By Adebola Isimijola, Lagos
President Bola Ahmed Tinubu on Friday declared that the tough economic reforms introduced by his administration over the past three years have rescued Nigeria from looming fiscal collapse and placed the country on the path of recovery and long-term growth.
In a nationwide broadcast to mark the third anniversary of his administration, Tinubu said although Nigerians have endured severe economic hardship following the removal of fuel subsidy and foreign exchange reforms, the difficult decisions were necessary to stabilise the economy and secure the nation’s future.
According to the President, his administration inherited an economy weighed down by mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, rising debt servicing obligations, insecurity, and weakening public confidence in governance.
“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,” Tinubu stated.
He added that multiple exchange rate windows and forex arbitrage practices also drained the country of more than ₦8 trillion within three years.
“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 President said.
Tinubu noted that although the reforms triggered rising living costs and economic pressure on households and businesses, his administration chose “reform over ruin and decisiveness over hesitation.”
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he said.
The President maintained that Nigeria is now witnessing signs of economic recovery, citing improvements in public finances, increased allocations to states and local governments, renewed investor confidence, and growth in the capital market.
He disclosed that the Nigerian stock market’s All Share Index rose from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
Tinubu also highlighted ongoing infrastructure projects across the country, saying more than 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation.
The projects, he said, include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads aimed at improving transportation, trade, and economic activities.
In the oil and gas sector, the President said reforms introduced by his administration have attracted fresh investments from international oil companies, while improvements in domestic refining capacity are reducing dependence on imported petroleum products.
On electricity supply, Tinubu said the Federal Government is clearing legacy debts, strengthening the national grid, expanding transmission infrastructure, and investing in renewable energy to support industrial growth.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he declared.
The President further listed interventions in agriculture, housing, healthcare, telecommunications, youth empowerment, and education as part of efforts to improve citizens’ welfare and expand economic opportunities.
He revealed that over 1.5 million students have benefited from the Nigerian Education Loan Fund, with over ₦282 billion disbursed to support access to higher education.
Tinubu also said the Renewed Hope Housing Programme and Federal Housing Authority projects are delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
On security, the President said security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal gangs across the country.
“While challenges remain, many communities and highways are becoming safer and more economically active,” he said.
Calling for unity and perseverance, Tinubu urged Nigerians not to lose faith in the country, insisting that the foundations for national recovery have already been laid.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” the President stated.
He added: “I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before.”
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