President Bola Ahmed Tinubu has assured Nigerians that the country is gradually overcoming its economic and structural challenges, declaring that the difficult reforms introduced by his administration were necessary to prevent national collapse and place the nation on the path of recovery.
Speaking in a nationwide address on Thursday to mark the third anniversary of his administration, President Tinubu acknowledged the economic hardship experienced by citizens but insisted that the sacrifices made by Nigerians were beginning to yield positive results.
According to the President, his administration inherited a troubled economy burdened by unsustainable fuel subsidies, exchange rate distortions, rising debt-servicing costs, insecurity, declining revenues, and weak public confidence in state institutions.
“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 said.
He explained that his government had to make “difficult but necessary decisions” to stabilise the economy and avoid fiscal breakdown, noting that the administration chose “reform over ruin and decisiveness over hesitation.”
The President admitted that the removal of fuel subsidy and foreign exchange reforms triggered a rise in the cost of living, placing pressure on households and businesses across the country.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he stated.
Highlighting achievements recorded in the past three years, Tinubu said Nigeria’s economy is now more competitive and better positioned for sustainable growth, with improved public finances and growing investor confidence.
He revealed that the Nigerian stock market had witnessed significant growth, with the All Share Index rising from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
The President also pointed to major infrastructure projects currently underway across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
According to him, over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation nationwide.
In the oil and gas sector, Tinubu said reforms introduced by his administration had attracted billions of dollars in new investments, while the $5 billion NLNG Train 7 project was nearing completion.
He added that domestic refining capacity had improved significantly through operational large-scale and modular refineries, reducing Nigeria’s dependence on imported petroleum products.
On electricity supply, the President said the government was investing heavily in transmission infrastructure, renewable energy, and strengthening the national grid.
“No modern economy can grow in darkness,” Tinubu declared, adding that improved power supply would support industries, businesses, and job creation.
The President further highlighted interventions in agriculture, housing, education, healthcare, and telecommunications.
He disclosed that the Nigerian Education Loan Fund had provided over 1.5 million students access to higher education through the disbursement of more than ₦282 billion in student loans.
Tinubu also said the Renewed Hope Housing Programme and Federal Housing Authority projects were delivering over 10,000 housing units across 14 states and the Federal Capital Territory, creating more than 300,000 jobs.
Addressing young Nigerians, the President said his administration remained committed to investing in digital skills, innovation, entrepreneurship, and enterprise development.
“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 said.
On security, Tinubu stated that security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal networks, while investments in intelligence, surveillance, and logistics were being strengthened.
While acknowledging that challenges still remain, the President expressed optimism about Nigeria’s future and urged citizens to remain united and hopeful.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” he said.
Tinubu called on Nigerians to reject division and cynicism, stressing that national progress would require unity, discipline, resilience, and collective sacrifice.
“Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide,” the President added.