Nigerian President Bola Tinubu declared that “the worst is over” for the national economy, in an Independence Day address where he defended his government’s controversial economic reforms.
His remarks followed the removal of fuel subsidies and the unification of exchange rates, measures that triggered a sharp rise in living costs and widespread public anger.
Tinubu highlighted signs of recovery, noting GDP growth accelerating to 4.23%, inflation easing to 20.12%, and foreign reserves rising to $42.03 billion.
He also announced the disbursement of 330 billion naira in cash transfers to millions of households, while stressing continued progress on major infrastructure projects.
Yet, this optimistic outlook is tempered by warnings of persistently high inflation, worsening poverty, and fresh challenges posed by labor unrest in the oil sector, threatening the production gains praised by the president.
