President Bola Tinubu says Nigeria is gradually recovering from years of economic and structural challenges, declaring that the difficult reforms introduced by his administration were necessary to prevent fiscal collapse and place the country on the path of sustainable growth.
In a nationwide address to commemorate the third anniversary of his administration on Friday, President Tinubu for the umpteenth time acknowledged the hardship faced by Nigerians following the removal of fuel subsidy and foreign exchange reforms, but maintained that the sacrifices made by citizens were beginning to yield results.
The President said when his administration took office in 2023, the country was confronted with mounting fiscal pressures, rising debt servicing costs, exchange rate distortions, insecurity, declining revenues and energy supply challenges that threatened national stability.
According to him, Nigeria was spending about ₦18.4 billion daily on petrol subsidy payments, amounting to more than ₦4 trillion in 2022 alone, while multiple exchange rate windows encouraged arbitrage and speculative practices that cost the country over ₦8 trillion within three years.
President Tinubu said the government chose “reform over ruin” by implementing difficult economic measures aimed at stabilising the economy and preventing deeper national crisis.
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He admitted that the reforms triggered a sharp rise in the cost of living, placing pressure on families, workers and businesses, but assured Nigerians that the country had now stabilised and was moving forward.
Highlighting achievements of his administration, the President said investor confidence had improved significantly, with the Nigerian stock market recording major growth in market capitalisation and the All Share Index since 2023.
He also pointed to ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road, noting that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation.
The President further disclosed that rail modernisation projects were ongoing to strengthen connectivity and economic integration nationwide.
In the oil and gas sector, President Tinubu said reforms introduced by the administration had attracted fresh investments from international oil companies, while projects such as the NLNG Train 7 were nearing completion to boost gas production and exports.
He added that the expansion of local refining capacity and modular refineries was helping Nigeria reduce dependence on imported petroleum products and conserve foreign exchange.
On electricity supply, the President said his administration was addressing longstanding challenges in the power sector through investments in transmission infrastructure, renewable energy and national grid expansion.
President Tinubu also highlighted interventions in agriculture, education, healthcare and housing, noting that millions of farmers had benefited from improved access to seedlings, fertilisers, mechanisation and financing.
He revealed that the Nigerian Education Loan Fund had provided over 1.5 million students with access to higher education through the disbursement of more than ₦282 billion.
The President said the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the FCT, while creating hundreds of thousands of jobs.
On security, President Tinubu said the Armed Forces and security agencies had intensified operations against terrorists, bandits, kidnappers and oil thieves, adding that many communities and highways were becoming safer despite persisting challenges.
He assured Nigerians that the government would continue investing in intelligence, surveillance, logistics and inter-agency coordination to strengthen national security.
Calling for unity and collective national purpose, the President urged Nigerians to remain hopeful and reject division and cynicism.
President Tinubu said
although the country had not solved all its problems, the foundation for recovery had been laid, expressing optimism that Nigeria would emerge stronger, more united and prosperous.
(Editor: Terverr Tyav)
