President Bola Tinubu has defended the economic reforms introduced by his administration, saying history would vindicate the difficult decisions taken over the past three years to rescue Nigeria from fiscal collapse and long-term economic decline.
In a nationwide broadcast to mark the third anniversary of his administration, the President acknowledged the hardship caused by the removal of the fuel subsidy and foreign exchange reforms, but insisted that the measures were necessary to stabilise the economy and prevent a deeper national crisis
The President, however, stated that the next phase of his administration would focus on ensuring that the benefits of reforms were felt more directly in the daily lives of ordinary Nigerians.
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He promised that the government would continue efforts to keep food prices low, noting that prices had already dropped from their peak levels in 2023 and 2024.
Tinubu also promised lower transportation costs as commercial vehicle operators convert from petrol engines to compressed natural gas and electric vehicles.
Tinubu said when his administration assumed office in 2023, Nigeria was facing severe economic and structural challenges, including mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity, energy constraints and weakening public confidence in institutions.
According to him, the country was spending as much as N18.4 billion daily on petrol subsidy payments at the peak of the regime, with over N4 trillion spent on subsidy in 2022 alone.
He also said multiple exchange-rate windows and forex arbitrage led to massive distortions, with the country losing more than N8 trillion within three years to speculative activities and rent-seeking.
"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 towards 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 said.
The President admitted that the reforms triggered a sharp rise in the cost of living and placed enormous pressure on families, workers and businesses, while many young Nigerians seeking jobs became discouraged.
"I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain," he stated.
Tinubu said the economy had now stabilised and was gradually recovering, adding that visible progress was already taking shape across the country.
According to him, Nigeria's economy is now more competitive and better positioned for sustainable growth than in 2023, while public finances have improved and investor confidence is returning.
He noted that the Nigerian stock market had witnessed remarkable growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
The President also said states and local governments now had more resources to invest in their people, while companies were declaring record profits and dividends.
Tinubu highlighted ongoing infrastructure projects across the country, saying over 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation.
The projects, he said, include the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road and several rural access roads.
He added that significant portions of the projects had either been completed or were nearing completion, improving transportation, reducing travel time, boosting trade and creating jobs.
The President also said rail modernisation projects were ongoing to improve logistics, connectivity and economic integration across the federation.
In the oil and gas sector, Tinubu said reforms introduced by his administration had attracted billions of dollars in fresh investments from international oil companies that had previously avoided the country.
He disclosed that the $5 billion NLNG Train 7 project was nearing completion and would boost Nigeria's LNG production capacity, exports and dividends.
Tinubu said domestic gas utilisation was also expanding, while large-scale and modular refineries had improved Nigeria's energy security and reduced dependence on imported petroleum products.
Speaking on the power sector, the President said his administration was confronting longstanding challenges of debt, underinvestment and uncertainty that weakened electricity generation and limited economic growth.
According to him, the government is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy and strengthening the national grid.
"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 said.
Tinubu also outlined interventions in agriculture, education, housing, healthcare and telecommunications.
He said agricultural interventions had supported millions of farmers through improved seedlings, fertilisers, mechanisation, irrigation and expanded access to finance and markets.
The President added that his administration was opening new agricultural corridors to create jobs, strengthen supply chains and reduce pressure on household incomes.
On education, Tinubu said the Nigerian Education Loan Fund had provided over 1.5 million students with access to higher education, disbursing more than N282 billion.
He said the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the FCT, creating more than 300,000 jobs.
According to him, major Renewed Hope Cities in Abuja, Lagos and Kano were progressing steadily, while the consumer credit initiative, CREDICORP, was expanding economic opportunities for workers and families.
In healthcare, Tinubu said thousands of primary healthcare centres were being revitalised, while health insurance coverage had been expanded for vulnerable Nigerians.
He also said government interventions had helped stabilise the telecommunications sector after years of declining investment and operational challenges.
According to him, telecom operators are now expanding networks, investing in infrastructure, recruiting Nigerian talent and widening digital access across the country.
"A connected Nigeria is a more competitive Nigeria. Digital infrastructure is now essential to commerce, education, innovation and national productivity," he said.
Addressing young Nigerians, Tinubu said the government was investing in digital skills, technical education, innovation, student financing and enterprise support to expand opportunities in technology, manufacturing, agriculture, sports and entrepreneurship.
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On security, the President said the Armed Forces and security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves and criminal networks.
While acknowledging that security challenges remained, Tinubu said many communities and highways were becoming safer and more economically active.
He added that the government was investing in intelligence, surveillance, logistics, technology and inter-agency coordination to strengthen the capabilities of security agencies.
"We will not relent until every Nigerian can live, work, travel and dream in safety," he said.
"We are also working to create more opportunities for decent work and enabling enterprise expansion," he added.
Calling for national unity and collective purpose, Tinubu urged Nigerians to reject division, despair and cynicism.
"We must choose hope over despair, unity over division and nation-building over narrow interests," he said.
The President stressed that no region, religion or group should feel marginalised, describing Nigeria's diversity as a source of strength.
He also assured the international community and investors that Nigeria remained committed to democratic stability, economic reform, responsible governance and mutually beneficial partnerships.
"History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage and collective purpose," Tinubu said.
He added: "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."
