Dare Babalola
President Bola Ahmed Tinubu on Friday marked the third anniversary of his administration with a nationwide address highlighting what he described as major economic reforms, infrastructure expansion, and gradual national recovery following difficult policy decisions taken since 2023.
In the anniversary statement, Tinubu acknowledged the hardship Nigerians have endured over the past three years but insisted that his administration’s reforms had prevented a deeper economic crisis and laid the foundation for long-term recovery.
Tinubu said his government inherited severe economic and structural challenges, including mounting fiscal pressures, unsustainable fuel subsidies, foreign exchange distortions, rising debt-servicing costs, insecurity, and declining public confidence in institutions.
According to the president, Nigeria spent as much as ₦18.4 billion daily on petrol subsidies at the peak of the subsidy regime, with over ₦4 trillion spent in 2022 alone. He also said multiple exchange-rate windows and forex arbitrage led to losses exceeding ₦8 trillion over three years through speculative practices and rent-seeking.
Defending his administration’s reforms, Tinubu said difficult decisions such as the removal of fuel subsidy and exchange-rate unification were necessary to prevent fiscal collapse and worsening poverty.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he said.
The president admitted that the reforms triggered a sharp rise in the cost of living, placing pressure on households, workers, and businesses across the country. However, he maintained that the sacrifices made by Nigerians “have not been in vain,” adding that the country had now stabilised and was making visible progress.
On the economy, Tinubu said Nigeria was now more competitive and better positioned for sustainable growth than it was in 2023. He noted that public finances had improved while states and local governments now had more resources for development projects.
He also pointed to gains in the capital market, saying the Nigerian stock market’s All Share Index rose from 53,000 points in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
Tinubu further disclosed that over 2,700 kilometres of highways and major roads were currently under construction, reconstruction, or rehabilitation nationwide. The projects include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads.
According to him, rail modernisation projects are also ongoing to improve connectivity and logistics across the federation.
In the oil and gas sector, the president said reforms introduced by his administration had attracted billions of dollars in fresh investment from international oil companies. He added that the $5 billion NLNG Train 7 project was nearing completion and would boost Nigeria’s LNG production and export capacity.
Tinubu also said local refining capacity had improved through the operation of large-scale domestic and modular refineries, reducing dependence on imported petroleum products and conserving foreign exchange.
On electricity, the president said his administration was addressing long-standing problems in the power sector through transmission expansion, renewable energy investments, and efforts to strengthen the national grid.
“No modern economy can grow in darkness,” he stated.
The president highlighted several intervention programmes in agriculture, education, housing, and healthcare, saying millions of farmers had benefited from improved access to seedlings, fertilisers, mechanisation, irrigation, finance, and markets.
He revealed that the Nigerian Education Loan Fund had provided more than 1.5 million students access to higher education, with over ₦282 billion disbursed so far.
Tinubu also said the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering more than 10,000 housing units across 14 states and the FCT, while creating over 300,000 jobs.
In the health sector, he said thousands of primary healthcare centres were being revitalised, with health insurance coverage expanding for vulnerable Nigerians.
Speaking on telecommunications and digital development, the president said his government had taken steps to stabilise the telecoms sector after years of declining investment and operational pressures.
He said telecom operators were now expanding networks, investing in infrastructure, recruiting Nigerian talent, and widening digital access nationwide.
Addressing Nigerian youths, Tinubu said his administration was investing in digital skills, technical education, innovation, student financing, and entrepreneurship support to create opportunities across technology, agriculture, manufacturing, sports, and the creative industry.
On security, the president said the Armed Forces and other security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal groups.
While acknowledging that security challenges persist, Tinubu said many communities and highways were becoming safer and more economically active due to improved intelligence, logistics, surveillance, and inter-agency collaboration.
“We will not relent until every Nigerian can live, work, travel, and dream in safety,” he said.
Tinubu also said his administration was working to sustain lower food prices, reduce transportation costs through compressed natural gas (CNG) conversion and electric vehicles, and expand opportunities for jobs and enterprise growth.
Calling for national unity and collective sacrifice, the president urged Nigerians to choose “hope over despair” and “unity over division,” stressing that no region, religion, or group should feel excluded from the country’s development.
He reaffirmed Nigeria’s commitment to democratic stability, economic reform, and responsible governance, while assuring the international community and investors that the country remained open to mutually beneficial partnerships.
Reflecting on Nigeria’s history, Tinubu said the country had survived civil war, military dictatorship, and economic hardship, insisting that the “Nigerian spirit remains strong and unbroken.”
“The world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise,” he added.
The president concluded by urging Nigerians to remain patient and united, expressing confidence that the country would emerge “stronger, fairer, more united, and more prosperous than ever before.”
