President Bola Ahmed Tinubu this Friday declared that Nigeria has emerged from a period of severe economic uncertainty and is now on a path of recovery and growth, as he marked the third anniversary of his administration with a nationwide address.
In his anniversary statement, the President acknowledged the hardships Nigerians have endured since the implementation of major economic reforms, including the removal of fuel subsidies and the unification of foreign exchange rates.
However, he insisted that the difficult measures were necessary to avert a deeper economic crisis and lay the foundation for long-term prosperity.
According to Tinubu, Nigeria faced mounting fiscal pressures, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity, and weakening public confidence when his administration assumed office in 2023.
He revealed that the country had been spending as much as ₦18.4 billion daily on fuel subsidies, amounting to more than ₦4 trillion in 2022 alone, while multiple exchange-rate windows encouraged rent-seeking and speculative practices that reportedly cost the economy over ₦8 trillion in three years.
“The easy choices would have been politically convenient, but leadership demands courage,” the President said, arguing that failure to act would have pushed the country toward fiscal breakdown, worsening poverty, and greater economic instability.
Highlighting the achievements of the past three years, Tinubu said Nigeria’s economy is now more competitive and better positioned for sustainable growth.
He pointed to increased investor confidence, improved public finances, and a significant rise in stock market performance, with market capitalisation reportedly increasing from ₦30 trillion in 2023 to ₦160 trillion in 2026.
The President also highlighted ongoing infrastructure projects across the country, noting that more than 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation. Among the projects he cited were the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
He added that rail modernisation projects are progressing nationwide to improve connectivity and support economic integration.
In the energy sector, Tinubu said reforms had attracted fresh investments into oil and gas, while domestic refining capacity has expanded, reducing dependence on imported petroleum products.
He also pledged continued efforts to improve electricity supply through investments in transmission infrastructure, renewable energy, and grid expansion.
The President further highlighted achievements in agriculture, education, housing, healthcare, telecommunications, and digital innovation. He said agricultural interventions had supported millions of farmers, while the Nigerian Education Loan Fund had provided access to higher education for more than 1.5 million students through disbursements exceeding ₦282 billion.
On housing, Tinubu disclosed that over 10,000 housing units are being delivered across 14 states and the Federal Capital Territory under the Renewed Hope Housing Programme and Federal Housing Authority initiatives, creating more than 300,000 jobs.
Addressing security concerns, the President said the Armed Forces and security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal elements. While acknowledging that challenges remain, he maintained that many communities and highways are becoming safer.
“We will not relent until every Nigerian can live, work, travel, and dream in safety,” he said.
Tinubu also appealed for national unity, urging citizens to remain hopeful and committed to the country’s development regardless of regional, religious, or ethnic differences.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” he said.
Looking ahead, the President promised to focus on reducing food and transportation costs, expanding employment opportunities, and ensuring that the benefits of ongoing reforms are felt more directly by ordinary Nigerians.
He expressed confidence that Nigeria would emerge stronger from its current challenges, describing the country as a nation undergoing a historic test that would ultimately lead to greater prosperity, stability, and inclusion.
“Today, the world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise,” he said.
