President Bola Tinubu on Friday declared that Nigeria had begun to recover from years of economic strain, stating that difficult reforms introduced by his administration since May 2023 had started yielding results across critical sectors of the economy.
In a nationwide address to mark the third anniversary of his administration, the President said the country faced severe fiscal and structural problems when he assumed office, including fuel subsidy payments, foreign exchange distortions, mounting debt obligations, insecurity, weak public confidence and pressure on public finances.
Tinubu said the government took difficult but necessary decisions to prevent the country from slipping into deeper economic turmoil, noting that Nigeria would have faced “fiscal breakdown, worsening poverty, and severe economic uncertainty” if urgent action had not been taken.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” he said, adding that the country also lost more than ₦8 trillion to rent-seeking and speculative practices linked to multiple exchange-rate windows.
The President admitted that the reforms triggered hardship for many households and businesses, saying rising living costs placed “enormous pressure on families, workers, and businesses.”
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. Today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he said.
Tinubu added that the nation’s economy had become more competitive and better positioned for sustainable growth, pointing to improvements in public finances, rising investor confidence and gains recorded in the capital market.
He stated that the Nigerian stock market had grown from an All Share Index of 53,000 and market capitalisation of ₦30 trillion in 2023 to an All Share Index of 250,000 and market capitalisation of ₦160 trillion in 2026.
The President also highlighted ongoing infrastructure projects across the federation, saying over 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation.
Among the projects listed were the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
Tinubu said rail modernisation projects were also progressing to strengthen connectivity and economic integration nationwide.
On the oil and gas sector, he disclosed that reforms introduced by the administration had attracted fresh investments from international oil firms, while the $5 billion NLNG Train 7 project was nearing completion.
He added that increased domestic refining capacity and gas utilisation were helping Nigeria cut dependence on imported petroleum products and preserve foreign exchange.
The President said his administration was also addressing long-standing challenges in the power sector through transmission expansion, renewable energy investments and efforts to strengthen the national grid.
“When power improves, businesses expand, industries grow, jobs are created, and families prosper,” he said.
Tinubu further stated that government interventions in agriculture had supported millions of farmers through improved seedlings, fertilisers, mechanisation and irrigation.
He disclosed that the Nigerian Education Loan Fund had provided access to higher education for over 1.5 million students, with more than ₦282 billion disbursed under the scheme.
On housing, the President said the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering over 10,000 housing units in 14 states and the Federal Capital Territory.
He stated that the projects had generated more than 300,000 jobs, while major housing developments in Abuja, Lagos and Kano were making progress.
Tinubu also spoke on healthcare, telecommunications and youth empowerment, saying the government was revitalising primary healthcare centres, widening health insurance coverage and expanding digital access nationwide.
“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,” Tinubu declared.
The President maintained that security operations against terrorists, kidnappers, bandits and oil thieves had intensified, with some communities and highways becoming safer.
“We will not relent until every Nigerian can live, work, travel, and dream in safety,” he assured.
Tinubu said his administration had not solved every national problem but insisted that the “foundation for recovery has been laid.”
He urged Nigerians to remain hopeful and united, stressing that nation-building required sacrifice, discipline and collective effort.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” the President said.
He also appealed to citizens to continue supporting the government’s reform agenda, expressing confidence that Nigeria would emerge stronger, fairer, more united, and more prosperous than ever before.