President Bola Ahmed Tinubu on Friday said his administration’s economic reforms have begun yielding results, insisting that the sacrifices made by Nigerians since he assumed office in 2023 were “not in vain”.
Tinubu stated this in a nationwide address to commemorate the third anniversary of his administration.
The President said Nigeria faced severe economic and structural challenges when he took office, including mounting fiscal pressures, rising debt servicing costs, fuel subsidy payments, foreign exchange distortions, insecurity and declining public confidence in institutions.
According to him, the government was spending as much as N18.4 billion daily on petrol subsidies before the subsidy removal, while multiple exchange-rate windows led to losses running into trillions of naira through arbitrage and speculative activities.
“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,” Tinubu said.
He acknowledged the hardship caused by the reforms, particularly the rising cost of living, pressure on households and businesses, and growing unemployment concerns among young people.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he added.
The President said the economy had become more competitive and positioned for sustainable growth, noting improvements in public finances and increased revenues for states and local governments.
Tinubu also highlighted gains in the capital market, saying the All Share Index rose from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
He listed ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road, adding that over 2,700 kilometres of roads were under construction, rehabilitation or reconstruction.
The President said reforms in the oil and gas sector had attracted fresh investments, while domestic refining capacity was improving energy security and reducing dependence on imported petroleum products.
On electricity supply, Tinubu said his administration was addressing longstanding challenges in the power sector through investments in transmission infrastructure, renewable energy and grid expansion.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he said.
Tinubu also said agricultural interventions had supported millions of farmers with seedlings, fertilisers, irrigation and access to finance.
According to him, the Nigerian Education Loan Fund has provided over 1.5 million students with loans worth more than N282 billion.
He added that the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
Speaking on security, Tinubu said security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves, noting that some communities and highways were becoming safer.
“While challenges remain, progress is being made,” he said.
The President urged Nigerians to remain hopeful and united, stressing that national recovery would require collective sacrifice, discipline and commitment.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” Tinubu said.
He assured Nigerians that his administration would continue efforts to reduce food and transportation costs, create jobs and expand economic opportunities across the country.
Tinubu also reaffirmed Nigeria’s commitment to democratic stability, economic reform and responsible governance, while calling on citizens to keep faith in the country.
“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.
