President Bola Tinubu has defended the sweeping economic reforms introduced since assuming office on May 29, 2023, arguing that the difficult decisions taken by his administration have helped place Nigeria on an economic recovery path after years of structural and fiscal challenges.
In a nationwide address marking the third anniversary of his administration, Tinubu acknowledged the sacrifices Nigerians have endured but maintained that the reforms were necessary to prevent a deeper economic crisis and lay the foundation for long-term growth.
The President said he inherited an economy burdened by unsustainable fuel subsidies, exchange rate distortions, mounting debt-servicing obligations, declining revenues, energy shortages, insecurity and weakened public confidence in government institutions.
According to the President, one of the most difficult decisions his administration made was ending the fuel subsidy regime, which he described as financially unsustainable. Tinubu disclosed that at the peak of the subsidy programme, Nigeria was spending as much as ₦18.4 billion daily to maintain petrol subsidies.
He said government expenditure on subsidies exceeded ₦4 trillion in 2022 alone. According to him, such resources could have been redirected towards critical sectors including healthcare, education, road construction, housing and other infrastructure projects.
The President also highlighted problems within the foreign exchange market, noting that multiple exchange-rate windows and arbitrage opportunities created significant distortions in the economy. He stated that Nigeria lost more than ₦8 trillion over three years to speculative activities and rent-seeking practices.
“The situation demanded urgent and courageous action,” Tinubu said.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.”
While defending the reforms, the President admitted that many Nigerians experienced hardship as a result of the policy changes. He said rising living costs placed considerable pressure on households, workers and businesses, while many young people struggled with limited employment opportunities.
“These decisions came with sacrifice,” Tinubu said.
“The rising cost of living triggered by our measures placed enormous pressure on families, workers and businesses.” He, however, assured Nigerians that their sacrifices would not be wasted.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain.” According to him, the country has now reached a stage where the benefits of reforms are beginning to emerge, placing Nigeria on an economic recovery path.
Tinubu pointed to developments in the capital market as evidence of improving investor confidence. According to him, the Nigerian stock market recorded substantial growth during the past three years. The President said the All Share Index increased from approximately 53,000 points in 2023 to 250,000 points in 2026.
He also noted that market capitalisation expanded from ₦30 trillion to ₦160 trillion within the same period. Tinubu stated that several companies are now reporting record profits and paying stronger dividends to shareholders.
“Our economy is now more competitive and better positioned for sustainable growth than it was in 2023,” he said.
The President said infrastructure development remains a major component of his administration’s agenda. He disclosed that more than 2,700 kilometres of highways and major roads are currently under construction, rehabilitation or reconstruction nationwide.
Among the flagship projects highlighted were:
- Lagos-Calabar Coastal Highway
- Sokoto-Badagry Super Highway
- Abuja-Kaduna-Zaria-Kano Road
- East-West Road
- Rural access road projects
According to him, several sections of these projects have either been completed or are nearing completion.
He said the projects are helping to improve transportation, reduce travel time, stimulate regional trade and create employment opportunities. Tinubu also stated that rail modernisation projects are progressing to strengthen connectivity and logistics across the country.
The President said reforms in the oil and gas sector have attracted fresh investment commitments from international energy companies. He cited the $5 billion NLNG Train 7 project as one of the major developments nearing completion.
According to him, domestic gas utilisation is expanding while increased local refining capacity is helping reduce dependence on imported petroleum products. Tinubu said operational modular refineries and large-scale refining projects are strengthening energy security and conserving foreign exchange.
On electricity, he acknowledged longstanding challenges caused by debt, underinvestment and inadequate infrastructure. The President said his administration is addressing legacy obligations, expanding transmission infrastructure, investing in renewable energy and strengthening the national grid.
“No modern economy can grow in darkness,” he said.
Tinubu highlighted several intervention programmes introduced by his administration. He said agricultural initiatives have supported millions of farmers through improved seedlings, fertiliser distribution, mechanisation support, irrigation projects and expanded access to markets and finance.
The President also pointed to the Nigerian Education Loan Fund, stating that more than 1.5 million students have benefited from access to higher education financing. According to him, over ₦282 billion has been disbursed through the programme.
In housing, Tinubu said the Renewed Hope Housing Programme and projects implemented by the Federal Housing Authority are delivering more than 10,000 housing units across 14 states and the Federal Capital Territory.
He added that the initiative has created over 300,000 jobs. Major Renewed Hope Cities in Abuja, Lagos and Kano are also progressing.
The President further noted that the government’s consumer credit initiative, CREDICORP, is expanding economic opportunities for workers and households. In healthcare, he said thousands of primary healthcare centres are undergoing revitalisation while health insurance coverage is being expanded for vulnerable citizens.
Tinubu said the telecommunications sector, which faced operational and investment challenges before 2023, is gradually regaining investor confidence.
According to him, telecom operators are expanding networks, increasing infrastructure investments, recruiting Nigerian talent and widening digital access. The President also addressed young Nigerians directly, describing them as critical to the country’s future.
“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. He noted that government investments in digital skills, technical education, innovation, enterprise development and student financing are designed to strengthen youth participation in the economy.
Despite highlighting economic gains, Tinubu acknowledged that insecurity remains one of the country’s most pressing challenges. He said security agencies have intensified operations against terrorists, kidnappers, bandits, oil thieves and organised criminal networks.
According to him, investments are being made in intelligence gathering, surveillance systems, logistics, technology and inter-agency cooperation. The President pledged that government would continue efforts to ensure Nigerians can live, travel and work safely.
Tinubu concluded his address by urging Nigerians to remain united and optimistic despite current challenges. He called on citizens to choose hope over despair and national development over division.
“Our diversity is a source of strength,” he said. “Whether Christian or Muslim, North or South, urban or rural, we rise or fall together as one nation under God.”
The President said signs of progress are becoming increasingly visible across agriculture, infrastructure, technology, manufacturing, energy and industry, reinforcing his belief that Nigeria is firmly on an economic recovery path. While acknowledging that significant challenges remain, he expressed confidence that the country would emerge stronger, more united and more prosperous in the years ahead.
