President Bola Tinubu on Friday told Nigerians that the sacrifices made over the last few years have not been in vain, as the country has stabilized and is moving forward again.
The president stated this in his message to the nation on the occasion of the third anniversary of his administration.
While acknowledging the economic hardship in the country, and the sacrifices the people have had to make because of the policies put in place, Tinubu said “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. Across the country, visible progress is taking shape”.
The president also encouraged Nigerians to remain steadfast and focused, noting that Nigeria will be great and more prosperous. “My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before”, he said.
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He recalled that when his administration came on board, the country was facing “profound economic and structural difficulties”, and that “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” progress.
He also recalled that “at the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion 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 ₦8 trillion over three years to rent-seeking and speculative practices”.
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 said, adding, that “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”, the president revealed.
He also highlighted some achievements of his administration to include the clearing of legacy obligations, expansion of transmission infrastructure, investment in renewable energy, and strengthening of the national grid “because no modern economy can grow in darkness”.
He said when power improves, businesses expand, industries grow, jobs are created, and families prosper.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity”, he boasted
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