Nigerian president Bola Tinubu has pleaded with his compatriots for "patience" as they continue to grapple with a tough economic situation.

In an independence day speech, Tinubu defended his controversial economic reforms, saying they were necessary and are beginning bear results.

He also insisted Nigeria is "winning the war" on the violence that has killed thousands in the north over recent years - a declaration that will seem far-fetched to some.

Protesters in the capital, Abuja, as well as Lagos are using the 64th anniversary of independence from Britain to denounce what they see as the government's poor handling of the economy.

President Tinubu began his speech on Tuesday by telling Nigerians: "I am deeply aware of the struggles many of you face in these challenging times... I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel."

After coming to power last year, Tinubu removed a subsidy that kept the price of fuel low for Nigerians.

He also scrapped the policy of pegging the naira to the US dollar, instead allowing the market to determine the price of the currency. This caused the naira to plunge in value - at one point it hit an all-time low.

This - along with the ending of the fuel subsidy - have been factors in the recent rise on the cost of living.

Annual inflation - the average rate at which prices go up - has reached highs not seen for nearly three decades. Last month, inflation was at 32%.

In Tuesday's address, Tinubu said his administration had no choice but to put the economy on a more sustainable path. He also noted that numerous other countries across the world have seen an increased cost of living.

Following the speech, Lagos resident Michael Olaleye told the Reuters news agency: "Personally, me I am doubting if it is something that is going to work out because it has not shown really... majority of what the president is talking about has not shown."

But another city dweller, Victory Azimih, urged Nigerians to be "optimistic" and acknowledge that the government cannot "fix everything".

Tinubu also addressed security in his speech, saying: "I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry."

He added that the government has eliminated commanders from Boko Haram - a leading Islamist militant group in Nigeria - "faster than ever".

The nation's military has recently stepped up its campaign against armed groups, intensifying air bombardment and land operations.

Troops "neutralised" almost 2,000 "terrorists" in the third quarter of the year, a military spokesperson said earlier this week.

But last week 24 people were killed when a military airstrike targeted armed gangs in Kaduna state but, according to local residents, hit a mosque and homes instead.

And reports of civilians being attacked by the armed groups the government is fighting still surface frequently.

Just two days ago, local media reported that armed assailants killed at least two people and kidnapped 44 others in separate attacks in the states of Zamfara and Kaduna.

Protesters launched demonstrations on Tuesday, with the organisers saying they were against "the devastation, hunger, insecurity and the hardship that this government has unleashed on Nigerians".

Similar protests took place in early August. At least 21 people were killed in the demonstrations, while hundreds others were arrested and charged with treason, looting and vandalism.