President Bola Tinubu has defended the sweeping economic reforms introduced under his administration, saying the difficult policies were necessary to rescue Nigeria from economic collapse and long-standing financial leakages.
In a message released on Thursday to commemorate his third anniversary in office, the President said Nigerians’ sacrifices over the past three years had started yielding positive results, insisting the country was gradually regaining stability.
Tinubu disclosed that the removal of fuel subsidy halted losses estimated at N18.4bn daily, while reforms in the foreign exchange market stopped over N8tn previously lost to forex manipulation and speculative practices.
According to him, the administration inherited severe economic challenges in 2023, including mounting debt obligations, declining revenues, exchange rate distortions, insecurity and widespread distrust in public institutions.
He explained that continuing with the old system would have pushed Nigeria deeper into fiscal crisis and worsening poverty, stressing that his government chose “reform over ruin.”
The President admitted that the policies increased the cost of living and created hardship for many Nigerians, particularly workers, families and unemployed youths. However, he maintained that the reforms were laying the groundwork for long-term recovery and sustainable growth.
Tinubu pointed to improvements in public finances, increased allocations to states and local governments, and renewed investor confidence as signs of progress.
He also highlighted the performance of the Nigerian stock market, noting that the All Share Index rose from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30tn to N160tn.
On infrastructure, the President said over 2,700 kilometres of roads and highways were currently under construction or rehabilitation nationwide. He listed major projects such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and the Abuja-Kaduna-Zaria-Kano Road.
Tinubu further stated that reforms in the oil and gas sector had attracted fresh investments from international oil companies, adding that the $5bn NLNG Train 7 project was nearing completion.
In education, he said the Nigerian Education Loan Fund had provided over 1.5 million students with access to higher education through disbursements exceeding N282bn.
He added that the Renewed Hope Housing Programme and the Federal Housing Authority were delivering more than 10,000 housing units across 14 states and the FCT, while healthcare and consumer credit initiatives were also expanding.
Speaking on power supply, Tinubu acknowledged the deep-rooted problems in the electricity sector but said his administration was addressing legacy debts, improving transmission infrastructure and investing in renewable energy.
He also noted that confidence was gradually returning to the telecommunications sector, with operators expanding services and investing in digital infrastructure.
On security, the President said the military and security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves, adding that several communities and highways were becoming safer.
Tinubu stressed that his administration had not solved every challenge facing the country but insisted that the foundation for economic recovery had been established.
He called on Nigerians to remain patient, united and hopeful, saying the nation’s history showed its ability to overcome hardship and emerge stronger.