House of Representatives Speaker, Tajudeen Abbas, has praised President Bola Tinubu's administration as it marks its third anniversary, stating that the government has implemented difficult but essential measures to revive the economy and stabilize the nation.
Commendation for Tough Decisions
In a statement released on Friday through his media aide, Musa Krishi, Abbas noted that Tinubu inherited a struggling economy burdened by fuel subsidy distortions, volatile exchange rates, low investor confidence, weak revenues, and rising insecurity. He emphasized that the easier political path would have been to postpone tough choices, but the President instead "chose reform and reconstruction" for the sake of long-term stability.
Economic Indicators Show Improvement
Abbas highlighted that key economic indicators have demonstrated progress under the Renewed Hope Agenda. He pointed to reported GDP growth from 2.74% in 2023 to 3.87% in 2025, alongside stronger external reserves. He also referenced increased FAAC allocations following the removal of fuel subsidies and foreign exchange reforms, as well as a surge in foreign investment inflows from $654.65 million in Q3 2023 to $5.64 billion in Q1 2025.
Infrastructure and Security Gains
On infrastructure, Abbas cited major projects such as the Lagos–Calabar Coastal Highway, the Sokoto–Badagry Super Highway, and the Abuja–Kaduna–Kano corridor, describing them as vital for long-term economic growth. Regarding security, he noted that budgetary allocation increased from ₦2.98 trillion in 2023 to over ₦4.91 trillion in the 2026 budget, supporting intensified operations against terrorism, banditry, and oil theft. He also mentioned gains in crude oil production and reported that over 1.3 million students have benefitted from the Nigerian Education Loan Fund.
Acknowledging Public Concerns
While acknowledging public concerns over inflation and the rising cost of living, Abbas maintained that the reforms were necessary sacrifices for economic recovery. He added that sustaining the current direction would be crucial ahead of the 2027 elections.
