President Bola Ahmed Tinubu has defended the economic reforms introduced by his administration, declaring that Nigeria has stabilised and is gradually returning to the path of growth and recovery three years after he assumed office.
In a nationwide statement marking the third anniversary of his administration on May 29, 2026, Tinubu acknowledged the economic hardship experienced by Nigerians following the removal of fuel subsidies and foreign exchange reforms but insisted that the difficult decisions were necessary to prevent a deeper national crisis.
According to the president, Nigeria inherited severe fiscal and structural challenges in 2023, including mounting debt pressures, declining revenues, insecurity, foreign exchange distortions, energy constraints, and declining public confidence in institutions.
Tinubu said the former fuel subsidy regime had become unsustainable, noting that Nigeria spent as much as ₦18.4 billion daily on petrol subsidies, amounting to over ₦4 trillion in 2022 alone.
He also stated that multiple exchange-rate systems and foreign exchange arbitrage resulted in losses exceeding ₦8 trillion over three years through speculative practices and rent-seeking.
“The situation demanded urgent and courageous action,” the president said, adding that the government chose “reform over ruin and decisiveness over hesitation.”
While acknowledging the rising cost of living and economic pressure on households and businesses, Tinubu assured Nigerians that their sacrifices were beginning to yield results.
“I can say with confidence that Nigeria has stabilised and is moving forward again,” he stated.
Economy, Infrastructure and Investment
The president said the Nigerian economy is now more competitive and better positioned for sustainable growth than it was in 2023.
He pointed to improvements in public finances, increased revenues to state and local governments, and rising investor confidence as indicators of progress.
Tinubu also highlighted gains in the capital market, noting that the Nigerian Stock Exchange All Share Index rose from about 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
According to him, several critical infrastructure projects are progressing nationwide, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
He disclosed that more than 2,700 kilometres of roads are currently under construction, reconstruction or rehabilitation across the country.
Tinubu added that rail modernisation projects are also ongoing to improve logistics and economic integration nationwide.
Oil, Gas and Power Sector Reforms
In the oil and gas sector, the president said reforms implemented by his administration had attracted billions of dollars in fresh investment from international oil companies.
He cited progress on the $5 billion NLNG Train 7 project, which he said is nearing completion and expected to boost Nigeria’s liquefied natural gas production and exports.
Tinubu also noted that domestic refining capacity has improved with the operation of modular and large-scale refineries, reducing dependence on imported petroleum products and conserving foreign exchange.
On electricity, the president said his administration is addressing longstanding challenges in the power sector through investment in transmission infrastructure, renewable energy and grid expansion.
“No modern economy can grow in darkness,” he said.
Agriculture, Housing and Education
Tinubu stated that agricultural interventions under his administration have supported millions of farmers through improved seedlings, fertilisers, irrigation, mechanisation and access to finance.
He also disclosed that the Nigerian Education Loan Fund had provided financial support to over 1.5 million students, with more than ₦282 billion disbursed for higher education funding.
The president further said the Renewed Hope Housing Programme and projects by the Federal Housing Authority are delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
According to him, the housing projects have created more than 300,000 jobs.
Security and National Unity
Addressing insecurity, Tinubu said security agencies and the armed forces have intensified operations against terrorists, bandits, kidnappers and oil thieves.
While admitting that challenges remain, he said several communities and highways have become safer and more economically active.
The president reaffirmed his administration’s commitment to improving intelligence gathering, surveillance, logistics and coordination among security agencies.
He also called for national unity, urging Nigerians to reject division and remain committed to nation-building.
“Nigeria belongs to all of us—no region, faith, or group should feel marginalised or forgotten,” he said.
Call for Patience and Optimism
Tinubu urged Nigerians to remain hopeful and continue supporting the administration as it works to ensure that the benefits of ongoing reforms are more directly felt in the lives of ordinary citizens.
He said the government is focusing on lowering food prices, reducing transportation costs through the adoption of compressed natural gas (CNG) and electric vehicles, and creating more jobs and business opportunities.
“The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people,” the president stated.
He concluded by calling on Nigerians to remain united and committed to building a secure, prosperous and inclusive nation.
