President Bola Ahmed Tinubu on Friday defended the economic reforms implemented by his administration over the past three years, arguing that difficult policy decisions taken since May 2023 have prevented a deeper economic crisis and placed Nigeria on a path to recovery.
In a nationwide address to mark the third anniversary of his administration, Tinubu acknowledged the hardship experienced by many Nigerians following the removal of petrol subsidies and foreign exchange reforms but maintained that the measures were necessary to restore economic stability and improve the country’s long-term prospects.
The President said his administration inherited significant fiscal and structural challenges, including rising debt-servicing costs, declining revenues, foreign exchange distortions, insecurity, energy supply constraints, and what he described as declining public confidence in public institutions.
According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies before the policy was removed, while multiple exchange-rate windows created opportunities for arbitrage and rent-seeking that reportedly cost the country more than ₦8 trillion over three years.
“Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty,” Tinubu said.
The President said although the reforms triggered a sharp rise in the cost of living and placed pressure on households and businesses, the economy has now begun to show signs of recovery.
Tinubu cites economic gains
Highlighting what he described as evidence of progress, Tinubu pointed to improvements in public finances, increased allocations to states and local governments, growing investor confidence, and strong performance in the capital market.
He said the Nigerian stock market has expanded significantly since 2023, with market capitalisation rising from about ₦30 trillion when he assumed office to approximately ₦160 trillion in 2026.
The President also noted that major infrastructure projects are progressing across the country, with more than 2,700 kilometres of highways and strategic roads currently under construction, reconstruction, or rehabilitation.
Among the projects he listed were the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and several rural access roads.
Tinubu added that rail modernisation projects are also advancing as part of efforts to improve transportation, logistics, and economic integration.
Oil, gas and power reforms
The President said reforms in the oil and gas sector have helped attract fresh investments from international oil companies and improved confidence in the industry.
He disclosed that the NLNG Train 7 project is nearing completion and expressed optimism that expanding domestic refining capacity and gas utilisation would strengthen energy security while reducing Nigeria’s dependence on imported petroleum products.
On electricity, Tinubu said the administration is addressing longstanding challenges in the sector through debt resolution, transmission expansion, renewable energy investments, and efforts to strengthen the national grid.
“For years, the power sector suffered from debt, underinvestment and uncertainty. Today, we are confronting those challenges directly,” he said.
Focus on agriculture, housing and education
The President said agricultural interventions introduced by the government have supported millions of farmers through improved access to seedlings, fertilisers, mechanisation, irrigation, financing and markets.
He also highlighted the performance of the Nigerian Education Loan Fund (NELFUND), stating that more than 1.5 million students have benefited from student loans, with over ₦282 billion disbursed so far.
Tinubu further disclosed that the Renewed Hope Housing Programme and projects being implemented by the Federal Housing Authority are expected to deliver more than 10,000 housing units across 14 states and the Federal Capital Territory.
According to him, the programme has already created over 300,000 jobs, while major housing developments in Abuja, Lagos and Kano are progressing.
Telecoms, youth and digital economy
The President said his administration has taken steps to stabilise the telecommunications sector following years of operational challenges and declining investment.
He noted that telecom operators are expanding networks, investing in infrastructure and increasing digital access across the country.
“A connected Nigeria is a more competitive Nigeria,” Tinubu said, describing digital infrastructure as essential for commerce, education, innovation and productivity.
Addressing young Nigerians, the President pledged continued investment in digital skills, technical education, innovation, enterprise development and student financing.
He said government programmes are designed to expand opportunities for young people in technology, agriculture, manufacturing, sports and the creative industries.
Security challenges remain
On security, Tinubu said the Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves and other criminal groups.
While acknowledging that security challenges persist in parts of the country, he argued that many communities and highways have become safer and more economically active due to ongoing operations.
The President said the government would continue investing in intelligence gathering, surveillance technology, logistics and inter-agency coordination to strengthen national security.
Calls for unity and patience
Tinubu admitted that the government has not solved all of Nigeria’s problems but insisted that the foundations for economic recovery have been established.
He said the next phase of governance would focus on ensuring that the benefits of ongoing reforms are more directly felt by ordinary Nigerians through lower food prices, reduced transportation costs, job creation and enterprise growth.
Calling for national unity, the President urged Nigerians to remain hopeful and support efforts aimed at rebuilding the country.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” he said.
Tinubu also reassured investors and the international community of Nigeria’s commitment to democratic stability, economic reforms, responsible governance and mutually beneficial partnerships.
As his administration enters its fourth year, the President expressed confidence that Nigeria would emerge stronger, more prosperous and more united despite current challenges.
“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,” he said.
