By Our Reporter
President Bola Ahmed Tinubu has declared that Nigeria is gradually overcoming its economic and structural challenges, stating that the difficult reforms introduced by his administration over the past three years are beginning to yield positive results across key sectors of the economy.
In a nationwide address on Thursday to mark the third anniversary of his administration, President Tinubu acknowledged the hardships Nigerians have endured since the removal of fuel subsidy and other economic reforms, but insisted that the measures were necessary to prevent a deeper national crisis.
According to the President, his administration inherited severe fiscal pressures, unsustainable fuel subsidy payments, foreign exchange distortions, insecurity, mounting debts, and declining public confidence in institutions.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies — over ₦4 trillion in 2022 alone,” Tinubu said.
He noted that multiple exchange rate windows and foreign exchange arbitrage also led to losses exceeding ₦8 trillion over three years through speculative practices and rent-seeking 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,” the President stated.
Tinubu said despite the temporary hardship caused by the reforms, Nigeria has now stabilised economically and is moving toward sustainable growth.
Highlighting achievements recorded by his administration, the President pointed to improvements in public finances, increased allocations to states and local governments, renewed investor confidence, and significant growth in the capital market.
He disclosed that the Nigerian stock market’s All Share Index rose from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
The President also listed major infrastructure projects currently underway across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural road projects.
According to him, over 2,700 kilometres of highways and major roads are presently under construction, reconstruction, or rehabilitation nationwide.
Tinubu further stated that reforms in the oil and gas sector have attracted fresh investments from international oil companies, while domestic refining capacity has improved Nigeria’s energy security.
He added that the Federal Government is investing heavily in power infrastructure, renewable energy, rail modernisation, agriculture, telecommunications, housing, healthcare, and digital transformation to drive industrial growth and job creation.
On education, the President revealed that the Nigerian Education Loan Fund has supported more than 1.5 million students with over ₦282 billion disbursed for higher education financing.
He also said the Renewed Hope Housing Programme and initiatives by the Federal Housing Authority are delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
Addressing Nigerian youths, Tinubu assured them that his administration remains committed to expanding opportunities in technology, agriculture, manufacturing, sports, entrepreneurship, and the creative industry.
“To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future,” he said.
On security, the President acknowledged that challenges remain but noted that security agencies have intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal networks.
While admitting that the country has not solved all its problems, Tinubu said the foundation for long-term recovery and prosperity has been laid.
“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, hopeful, and committed to nation-building, stressing that Nigeria’s diversity should remain a source of strength rather than division.
He expressed optimism that the country would emerge stronger, more prosperous, and more united in the years ahead.
“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,” Tinubu added.
