President Bola Tinubu has expressed optimism that Nigeria will emerge stronger, fairer, more united, and prosperous despite the current economic and social challenges. Speaking in a nationwide broadcast on Friday to mark the third anniversary of his administration, the President stated that the difficult reforms introduced since May 2023 were necessary to rescue the nation from fiscal collapse and set it on a path of long-term recovery and sustainable growth.
President Acknowledges Hardship but Insists on Reform Necessity
President Tinubu acknowledged the hardship Nigerians have endured following the removal of fuel subsidy, exchange rate reforms, and other economic adjustment policies. He insisted that the sacrifices being made by citizens would ultimately yield positive results. He noted that history shows great nations often pass through difficult periods before attaining lasting stability, growth, and prosperity.
“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,” the President stated.
Fiscal Challenges at Onset of Administration
He recalled that when his administration assumed office three years ago, Nigeria faced severe fiscal and structural challenges, including mounting debt servicing costs, unsustainable fuel subsidies, declining revenues, foreign exchange distortions, insecurity, energy shortages, and weakening public confidence in institutions. Tinubu disclosed that at the peak of the subsidy regime, Nigeria spent as much as N18.4 billion daily on petrol subsidy, amounting to over N4 trillion in 2022 alone. He also revealed that multiple exchange rate windows and forex arbitrage cost the country over N8 trillion within 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. Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation,” he said.
Signs of Economic Recovery
The President maintained that although the reforms initially triggered a sharp rise in the cost of living and placed pressure on households and businesses, the economy has now stabilised and is showing visible signs of recovery. “I remain deeply conscious of those sacrifices, and I assure you: your sacrifices have not been in vain. Today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he stated.
Tinubu said the economy is now more competitive and better positioned for sustainable growth, with public finances improving significantly and investor confidence gradually returning. He noted that states and local governments now have greater resources to fund development projects and social programmes.
Stock Market and Infrastructure Milestones
Highlighting economic gains, the President pointed to the performance of the Nigerian stock market, which rose from an All Share Index of 53,000 and market capitalisation of N30 trillion in 2023 to 250,000 and N160 trillion respectively in 2026. He also listed ongoing infrastructure projects, including over 2,700 kilometres of highways and major roads under construction, reconstruction, or rehabilitation nationwide. Among these are the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads aimed at boosting connectivity, trade, and economic activities. Rail modernisation projects are also progressing to strengthen logistics and economic integration.
Oil and Gas Sector Reforms
In the oil and gas sector, reforms have attracted billions of dollars in fresh investments from international oil companies that previously shunned Nigeria. The President added that the $5 billion NLNG Train 7 project is nearing completion, which will boost Nigeria’s LNG production capacity, exports, and revenue generation. Improved local refining capacity and the growth of modular refineries are helping Nigeria reduce dependence on imported petroleum products while conserving foreign exchange.
Power Sector and Agriculture
On the power sector, the administration is addressing longstanding challenges of debt, weak infrastructure, and underinvestment through expansion of transmission infrastructure, investment in renewable energy, and efforts to strengthen the national grid. “No modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper,” he said. In agriculture, government interventions have supported millions of farmers through improved seedlings, fertilisers, mechanisation, irrigation, and expanded access to finance and markets. New agricultural corridors are being opened to strengthen food supply chains, create jobs, and reduce pressure on household incomes.
Education, Housing, and Healthcare Progress
The President highlighted progress in education, revealing that the Nigerian Education Loan Fund has provided access to higher education for over 1.5 million students, with more than N282 billion already disbursed. The Renewed Hope Housing Programme and initiatives of the Federal Housing Authority are delivering over 10,000 housing units across 14 states and the FCT while generating over 300,000 jobs. Thousands of primary healthcare centres are being revitalised nationwide to expand healthcare access and insurance coverage for vulnerable Nigerians.
Telecommunications and Digital Infrastructure
On telecommunications and digital infrastructure, the administration has restored investor confidence in the sector, leading to network expansion, increased infrastructure investment, and wider digital access. “A connected Nigeria is a more competitive Nigeria. Digital infrastructure is now essential to commerce, education, innovation, and national productivity,” he said.
Youth Empowerment and Security
Addressing Nigerian youths, Tinubu said the government remains committed to expanding opportunities in technology, manufacturing, agriculture, sports, entrepreneurship, and the creative industry. “To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future,” he declared. On security, the President said the Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal networks. While acknowledging persistent challenges, he said many communities and highways are becoming safer and more economically active. The government will continue investing in intelligence, logistics, surveillance technology, and inter-agency coordination to strengthen national security. “This government will not relent until every Nigerian can live, work, travel, and dream in safety,” he assured.
Call for Unity and Continued Reforms
The President further stated that his administration remains focused on ensuring that the benefits of ongoing reforms translate into improved living conditions for ordinary Nigerians. Efforts are ongoing to sustain declining food prices, reduce transportation costs through adoption of CNG and electric vehicles, and create more opportunities for decent jobs and enterprise growth. Tinubu called on Nigerians to remain united, hopeful, and committed to nation-building, stressing that national renewal requires discipline, resilience, sacrifice, and collective purpose. “We must choose hope over despair, unity over division, and nation-building over narrow interests,” he said.
The President also assured the international community and investors that Nigeria remains committed to democratic stability, economic reform, responsible governance, and mutually beneficial partnerships. He urged citizens not to lose faith in the country, expressing confidence that Nigeria will emerge from its present challenges stronger and more prosperous. “Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide. Let us continue to believe in the promise of our nation,” President Tinubu added.
