By Law Ibitoye
President Bola Ahmed Tinubu has assured Nigerians that the hardships and sacrifices occasioned by his administration’s sweeping economic reforms over the last three years were not in vain, insisting that the country has now stabilised and is gradually returning to the path of sustainable growth.
In a nationwide statement commemorating his third anniversary in office on May 29, 2026, Tinubu said the difficult decisions taken by his administration since assuming office in 2023 were necessary to avert fiscal collapse and restore confidence in the Nigerian economy.
The President disclosed that the removal of fuel subsidy alone halted what he described as a daily financial haemorrhage of N18.4 billion, while reforms in the foreign exchange market blocked over N8 trillion previously lost to arbitrage and speculative practices.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. And today, I can say with confidence that Nigeria has stabilised and is moving forward again,” Tinubu declared.
According to him, his administration inherited a nation grappling with severe economic and structural challenges, including mounting fiscal pressures, unsustainable subsidies, exchange rate distortions, declining revenues, rising debt-servicing costs, insecurity and energy supply constraints.
“At the height of the subsidy regime, Nigeria was spending as much as N18.4bn daily to sustain petrol subsidies, over the N4tn in 2022 alone, resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure,” he stated.
He added that multiple exchange rate windows encouraged corruption and rent-seeking, resulting in losses exceeding N8 trillion over three years.
Tinubu said the government was confronted with the choice between politically convenient inaction and bold reforms aimed at saving the nation from deeper economic turmoil. “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 easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” the President stated.
He argued that refusing to implement the reforms would have pushed Nigeria into fiscal breakdown, worsening poverty and prolonged uncertainty.
“Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort,” he added.
While acknowledging the severe impact of the reforms on citizens, Tinubu admitted that the rising cost of living had placed enormous pressure on households, workers and businesses across the country.
“These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses.
“Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future,” he said.
Despite the pains associated with the reforms, the President maintained that there were growing signs of economic recovery and renewed investor confidence.
He noted that the Nigerian stock market had witnessed unprecedented growth under his administration, with the All Share Index rising from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from N30 trillion to N160 trillion.“Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. “Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing,” Tinubu stated.
On infrastructure development, the President said his administration currently has more roads under construction, reconstruction and rehabilitation simultaneously than any previous government.
He listed major ongoing projects to include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road and several rural access roads across the country. According to him, over 2,700 kilometres of highways and major roads are currently being developed to improve transportation, regional trade and job creation.
Tinubu also highlighted progress in the rail sector, saying modernisation projects were ongoing to strengthen connectivity and economic integration nationwide.In the oil and gas sector, the President said government reforms had reversed years of declining investor confidence, attracting billions of dollars in fresh investments from international oil companies.
He disclosed that the long-delayed $5 billion Nigeria LNG Train 7 project was nearing completion, while domestic gas utilisation and local refining capacity had improved significantly.
“The reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country.
“Domestic gas utilisation is expanding. Local refining capacity has improved our energy security,” he said.
On education, Tinubu stated that the Nigerian Education Loan Fund had enabled over 1.5 million students to access tertiary education through the disbursement of more than N282 billion in loans.
“The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than N282bn to ensure that no willing student is denied access due to financial hardship,” he said.
The President further disclosed that the Renewed Hope Housing Programme and the Federal Housing Authority were currently delivering over 10,000 housing units across 14 states and the Federal Capital Territory, creating more than 300,000 jobs.
He noted that major housing projects were underway in Abuja, Lagos and Kano.
Tinubu also praised the impact of the CREDICORP consumer credit initiative, saying it was expanding economic opportunities for workers and families, while healthcare reforms were helping to revitalise primary healthcare centres and expand health insurance coverage.
Speaking on electricity, the President acknowledged longstanding challenges in the power sector but assured Nigerians that his administration was aggressively tackling the problems through investments in transmission infrastructure, renewable energy and national grid improvements.
“For years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth.
“Today, we are confronting those challenges directly,” he said.
Tinubu also identified the gradual recovery of the telecommunications sector as one of the less celebrated achievements of his administration.
According to him, telecom operators were once again investing in infrastructure, expanding networks and recruiting Nigerian professionals after years of declining confidence.
On security, the President admitted that challenges remained but insisted that intensified military and security operations were yielding positive results in many parts of the country.
“Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks.
“While challenges remain, many communities and highways are becoming safer and more economically active,” he stated.
He assured Nigerians that his administration would not relent until every citizen could live, work and travel safely.
Describing his third anniversary as a milestone rather than a moment of completion, Tinubu admitted that the country still faced numerous challenges but maintained that the foundation for recovery had been firmly established.
“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 stated.
The President called on Nigerians to remain united, patient and optimistic, urging citizens to reject cynicism and division.
“History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose,” he said.
Tinubu expressed confidence that Nigeria’s global image was improving, insisting that signs of recovery were becoming increasingly visible across agriculture, infrastructure, manufacturing, power and technology sectors.
“Today, the world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise,” the President added.
Credit – Punch
