President Bola Tinubu has defended the sweeping economic reforms introduced since assuming office, insisting that the painful sacrifices endured by Nigerians over the past three years rescued the country from economic disaster and laid the foundation for national recovery.
In a message released on Friday to commemorate his third anniversary in office, the President acknowledged the hardship caused by his administration’s policies but maintained that the decisions were necessary to stabilise the economy and prevent a deeper national crisis.
Tinubu disclosed that the removal of fuel subsidies and reforms in the foreign exchange market halted what he described as massive financial leakages that had drained public resources for years.
“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,” the President said.
Reflecting on the state of the country when he took office in May 2023, Tinubu said his administration inherited a fragile economy burdened by unsustainable subsidies, forex distortions, mounting debt obligations and declining investor confidence.
According to him, “When this administration assumed office, our nation faced profound economic and structural difficulties.
“Mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions all threatened our progress.
“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, resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure.
“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than N8tn over three years to rent-seeking and speculative practices.”
The President said the administration faced a stark choice between taking difficult corrective measures or allowing the country drift into fiscal collapse.
“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.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.”
“Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort,” he stated.
Tinubu admitted that the reforms triggered severe economic strain on households and businesses across the country, particularly through rising inflation and living costs.
“These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses.
“Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.”
Despite the hardship, the President argued that key economic indicators now showed signs of improvement, particularly in public finance, investor confidence and capital markets.
He said the Nigerian stock market had witnessed unprecedented growth since 2023.
According to the President, “Our economy is now more competitive and better positioned for sustainable growth than it was in 2023.
“Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing.
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“The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30tn in 2023 to a record All Share Index of 250,000 and market capitalisation of N160tn this year. Companies are declaring record profits and dividends.”
On infrastructure, Tinubu said his administration was currently executing one of the most ambitious road construction programmes in Nigeria’s history, with over 2,700 kilometres of roads under construction or rehabilitation nationwide.
Among the flagship projects listed by the President were the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
He explained, “Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation.
“Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.
“Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.”
Tinubu also highlighted developments in the oil and gas sector, saying recent reforms had attracted renewed international investment after years of declining confidence.
“The reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country.
“The $5bn NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.
“Domestic gas utilisation is expanding. Local refining capacity has improved our energy security,” he stated.
The President further cited achievements in education, housing, healthcare, electricity and telecommunications as evidence that the administration’s reforms were beginning to yield results.
According to him, “The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than N282bn to ensure that no willing student is denied access due to financial hardship.”
“Our Renewed Hope Housing Programme, along with that of the Federal Housing Authority, is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing,” Tinubu explained.
Addressing persistent challenges in the power sector, the President said his government was confronting years of underinvestment and operational dysfunction through grid expansion, renewable energy projects and settlement of legacy debts.
“For years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth.
“Today, we are confronting those challenges directly. Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness,” said the President.
Tinubu also pointed to gradual recovery in the telecommunications industry, which he said had previously suffered declining investment and operational pressures.
“After years of severe operational pressures and declining investment, confidence is gradually returning to the sector.
“Telecom operators are expanding networks, investing in infrastructure, recruiting Nigerian talent, and widening digital access across the country. A connected Nigeria is a more competitive Nigeria.”
On insecurity, the President said security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves, while assuring Nigerians that his administration would continue efforts to reclaim troubled areas.
“Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks.
“While challenges remain, many communities and highways are becoming safer and more economically active.
“I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety.”
Tinubu, however, admitted that the journey toward recovery remained incomplete, stressing that the next phase of governance would focus on ensuring that the benefits of the reforms directly impact ordinary Nigerians.
According to him, “We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid.
“The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.”
Appealing for patience, unity and national resolve, the President urged Nigerians not to surrender to despair or division.
According to him, “History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose.
“Ours is a nation of extraordinary people. We survived civil war and rebuilt. We overcame dictatorship and restored democracy.
“We endured hardship and remain bearers of hope. The Nigerian spirit remains strong and unbroken.”
He added, “Today, the world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise.
“Across agriculture, infrastructure, power, technology, manufacturing, and industry, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding.”
“Let us reject cynicism and division. Let us move forward together, united in purpose, disciplined in effort, compassionate toward one another, and confident in the greatness that lies ahead.”
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