President Bola Tinubu has said the economic reforms introduced by his administration saved Nigeria from a possible economic collapse, insisting that the sacrifices made by Nigerians were necessary for the country’s recovery.
Tinubu stated this on Friday in a message to commemorate his third anniversary in office.
The President said his administration stopped what he described as a daily loss of N18.4 billion spent on fuel subsidy and over N8 trillion lost to foreign exchange arbitrage.
According to him, the reforms were difficult but necessary to stabilise the economy and prevent a deeper national crisis.
“I remain deeply conscious of those sacrifices, and I assure you that they have not been in vain. Today, Nigeria has stabilised and is moving forward again,” Tinubu said.
He noted that when his administration assumed office in 2023, the country was faced with economic challenges including rising debt servicing costs, multiple exchange rate windows, declining revenues, insecurity and energy supply problems.
“At the height of the subsidy regime, Nigeria was spending as much as N18.4 billion daily on petrol subsidy. Multiple exchange rate windows also created massive distortions that led to losses running into trillions of naira,” he added.
Tinubu maintained that refusing to implement the reforms would have pushed Nigeria into deeper economic hardship.
“The easy choices would have been politically convenient, but leadership demands courage. We chose reform over ruin and long-term recovery over short-term comfort,” he stated.
The President admitted that the reforms triggered a rise in the cost of living and placed pressure on families and businesses across the country.
However, he said there were signs of economic recovery, citing improvements in public finances and increased investor confidence.
Tinubu disclosed that the Nigerian stock market had recorded significant growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
On infrastructure, the President said over 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation across the country.
He listed some of the projects to include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
Tinubu also said reforms in the oil and gas sector had attracted fresh investments, while the $5 billion NLNG Train 7 project was nearing completion.
In the education sector, he said the Nigerian Education Loan Fund had provided financial support to over 1.5 million students with more than N282 billion disbursed.
The President further disclosed that over 10,000 housing units were being developed across 14 states and the Federal Capital Territory under the Renewed Hope Housing Programme.
Speaking on security, Tinubu said security agencies had intensified operations against terrorists, bandits, kidnappers and oil thieves across the country.
“While challenges remain, many communities and highways are becoming safer and more economically active,” he said.
Tinubu added that although his administration had not solved all the country’s problems, the foundation for economic recovery had been laid.
“We are not yet where we want to be, but the signs of recovery are becoming clearer across key sectors of the economy,” he added.
