"We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse."

President Bola Tinubu said on Tuesday that Nigeria's economy may have collapsed if his administration did not embark on the reforms it did.

Mr Tinubu, speaking in a televised Independence Day broadcast said his administration was faced with two options when he assumed office.

"My administration took over the leadership of our country 16 months ago at a critical juncture. The economy faced many headwinds, and our physical security was highly impaired," he said.

"We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture."

Details later...