President Bola Ahmed Tinubu on Friday assured Nigerians that the tough economic reforms introduced by his administration were beginning to yield positive results, declaring that the country had stabilised and was gradually moving toward recovery.
In his nationwide address to mark the third anniversary of his administration, President Tinubu acknowledged the hardship many Nigerians had endured since he assumed office on May 29, 2023, but insisted that the difficult decisions taken by his government were necessary to prevent economic collapse.
The Nigerian leader said his administration inherited major economic and structural challenges, including mounting debt, declining revenues, insecurity, unstable exchange rates, energy supply problems, and unsustainable fuel subsidies.
According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies before his government removed the regime. Tinubu argued that the subsidy system drained public resources that could have been invested in critical sectors such as healthcare, education, roads, and housing.
He also stated that multiple foreign exchange windows and currency arbitrage contributed to massive financial losses, adding that the reforms implemented by his administration were aimed at restoring stability and rebuilding investor confidence.
Tinubu admitted that the policies triggered rising living costs and placed pressure on households and businesses across the country. However, he assured citizens that their sacrifices would not be wasted.
The President said Nigeria’s economy was now more competitive and better positioned for long-term growth. He highlighted improvements in public finances, increased allocations to states and local governments, and renewed investor confidence.
He further pointed to the performance of the Nigerian stock market, noting that the All Share Index had risen significantly since 2023, while market capitalisation also recorded major growth.
On infrastructure, Tinubu revealed that over 2,700 kilometres of highways and major roads were currently under construction, reconstruction, or rehabilitation across the country. He listed projects such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road among key projects being executed by his administration.
The President also disclosed that rail modernisation projects were ongoing to improve transportation, connectivity, and economic integration nationwide.
Speaking on the oil and gas sector, Tinubu said reforms introduced by his administration had attracted fresh investments from international oil companies. He added that the NLNG Train 7 project was nearing completion and would boost Nigeria’s gas production and exports.
According to him, local refining capacity had also improved through operational large-scale and modular refineries, reducing dependence on imported petroleum products and helping conserve foreign exchange.
Tinubu said his administration was tackling longstanding challenges in the power sector by expanding transmission infrastructure, strengthening the national grid, investing in renewable energy, and settling legacy debts.
In agriculture, the President said millions of farmers had benefited from government interventions involving fertilisers, improved seedlings, mechanisation, irrigation, and access to finance.
He added that the Nigerian Education Loan Fund had supported more than 1.5 million students with access to higher education, disbursing over ₦282 billion to beneficiaries.
Tinubu also highlighted achievements under the Renewed Hope Housing Programme, revealing that over 10,000 housing units were being developed across 14 states and the Federal Capital Territory.
The President stressed that his administration was committed to youth empowerment through investments in technology, digital skills, innovation, technical education, and enterprise support.
On security, Tinubu stated that the Armed Forces and security agencies had intensified operations against terrorists, bandits, kidnappers, and oil thieves. He maintained that while security challenges remained, several communities and highways were becoming safer.
Calling for unity and national cooperation, Tinubu urged Nigerians to remain hopeful and continue supporting the government’s reform agenda.
He said nation-building required sacrifice, resilience, and collective effort, adding that Nigeria was gradually regaining global confidence through reforms in agriculture, infrastructure, technology, manufacturing, and energy.
Tinubu concluded by expressing optimism about Nigeria’s future, urging citizens to reject division and work together toward building a more secure, prosperous, and inclusive nation.
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