When Godswill Akpabio, Senate President of Nigeria delivered his Independence Day address on October 1, 2025, he urged the nation to stay the course despite soaring food prices.
Here’s the thing: the country was marking its 65th year of independence, and Akpabio’s speech was not just ceremonial. He warned Nigerians that the pain they are feeling – higher bread costs, tighter budgets, growing protests – is part of a broader reform programme championed by Bola Ahmed Tinubu, President of Nigeria. ‘We are not unaware of the pains occasioned by the reforms,’ he said, but added a note of optimism that many listeners found surprising.
Background to Tinubu’s Economic Reforms
Since assuming office in May 2023, President Tinubu has pushed a suite of measures aimed at stabilising the naira, slashing subsidies and encouraging foreign investment. The flagship policy – often referred to in the media as Tinubu’s reforms – includes a new exchange‑rate regime, a restructuring of the fuel subsidy, and a controversial cash‑transfer program dubbed “Eboni”. Critics argue the rollout was rushed, that the promised palliatives have been uneven, and that the reforms have eroded purchasing power.
Data from the National Bureau of Statistics shows inflation spiking to 38.2% in August 2025, the highest since 1995. Meanwhile, the World Bank’s latest country report notes a 4.1% contraction in real GDP for the first half of the year, though it flags a potential rebound if the reforms take hold.
Akpabio’s Independence Day Address
During the televised address, the Senate President began with a heartfelt tribute: ‘My dear resilient and wonderful people of this great nation, I wish to heartily congratulate you for witnessing Nigeria’s 65th Independence Anniversary celebration.’ He praised the nation’s maturity, then pivoted to the economic challenges.
‘We salute your resilience, patience and endurance in the last two years,’ Akpabio continued. He acknowledged the hardship but urged patience, saying the reforms were already yielding “early results across different sectors”. The speech was peppered with typical political rhetoric – compliments to the armed forces, nods to the judiciary – but the underlying message was clear: stay the course.
Owerri Event and Governor Uzodimma’s Book Launch
A few hours later, Akpabio travelled to Owerri, the capital of Imo State for a book launch and a ribbon‑cutting ceremony. The book, titled “Ten Years of Impactful Leadership of The APC Administration In Nigeria”, was authored by Hope Uzodimma, Governor of Imo State. The event showcased a glossy collection of photos and statistics that the governor’s office says prove the administration’s success.
“Our people have felt the positive impact of the new policies – from improved power supply in industrial zones to better road infrastructure,” Governor Uzodimma told the crowd. Akpabio, standing beside him, added that the government was also “inaugurating projects that will create jobs and boost local economies”.
Political Stakes: Defections and APC Strategy
Perhaps the most eyebrow‑raising moment came when Akpabio turned to President Tinubu and said, ‘Mr. President, with what you have done in the last two years, get ready to receive more governors from the opposition parties.’ He hinted that several state leaders were already in talks to defect to the All Progressives Congress.
That line was later confirmed by his Special Assistant on Media, Jackson Udom, who released a statement to journalists in Abuja. “There are several governors in Nigeria today who are ready to be received by you,” Udom wrote.
The APC has a long history of absorbing opposition figures. Since its victory in 2015, the party has courted governors and lawmakers from the Peoples Democratic Party, shrinking the opposition’s regional strongholds. The latest reported interest comes at a time when the party is gearing up for the 2027 general elections, and control of key states could tilt the balance of power.
Impact on Nigerians and Expert Views
On the ground, the picture is mixed. In Lagos, market vendors complain that the price of rice has jumped from ₦350 to ₦520 per kilogram. In the northern city of Kano, traders say the “fuel subsidy removal” has made transport costs soar, squeezing margins for small businesses.
Yet, some economists see early signs of improvement. Dr. Aisha Bello, a senior fellow at the Nigerian Economic Research Institute, told local radio, “We are beginning to see modest growth in the manufacturing sector, especially in the automotive assembly lines that benefited from the new exchange‑rate policy.” She added that the cash‑transfer programme has reached about 4.3 million households, a figure that exceeds the administration’s original target.
Human‑rights groups remain skeptical. The Center for Democracy and Development released a brief last week warning that the reforms “disproportionately affect the most vulnerable, especially women-headed households”. They called for greater transparency in how the palliatives are allocated.
What’s Next for the Reform Agenda?
The Tinubu administration says it will stick to its roadmap, with a focus on “industrialisation, agricultural revitalisation and digital transformation”. In a recent cabinet meeting, ministry officials pledged to roll out a new agricultural subsidy scheme by December 2025, aimed at boosting local grain production.
Meanwhile, the opposition is mobilising. The National Democratic Coalition announced a series of rallies in Abuja, Port Harcourt and Kaduna, demanding a rollback of the fuel subsidy removal and an overhaul of the cash‑transfer system.
All eyes are on the upcoming Senate session, where a contentious amendment to the Finance Act is slated for debate. If passed, it could further cement the new exchange‑rate mechanism, but it also risks igniting another wave of protests.
Key Facts
- Independence Day speech delivered on October 1, 2025, marking Nigeria’s 65th year of sovereignty.
- President Bola Ahmed Tinubu’s reform package includes currency liberalisation, subsidy removal and a cash‑transfer scheme.
- Inflation peaked at 38.2% in August 2025, according to the National Bureau of Statistics.
- Governor Hope Uzodimma launched a book praising the APC’s ten‑year track record.
- Special Assistant Jackson Udom indicated that several opposition governors are considering joining the APC.
Frequently Asked Questions
How are Tinubu’s reforms affecting food prices?
The removal of fuel subsidies has pushed transport costs up, which in turn raises the price of staple foods. Rice, for example, has risen from ₦350 to ₦520 per kilogram in major markets, while wheat flour prices have jumped by roughly 22% since the reforms began.
What evidence does the government cite to claim early results?
Officials point to modest growth in the manufacturing sector, a 3.2% increase in automobile assembly output, and the rollout of cash transfers to over 4.3 million households. They also highlight new road projects and improved power supply in selected industrial zones.
Who are the opposition governors rumored to be defecting?
Names have not been officially confirmed, but political analysts suspect governors from the north‑east, such as the governor of Bauchi State, and a few from the south‑west, are in talks with the APC. The speculation grew after Senate President Akpabio’s remarks in Owerri.
What do economists say about the long‑term impact of the reforms?
Most agree that if the exchange‑rate liberalisation sustains, it could attract foreign direct investment and stabilise the naira. However, they warn that without robust social safety nets, the short‑term pain for low‑income families could erode public support.
What are the next major policy steps slated by the Tinubu administration?
A new agricultural subsidy program is expected by December 2025, targeting increased grain production. Additionally, the Senate will debate an amendment to the Finance Act that could cement the current exchange‑rate policy, a move seen as crucial for the reform agenda’s continuity.
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October 5, 2025 AT 07:01Akpabio’s call for patience is more than just political rhetoric; it hints at a strategic pivot in the Tinubu agenda. The reform bundle, particularly the exchange‑rate liberalisation, is beginning to attract modest foreign interest, which could translate into higher investment inflows. At the same time, the cash‑transfer scheme, now reaching over four million households, softens the blow of subsidy removal for many. While bread prices soar, the nascent manufacturing uptick in Lagos suggests the policy ripple may soon manifest as real jobs. In short, the pain is inevitable, but the trajectory hints at a sustainable recovery if the government stays the course.