drop in inflation to 20.12% in August, the lowest in three years.

Positive Indicators

The president also pointed to five consecutive quarters of trade surpluses, a rebound in oil production to 1.68 million barrels per day, and external reserves rising to $42.03 billion, the highest level since 2019.

Additionally, Tinubu said his government had provided ₦330 billion ($222.9 million) in direct cash transfers to eight million vulnerable households and was investing heavily in infrastructure projects across roads, rail, airports, and seaports.

Skepticism Over Social Investments

Despite these claims, critics remain doubtful about the transparency of the cash transfer programme. Calls for a public register of beneficiaries have grown louder since the finance ministry announced the disbursement.

The IMF, in its latest review, also warned that inflation and poverty remain dangerously high. Over 129 million Nigerians currently live below the poverty line, while international aid cuts have forced the World Food Programme to close 150 nutrition centres in the conflict-ridden northeast.

Labour Tensions and Political Opposition

Tinubu’s speech came amid labour unrest following the dismissal of 800 workers at the Dangote Oil Refinery for union-related activities. Opposition figures, including Peter Obi, have also accused the government of misaligned spending priorities, arguing that the administration’s focus does not reflect the severity of Nigeria’s humanitarian and economic crises.

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Conclusion

While President Tinubu painted a hopeful picture of a nation on the path to recovery, many Nigerians remain unconvinced, grappling with high living costs and rising poverty. The months ahead will reveal whether the president’s optimism translates into tangible relief for millions across the country.