President Bola Tinubu has defended his administration’s sweeping economic reforms, declaring that the measures have stabilized Nigeria’s economy and set it on a path to recovery.
Marking his third anniversary in office on Friday, the President acknowledged the widespread hardships Nigerians have endured but emphasized that these sacrifices are finally yielding positive results.
Reflecting on his journey, Tinubu stated that he assumed office fully aware of the massive challenges ahead, yet deeply confident in the resilience of the Nigerian people.
He noted that his administration inherited a mountain of economic and structural crises, including severe fiscal pressures, unsustainable fuel subsidies, plunging revenues, currency distortions, soaring debt costs, widespread insecurity, and a collapse in public trust.
Highlighting the scale of past waste, the President revealed that Nigeria was burning through ₦18.4 billion daily on fuel subsidies at its peak, while currency speculation and arbitrage drained more than ₦8 trillion over three years.
“The situation demanded urgent and courageous action,” he said.
“Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis.”
Tinubu, however, admitted that the reforms had brought hardship to many Nigerians. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses,” he said.
“Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future,” Tinubu said, maintaining that the policies are beginning to produce results.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain and today, I can say with confidence that Nigeria has stabilised and is moving forward again.”
Highlighting economic gains, the President said investor confidence had improved, while the stock market recorded major growth.
“The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 trillion this year,” he said.
Tinubu also pointed to ongoing infrastructure projects across the country, saying over 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation.
He listed projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and East-West Road as part of efforts to improve transportation and create jobs.
On energy, Tinubu said reforms in the oil and gas sector had attracted billions of dollars in fresh investment.
“The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends,” he said.
He also said local refining capacity had improved energy security and reduced dependence on imported petroleum products.
On power supply, Tinubu said his administration was investing heavily in transmission infrastructure and renewable energy.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he declared.
He said agricultural interventions had supported millions of farmers through improved seedlings, fertilisers, mechanisation and irrigation.
He further disclosed that the Nigerian Education Loan Fund had provided over 1.5 million students access to higher education, with more than ₦282 billion disbursed.
On housing, Tinubu said the Renewed Hope Housing Programme and Federal Housing Authority initiatives were delivering more than 10,000 housing units across 14 states and the FCT.
He said the projects had created more than 300,000 jobs while expanding access to affordable housing.
Tinubu also pledged continued support for young Nigerians, saying they remained central to the country’s future.
“To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future.”
Commenting on security, the President said the Armed Forces and security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves.
“While challenges remain, many communities and highways are becoming safer and more economically active,” he said.
Tinubu assured Nigerians that his government would continue efforts to improve living conditions and reduce transportation costs through the adoption of compressed natural gas and electric vehicles.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” he said.
Tinubu who called for unity, urged Nigerians to remain hopeful and committed to national development.
“We must choose hope over despair, unity over division, and nation-building over narrow interests. Nigeria belongs to all of us. No region, faith, or group should feel marginalised or forgotten.”
While expressing optimism about the future, Tinubu declared:“I ask you to keep faith with Nigeria. Let us reject cynicism and divisions. I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before.”
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