President Bola Tinubu has defended the economic reforms introduced by his administration over the past three years, maintaining that the difficult decisions were necessary to rescue Nigeria from economic collapse and lay the foundation for long-term national recovery.
In a statement marking the third anniversary of his administration on Friday, Tinubu acknowledged the hardship Nigerians have endured since the removal of fuel subsidy and the unification of the foreign exchange market, but assured citizens that the country is now on a path to recovery and sustainable growth.
Addressing Nigerians as “fellow compatriots,” the President stated that his government inherited deep economic and structural challenges, including mounting fiscal pressures, unsustainable fuel subsidies, exchange-rate distortions, rising debt-servicing costs, insecurity, declining revenues, and weak public confidence in institutions.
According to him, Nigeria had been spending as much as ₦18.4 billion daily on petrol subsidies, with over ₦4 trillion spent in 2022 alone, while multiple exchange rate windows led to losses exceeding ₦8 trillion through speculative practices and rent-seeking.
“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis,” Tinubu stated.
He argued that refusing to implement the reforms would have pushed Nigeria towards fiscal breakdown, worsening poverty, and severe economic uncertainty.
While admitting that the reforms triggered a sharp rise in the cost of living and placed pressure on families and businesses, Tinubu maintained that the sacrifices made by Nigerians “have not been in vain.”
The President asserted that the economy has become more competitive and better positioned for sustainable growth, noting improvements in public finances, increased revenues for states and local governments, and growing investor confidence.
He highlighted gains in the capital market, stating that the Nigerian stock market had grown significantly since 2023, with the All Share Index and market capitalisation reaching record levels.
Tinubu also pointed to ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road, among others.
He declared that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation, while rail modernisation projects are also progressing to improve connectivity and economic integration.
In the oil and gas sector, the President disclosed that reforms introduced by his administration had attracted fresh investments from international oil companies, while projects such as the NLNG Train 7 were nearing completion.
He further stated that Nigeria’s local refining capacity had improved through operational domestic and modular refineries, reducing dependence on imported petroleum products and conserving foreign exchange.
On electricity supply, Tinubu said that his administration was tackling long-standing challenges in the power sector by clearing legacy debts, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid.
“No modern economy can grow in darkness,” he noted, adding that improved power supply would stimulate businesses, industries, and job creation.
The President also highlighted interventions in agriculture, education, housing, healthcare, and telecommunications.
He revealed that millions of farmers had benefited from government agricultural programmes, while the Nigerian Education Loan Fund had provided financial support to more than 1.5 million students.
Tinubu added that the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory, creating more than 300,000 jobs.
In the health sector, he mentioned that thousands of primary healthcare centres were being revitalised, while health insurance coverage was expanding for vulnerable Nigerians.
Speaking on telecommunications and digital transformation, Tinubu announced that the government had taken steps to stabilise the telecommunications sector and encourage investment in digital infrastructure, stressing that connectivity remained vital to commerce, education, and innovation.
The President also directed his message to Nigerian youths, describing them as “the engine of Nigeria’s future.” He disclosed that his administration was investing in digital skills, technical education, innovation, and enterprise support to create opportunities for young Nigerians across technology, agriculture, manufacturing, sports, and the creative industry.
On security, Tinubu acknowledged that insecurity remained a major concern but stated that security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal elements.
While noting that challenges persist, he pointed out that several communities and highways were becoming safer due to increased investment in intelligence, surveillance, logistics, technology, and inter-agency coordination.
The President assured Nigerians that his administration would continue efforts to reduce food and transportation costs, particularly through the adoption of Compressed Natural Gas (CNG) and electric vehicles in the transport sector.
Calling for unity and national purpose, Tinubu urged Nigerians to reject division and remain hopeful about the country’s future. “We must choose hope over despair, unity over division, and nation-building over narrow interests,” he said.
He further stressed the importance of inclusion, saying no region, religion, or ethnic group should feel marginalised.
Tinubu expressed optimism that Nigeria would emerge stronger despite current challenges, insisting that the signs of recovery were becoming increasingly visible across key sectors of the economy.
“The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people.”
He urged citizens to continue supporting the government’s reform agenda and remain committed to building “a Nigeria that is secure, prosperous, inclusive, and respected worldwide.
