President Bola Tinubu has defended his administration’s sweeping economic reforms, saying the difficult measures taken since 2023 were necessary to rescue Nigeria from fiscal collapse and lay the foundation for long-term recovery. In a nationwide address marking the third anniversary of his administration, the president acknowledged the hardship experienced by Nigerians but insisted that the sacrifices made by citizens “have not been in vain.”
Tinubu said his government inherited severe economic and structural challenges, including mounting debt, declining revenues, fuel subsidy burdens, exchange-rate distortions, insecurity, and weakening public confidence in state institutions.
According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies at the height of the subsidy regime, amounting to over ₦4 trillion in 2022 alone. He also stated that multiple exchange-rate windows and forex arbitrage cost the country more than ₦8 trillion over three years through speculative practices and rent-seeking.
“The situation demanded urgent and courageous action,” Tinubu said. “Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis.”
He maintained that refusing to act would have pushed Nigeria into “fiscal breakdown, worsening poverty, and severe economic uncertainty.”
The President admitted that the reforms triggered a rise in the cost of living, placing pressure on households and businesses, while many young Nigerians struggled with unemployment and uncertainty. However, he said the economy has now stabilised and is gradually recovering.
“And today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he declared.
Visible Progress And Economic Growth
Highlighting what he described as signs of progress, Tinubu pointed to improvements in public finances, increased allocations to states and local governments, growing investor confidence, and strong performance in the capital market. He said the Nigerian stock market’s All Share Index had risen from 53,000 in 2023 to 250,000, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
The President also outlined 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.
According to him, over 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation.
Tinubu said rail modernisation projects were also progressing to improve connectivity and economic integration nationwide.
In the oil and gas sector, he noted that reforms had attracted fresh foreign investment, while the $5 billion NLNG Train 7 project was nearing completion. He added that improvements in local refining capacity were helping Nigeria reduce dependence on imported petroleum products and conserve foreign exchange.
On electricity, Tinubu said his administration was addressing longstanding challenges in the power sector by clearing legacy debts, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he said.
Empowering Nigerian Agriculture, Education and Housing
The President further highlighted interventions in agriculture, education, housing, healthcare, and telecommunications.
He disclosed that agricultural programmes had supported millions of farmers through improved seedlings, fertilisers, mechanisation, irrigation, and access to finance. He also said the Nigerian Education Loan Fund had provided more than 1.5 million students with access to higher education through disbursements exceeding ₦282 billion.
Tinubu said the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory while creating more than 300,000 jobs.
In the health sector, he said thousands of primary healthcare centres were being revitalised and health insurance coverage expanded for vulnerable Nigerians.
Deepening Telecoms Access And Investment
The President also stressed the importance of telecommunications and digital infrastructure to national development, saying renewed investor confidence was helping telecom operators expand networks and recruit more Nigerian talent.
Youth Technology And Digital Transformation
Addressing young Nigerians directly, Tinubu said: “You are not a problem to be managed. You are the engine of Nigeria’s future.”
He said the government was investing in digital skills, technical education, innovation, student financing, and enterprise support to create opportunities for young people across technology, manufacturing, sports, agriculture, and the creative industries.
Security And National Unity
On security, Tinubu said security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal groups. While admitting that challenges remained, he said many communities and highways were becoming safer.
“This government will not relent until every Nigerian can live, work, travel, and dream in safety,” he assured.
The President acknowledged that many Nigerians were still struggling with economic difficulties but said efforts were underway to keep food prices low, reduce transportation costs through compressed natural gas (CNG) adoption and electric vehicles, and create more jobs and business opportunities.
Looking Forward
Calling for unity and national purpose, Tinubu urged Nigerians to reject division and remain hopeful about the country’s future.
“Nigeria belongs to all of us—no region, faith, or group should feel marginalised or forgotten,” he said. “Our diversity is a source of strength.”
He also appealed to citizens, the diaspora, and the international community to continue supporting Nigeria’s democratic and economic reforms.
Reflecting on Nigeria’s history, Tinubu said the country had repeatedly overcome adversity and would emerge stronger from its current challenges.
“History tests nations before it elevates them,” he said. “But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before.”
He concluded by urging Nigerians to remain committed to nation-building and to continue believing in the country’s promise.
“Let us continue this journey together,” the President said. “Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide.”
