President Bola Ahmed Tinubu has declared that Nigeria is gradually recovering from years of economic and structural challenges, insisting that the tough reforms introduced by his administration were necessary to save the country from deeper crisis.
Tinubu made this known on Friday during his nationwide address to commemorate the third anniversary of his administration.
The President, who assumed office on May 29, 2023, admitted that Nigerians had endured severe hardship following major economic reforms introduced by his government, including the removal of fuel subsidy and foreign exchange reforms.
According to him, the decisions were difficult but unavoidable, as Nigeria was facing mounting debt, declining revenue, rising insecurity, unstable exchange rates, and energy challenges when he took over power.
Tinubu stated that before the removal of subsidy, Nigeria spent about ₦18.4 billion daily to sustain petrol subsidy payments, while over ₦4 trillion was spent in 2022 alone. He noted that the subsidy regime and multiple exchange rate system created massive distortions that weakened the economy.
He explained that his administration chose “reform over ruin” in order to prevent fiscal collapse and secure the country’s future.
The President acknowledged that the reforms triggered a sharp rise in the cost of living and placed pressure on families, businesses, and young job seekers across the country.
However, he assured Nigerians that their sacrifices were beginning to produce positive results, adding that the economy had started showing signs of recovery and stability.
Tinubu said public finances had improved, while states and local governments now had more resources to invest in development projects. He also pointed to growing investor confidence and improvements in the Nigerian stock market.
Highlighting achievements in infrastructure, the President revealed that over 2,700 kilometres of roads and highways were currently under construction or rehabilitation nationwide. He listed major projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and East-West Road.
He further disclosed that rail modernisation projects were ongoing to improve transportation and economic activities across the country.
In the oil and gas sector, Tinubu said reforms introduced by his administration had attracted fresh investments, while projects such as the NLNG Train 7 were nearing completion.
He added that Nigeria’s local refining capacity had improved through operational modular and large-scale refineries, helping to reduce dependence on imported petroleum products.
On electricity, Tinubu said the government was investing in transmission infrastructure, renewable energy, and national grid expansion to improve power supply and support industrial growth.
The President also highlighted interventions in agriculture, education, housing, healthcare, and telecommunications.
According to him, millions of farmers had benefited from government support programmes, while over 1.5 million students had accessed loans through the Nigerian Education Loan Fund.
Tinubu further stated that the Renewed Hope Housing Programme was delivering thousands of housing units across several states, while healthcare centres were being revitalised nationwide.
Speaking directly to Nigerian youths, the President said his administration remained committed to expanding opportunities in technology, innovation, agriculture, manufacturing, sports, and entrepreneurship.
On insecurity, Tinubu said security agencies had intensified operations against terrorists, kidnappers, bandits, and oil thieves. He maintained that progress was being made despite lingering challenges.
The President urged Nigerians to remain united and hopeful, stressing that national development required sacrifice, resilience, and collective effort.
He added that Nigeria was gradually regaining international confidence through reforms in infrastructure, power, agriculture, manufacturing, and technology.
Tinubu concluded by expressing optimism that Nigeria would emerge stronger and more prosperous, urging citizens to continue believing in the country’s future.
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