President Bola Tinubu has assured Nigerians that the hardships experienced since the introduction of his administration’s economic reforms have not been in vain, insisting that the country has now stabilised and is gradually recovering.
In a statement released on Thursday to mark his third year in office, the President disclosed that the reforms introduced by his government saved Nigeria from losing billions daily through fuel subsidy payments and foreign exchange arbitrage.
According to Tinubu, Nigeria was previously losing about ₦18.4 billion every day to petrol subsidy payments, while over ₦8 trillion was lost within three years due to multiple exchange rates and forex speculation.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. Today, I can confidently say that Nigeria has stabilised and is moving forward again,” the President said.
Tinubu explained that when his administration assumed office in 2023, the country faced severe economic and structural challenges, including mounting debt, declining government revenue, rising subsidy costs, exchange rate distortions, insecurity and weakening investor confidence.
He argued that difficult decisions such as fuel subsidy removal and exchange rate reforms were necessary to prevent economic collapse.
“The easy choices would have been politically convenient, but leadership demands courage, especially when the right decisions are difficult,” he stated.
The President acknowledged that the reforms placed heavy pressure on families, businesses and young Nigerians struggling with the rising cost of living, but maintained that the measures were laying the foundation for long-term national recovery.
Tinubu also highlighted what he described as major economic gains recorded under his administration.
According to him, the Nigerian stock market witnessed massive 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.
“Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Investor confidence is returning and companies are declaring record profits,” he said.
On infrastructure, Tinubu disclosed that over 2,700 kilometres of highways and major roads are currently under construction, rehabilitation or reconstruction across the country.
He listed key projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
The President also said reforms in the oil and gas sector had attracted fresh investments from international oil companies, adding that the $5 billion NLNG Train 7 project was nearing completion.
In the education sector, Tinubu revealed that the Nigerian Education Loan Fund had already supported over 1.5 million students with more than ₦282 billion in loans.
He further noted that the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the FCT.
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Speaking on electricity, Tinubu admitted that the power sector still faced major challenges but insisted that his administration was investing heavily in transmission infrastructure, renewable energy and national grid improvements.
On security, the President said military and security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves, noting that many highways and communities were becoming safer.
Tinubu stressed that his administration’s third anniversary should not be seen as the completion of its mission but as an important milestone in Nigeria’s recovery journey.
“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.
The President urged Nigerians to remain united, patient and hopeful, insisting that the country was gradually regaining global confidence across sectors including agriculture, infrastructure, technology, manufacturing and power.
“Let us reject cynicism and division. Let us move forward together, united in purpose and confident in the greatness that lies ahead,” Tinubu added.
