Isiyaku Ahmed
President Bola Ahmed Tinubu has declared that Nigeria is gradually overcoming its economic and structural challenges, saying the difficult reforms introduced by his administration over the past three years have begun to stabilize the economy and restore investor confidence.
Speaking in a nationwide address on Thursday to mark the third anniversary of his administration, the President acknowledged the hardship faced by Nigerians following the removal of fuel subsidy and exchange-rate reforms but insisted that the sacrifices made by citizens were not in vain.
Tinubu said when his administration assumed office in 2023, Nigeria faced severe fiscal pressures, rising debt-servicing costs, insecurity, declining revenues, exchange-rate distortions, energy constraints, and weak public confidence in institutions.
According to him, the country was spending about N18.4 billion daily on petrol subsidy at the peak of the regime, amounting to over N4 trillion in 2022 alone, while multiple exchange-rate windows created distortions that allegedly cost the country more than N8 trillion in three years through speculative activities and rent-seeking practices.
“The situation demanded urgent and courageous action.
“Together, we chose reform over ruin and decisiveness over hesitation,” he said.
The President noted that although the reforms triggered a rise in the cost of living and placed pressure on families and businesses, the economy is now showing signs of recovery and renewed growth.
He stated that public finances had improved while states and local governments now have greater resources to invest in development projects.
Tinubu also highlighted improvements in the capital market, saying the Nigerian Stock Exchange All Share Index rose from 53,000 points in 2023 to 250,000 points in 2026, while market capitalization increased from N30 trillion to N160 trillion.
He said major infrastructure projects were progressing across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural road projects.
According to him, over 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation nationwide.
The President further stated that rail modernization projects were ongoing to improve transportation, logistics, and economic integration.
In the oil and gas sector, Tinubu said reforms introduced by his administration had attracted billions of dollars in fresh investments, adding that the $5 billion NLNG Train 7 project was nearing completion.
He also noted improvements in local refining capacity and domestic gas utilization, saying the country was reducing dependence on imported petroleum products.
On electricity, Tinubu said his administration was addressing longstanding challenges in the power sector through investments in transmission infrastructure, renewable energy, and national grid expansion.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he said.
The President disclosed that agricultural interventions under his administration had supported millions of farmers through improved seedlings, fertilizers, mechanization, irrigation, and expanded access to finance and markets.
He added that the Nigerian Education Loan Fund had provided over 1.5 million students with access to higher education, disbursing more than N282 billion to beneficiaries.
Tinubu also said the Renewed Hope Housing Program and projects by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory, while generating more than 300,000 jobs.
According to him, major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily.
The President stated that thousands of primary healthcare centres were being revitalized while health insurance coverage was expanding for vulnerable Nigerians.
On telecommunications and digital transformation, Tinubu said his administration had taken steps to stabilize the telecoms sector and restore investor confidence.
He said telecom operators were expanding network infrastructure, recruiting Nigerian talent, and improving digital access across the country.
Addressing Nigerian youths, Tinubu said the government was investing in digital skills, technical education, innovation, enterprise support, and student financing to create opportunities for young people.
Security, he noted, remains a top priority for the administration.
Tinubu said security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal elements, while investments were being made in intelligence gathering, surveillance, logistics, and inter-agency coordination.
While admitting that the country had not solved all its problems, the President maintained that the foundation for recovery had been laid.
He assured Nigerians that his administration would continue working to reduce food and transportation costs, especially through the adoption of compressed natural gas and electric vehicles by transport operators.
Tinubu called on Nigerians to remain united and hopeful, stressing that national development requires sacrifice, discipline, and collective purpose.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” he said.
The President also reassured the international community and investors of Nigeria’s commitment to democratic stability, economic reforms, and responsible governance.
Expressing optimism about the future, Tinubu urged citizens to continue supporting the administration’s reform agenda, saying Nigeria would emerge stronger, fairer, and more prosperous.
“Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide,” he added.
