By Our Correspondent President Bola Ahmed Tinubu on Friday said Nigeria has begun to reap the benefits of difficult economic reforms imple...
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By Our Correspondent
President Bola Ahmed Tinubu on Friday said Nigeria has begun to reap the benefits of difficult economic reforms implemented since his administration assumed office three years ago, declaring that the country has stabilised and is now moving steadily toward recovery and sustainable growth.
In a nationwide address to commemorate the third anniversary of his administration, the President acknowledged the hardships Nigerians have endured following the removal of fuel subsidies and foreign exchange reforms but maintained that the measures were necessary to avert a deeper economic crisis.
According to him, the administration inherited severe fiscal and structural challenges, including mounting debt-servicing costs, declining revenues, exchange-rate distortions, insecurity, energy supply constraints, and declining public confidence in institutions.
Tinubu revealed that before the removal of fuel subsidies, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies, amounting to more than ₦4 trillion in 2022 alone. He also stated that multiple exchange-rate windows and forex arbitrage had cost the country over ₦8 trillion in three years through speculative activities and rent-seeking 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,” the President said.
While admitting that the reforms triggered a rise in the cost of living and placed pressure on households and businesses, Tinubu assured Nigerians that their sacrifices were yielding positive results.
He said Nigeria’s economy is now more competitive and better positioned for sustainable growth than it was in 2023, noting that public finances have improved while investor confidence continues to rise.
The President highlighted significant growth in the nation’s capital market, stating that the All Share Index had increased from 53,000 in 2023 to 250,000 in 2026, while market capitalisation rose from ₦30 trillion to ₦160 trillion within the same period.
On infrastructure development, Tinubu disclosed that more than 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation across the country. The projects include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads.
He said rail modernisation projects are also progressing to improve connectivity, logistics, and economic integration nationwide.
The President further stated that reforms in the oil and gas sector have attracted billions of dollars in fresh investments, while the $5 billion NLNG Train 7 project is nearing completion. He added that increased domestic refining capacity has enhanced Nigeria’s energy security and reduced dependence on imported petroleum products.
In the power sector, Tinubu said his administration is addressing longstanding challenges by clearing legacy debts, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid.
On agriculture, the President said government interventions have supported millions of farmers through improved access to seedlings, fertilisers, mechanisation, irrigation, financing, and markets.
He also disclosed that the Nigerian Education Loan Fund (NELFUND) has provided financial support to more than 1.5 million students, with over ₦282 billion disbursed to facilitate access to higher education.
Tinubu noted that the Renewed Hope Housing Programme and projects by the Federal Housing Authority are delivering more than 10,000 housing units across 14 states and the Federal Capital Territory, creating over 300,000 jobs in the process.
In the healthcare sector, he said thousands of primary healthcare centres are being revitalised while health insurance coverage is being expanded for vulnerable citizens.
The President also highlighted efforts to revive the telecommunications sector, noting that telecom operators are expanding networks, investing in infrastructure, and increasing digital access across the country.
Addressing Nigerian youths, Tinubu described them as “the engine of Nigeria’s future,” stressing that the government is investing in digital skills, technical education, innovation, entrepreneurship, and student financing to create opportunities for young people.
On security, the President said the Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal elements. Although challenges remain, he said many communities and highways are becoming safer due to increased investment in intelligence, surveillance, logistics, technology, and inter-agency coordination.
Looking ahead, Tinubu said his administration would focus on ensuring that the benefits of ongoing reforms are felt more directly by ordinary Nigerians through lower food prices, reduced transportation costs, and increased employment opportunities.
He urged citizens to remain united and hopeful, stressing that national development requires collective sacrifice, resilience, and commitment.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” the President said.
Tinubu reaffirmed his administration’s commitment to democratic governance, economic reform, national inclusion, and security, expressing confidence that Nigeria would emerge stronger, more prosperous, and more united.
“As the world watches Nigeria once again, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding,” he said.
The President concluded by calling on Nigerians to remain steadfast in their belief in the country’s future and continue supporting efforts aimed at building a secure, prosperous, and inclusive nation.
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