By Rhoda Godwin
President Bola Ahmed Tinubu has outlined the achievements of his administration over the past three years, saying Nigeria has stabilised economically and is gradually recovering from years of structural and fiscal challenges.
Speaking during his third anniversary address to the nation on Friday, Tinubu acknowledged the hardship caused by recent economic reforms but maintained that the difficult decisions were necessary to avert a deeper national crisis.
According to the President, his administration inherited severe economic challenges, including mounting fiscal pressures, fuel subsidy costs, exchange-rate distortions, rising debt-servicing obligations, insecurity, and declining public confidence in institutions.
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Tinubu defended the removal of fuel subsidies and exchange-rate reforms, stating that Nigeria had been spending about ₦18.4 billion daily on petrol subsidies, amounting to more than ₦4 trillion in 2022 alone.
He said multiple exchange-rate windows and forex arbitrage had also resulted in losses exceeding ₦8 trillion over three years due to speculative practices and rent-seeking.
“The situation demanded urgent and courageous action,” Tinubu said, stressing that his government chose “reform over ruin and decisiveness over hesitation.”
The President admitted that the reforms triggered a rise in the cost of living and placed pressure on households and businesses but assured Nigerians that their sacrifices were beginning to yield results.
Highlighting economic indicators, Tinubu said Nigeria’s economy had become more competitive and better positioned for sustainable growth. He noted that investor confidence had improved, while the stock market recorded significant growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026 and market capitalisation increasing from ₦30 trillion to ₦160 trillion.
He also pointed to ongoing infrastructure projects, saying over 2,700 kilometres of highways and major roads were currently under construction, reconstruction, or rehabilitation across the country. These include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
Tinubu said rail modernisation efforts were also progressing to improve transportation and strengthen economic integration.
In the oil and gas sector, the President said reforms had attracted fresh investments and improved local refining capacity, reducing Nigeria’s dependence on imported petroleum products and conserving foreign exchange. He added that the NLNG Train 7 project was nearing completion.
On electricity, Tinubu said his administration was addressing long-standing sector challenges by clearing legacy debts, expanding transmission infrastructure, and investing in renewable energy and national grid improvements.
The President further highlighted government interventions in agriculture, education, healthcare, housing, and telecommunications.
He disclosed that the Nigerian Education Loan Fund had supported more than 1.5 million students with over ₦282 billion in loans, while the Renewed Hope Housing Programme and Federal Housing Authority projects were delivering over 10,000 housing units nationwide.
Tinubu also said thousands of primary healthcare centres were being revitalised and that telecom operators were expanding investments to improve digital access and connectivity.
Addressing security, the President said military and security agencies had intensified operations against terrorists, kidnappers, bandits, and oil thieves, leading to improved safety in several communities and highways.
While admitting that Nigeria still faced major challenges, Tinubu insisted that the foundation for national recovery had been laid.
He urged Nigerians to remain united and hopeful, saying national development requires sacrifice, resilience, and collective effort.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” Tinubu said.
The President reaffirmed his administration’s commitment to reducing food and transportation costs, creating jobs, and ensuring that the benefits of reforms reach ordinary Nigerians.
