President Bola Tinubu has marked the third anniversary of his administration with a wide‑ranging message to Nigerians, defending the tough economic reforms introduced since 2023 and outlining what he described as visible progress across key sectors.
In a statement posted on his official page on May 29, Tinubu acknowledged the sacrifices made by citizens following the removal of fuel subsidies and the unification of exchange rates.
He said the measures were necessary to avert fiscal collapse and restore stability. “Together, we chose reform over ruin and recovery over hesitation. We chose long‑term national recovery over short‑term comfort,” he declared.
Tinubu noted that Nigeria had been spending as much as ₦18.4 billion daily on petrol subsidies before his administration scrapped the policy. He argued that the resources, amounting to over ₦4 trillion in 2022 alone, could now be redirected to infrastructure, healthcare, education, and housing.
He also pointed to losses of more than ₦8 trillion over three years due to multiple exchange rate windows and forex arbitrage.
Three years later, Tinubu said the economy was stabilising, with investor confidence returning and the stock market recording unprecedented growth. He cited figures showing the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, and market capitalisation climbing from ₦30 trillion to ₦160 trillion. “Companies are declaring record profits and dividends,” he added.
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The President highlighted ongoing infrastructure projects, including over 2,700 kilometres of highways under construction or rehabilitation, such as the Lagos‑Calabar Coastal Highway, the Sokoto‑Badagry Super Highway, and the Abuja‑Kaduna‑Zaria‑Kano Road.
He said rail modernisation projects were advancing, while reforms in the oil and gas sector had attracted billions of dollars in fresh investment, including the $5 billion NLNG Train 7 project nearing completion.
On energy, Tinubu said his administration was clearing legacy obligations, expanding transmission infrastructure, and investing in renewable power to strengthen the national grid. “No modern economy can grow in darkness,” he remarked, stressing that improved electricity would expand businesses, create jobs, and lift families.
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He then turned to social programmes. Millions of farmers, he said, had benefited from interventions in seedlings, fertiliser, mechanisation, and irrigation. The Nigerian Education Loan Fund had disbursed more than ₦282 billion to students, while the Renewed Hope Housing Programme was delivering over 10,000 housing units across 14 states and the FCT, creating 300,000 jobs.
Thousands of primary healthcare centres were being revitalised, and insurance coverage was expanding for vulnerable Nigerians.
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On youth and technology, Tinubu said the youths are not a problem to be managed. “You are the engine of Nigeria’s future,” he told young Nigerians, pledging continued investment in digital skills, innovation, and enterprise support.Security also featured prominently.
Tinubu said armed forces and security agencies had intensified efforts against insurgents, kidnappers, oil thieves, and criminal networks.
While acknowledging challenges, he insisted progress was being made and vowed that government would not relent until every Nigerian could live and work in safety.
“My fellow Nigerians, a nation develops when its people can see and touch progress,” Tinubu said, pointing to highways, rail projects, and energy investments as evidence of recovery. “We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid.”
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