President Bola Ahmed Tinubu has defended his administration’s sweeping economic reforms, insisting that the tough decisions taken over the past three years have saved Nigeria from economic collapse and laid the foundation for long-term recovery.
Speaking in a nationwide statement to mark his third anniversary in office on Friday, President Tinubu said the removal of fuel subsidy and reforms in the foreign exchange market stopped massive financial leakages that had crippled the nation’s economy for years.
According to the President, Nigeria was previously losing as much as N18.4 billion daily to petrol subsidy payments, while over N8 trillion was lost through foreign exchange arbitrage and speculative activities.
Tinubu acknowledged the hardship Nigerians have faced since the reforms began but assured citizens that their sacrifices would eventually yield positive results.
I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. Today, I can say with confidence that Nigeria has stabilized and is moving forward again, the President stated.
Tinubu explained that when his administration assumed office in 2023, the country was facing severe fiscal and economic challenges, including mounting debt, declining revenues, insecurity, unstable exchange rates and unsustainable fuel subsidy payments.
At the height of the subsidy regime, Nigeria was spending as much as N18.4bn daily to sustain petrol subsidies, over N4tn in 2022 alone. These were resources that could have been invested in roads, healthcare, education and critical infrastructure,” he said.
He also blamed multiple exchange-rate windows for encouraging corruption and rent-seeking practices.
Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than N8tn over three years to speculative practices,” Tinubu added.
The President insisted that his administration had no choice but to implement difficult reforms to prevent a deeper national crisis.
The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult, he said.
According to Tinubu, failure to act would have pushed Nigeria toward fiscal breakdown, worsening poverty and economic instability.
We chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort,” he declared.
The President admitted that the reforms triggered a sharp rise in the cost of living and placed heavy pressure on Nigerian families, workers and businesses.
These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers and businesses,” he said.
Tinubu noted that many young Nigerians searching for jobs became discouraged and questioned whether the painful reforms would eventually lead to a better future.
Despite the economic difficulties, the President maintained that there are already visible signs of recovery across several sectors of the economy.
Highlighting achievements under his administration, Tinubu said Nigeria’s stock market had experienced unprecedented growth over the last three years.
According to him, the Nigerian Exchange All Share Index rose from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
Our economy is now more competitive and better positioned for sustainable growth than it was in 2023, he stated.
Investor confidence is growing. Companies are declaring record profits and dividends.
The President also revealed that his administration currently has more roads under construction than any previous government in Nigeria’s history.
Tinubu listed major projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
According to him, over 2,700 kilometres of highways are currently under construction, reconstruction or rehabilitation nationwide.
Critical infrastructure projects are advancing at an unprecedented scale,” he said.
He added that rail modernisation projects were also ongoing to improve transportation, trade and economic integration across the federation.
Tinubu stated that reforms in the oil and gas sector had helped restore investor confidence and attract billions of dollars in investments from international oil companies.
He disclosed that the $5 billion NLNG Train 7 project was nearing completion and would significantly boost Nigeria’s liquefied natural gas production and export earnings.
Domestic gas utilisation is expanding, while local refining capacity has improved our energy security, the President noted.
On education, Tinubu said the Nigerian Education Loan Fund had provided financial support to over 1.5 million students across the country.
According to him, more than N282 billion has been disbursed to students to ensure that financial hardship does not prevent willing Nigerians from accessing higher education.
The President further revealed that over 10,000 housing units are currently being delivered across 14 states and the Federal Capital Territory under the Renewed Hope Housing Programme.
Tinubu also said thousands of primary healthcare centres were being revitalised, while health insurance coverage was expanding nationwide.
Speaking on electricity, he admitted that the power sector remained troubled by years of underinvestment and debt but assured Nigerians that his administration was working to improve generation and transmission infrastructure.
No modern economy can grow in darkness, he stated.
On insecurity, Tinubu said security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves across the country.
While acknowledging that security challenges still exist, he claimed many highways and communities were becoming safer.
I want to assure you that this government will not relent until every Nigerian can live, work, travel and dream in safety,” he said.
Tinubu stressed that his administration had not solved every problem facing the country but insisted that the foundation for economic recovery had been laid.
We are not yet where we want to be. But the foundation for recovery has been laid,” he said.
The President urged Nigerians to remain patient, united and hopeful, saying the world was beginning to see Nigeria as a nation determined to rise above its challenges.
Across agriculture, infrastructure, power, technology, manufacturing and industry, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding, Tinubu declared.
He called on Nigerians to reject division and cynicism and work together toward national development.
Great nations are not built in comfort. They are built through sacrifice, resilience, courage and collective purpose, the President added.
