…President Marks Third Anniversary, Tells Nigerians the Work Ahead is Enormous
By Jeremy Fregene
President Bola Ahmed Tinubu on Friday declared that Nigeria had turned the corner after years of economic instability, insisting that the painful reforms introduced by his administration were already laying the foundation for national recovery, investor confidence, and sustainable growth.
In a nationwide address to mark the third anniversary of his administration on May 29, Tinubu said his government inherited a nation weighed down by crippling fuel subsidies, mounting debt, forex distortions, insecurity, and declining public confidence, but chose “reform over ruin” to prevent economic collapse.
The President acknowledged the hardship experienced by millions of Nigerians following the removal of fuel subsidies and unification of the foreign exchange system, but maintained that the difficult decisions were necessary to rescue the country from fiscal breakdown.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” Tinubu said, adding that the country also lost more than ₦8 trillion in three years to forex arbitrage and speculative practices under the multiple exchange-rate system.
According to him, three years after the reforms commenced, visible signs of recovery are beginning to emerge across critical sectors of the economy. He pointed to improved public finances, rising investor confidence, booming capital markets, and renewed infrastructure development as evidence that the nation was moving in the right direction.
Tinubu revealed that the Nigerian stock market had witnessed unprecedented growth, with the All Share Index rising from 53,000 points in 2023 to 250,000 in 2026, while market capitalisation surged from ₦30 trillion to ₦160 trillion.
The President also highlighted major infrastructure projects currently underway across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road, describing them as catalysts for economic integration, regional trade, and job creation.
In the oil and gas sector, Tinubu said reforms introduced by his administration had attracted billions of dollars in fresh investments, while projects such as the NLNG Train 7 and expanding local refining capacity were helping to improve energy security and conserve foreign exchange.
He further disclosed that the government was investing heavily in power infrastructure, renewable energy, agriculture, housing, healthcare, telecommunications, and youth empowerment to drive industrial growth and improve living standards.
On education, the President said more than 1.5 million students had benefited from the Nigerian Education Loan Fund, with over ₦282 billion already disbursed to support access to higher education.
Tinubu also assured Nigerians that his administration remained committed to tackling insecurity, noting that security agencies had intensified operations against terrorists, kidnappers, bandits, and oil thieves across the country.
While admitting that challenges still persist, the President urged Nigerians not to lose faith in the country, insisting that the foundations for lasting recovery and prosperity had been firmly laid.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” he said.
Calling for unity, resilience, and patience, Tinubu urged citizens to reject division and cynicism and continue supporting the government’s reform agenda.
“History tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before,” the President declared.