President Bola Ahmed Tinubu has assured Nigerians that the economic hardships experienced since the beginning of his administration were necessary sacrifices aimed at rescuing the country from financial collapse.
In a nationwide address marking the third anniversary of his government on May 29, 2026, the president said Nigeria’s economy has now stabilised and is gradually moving toward recovery and sustainable growth.
Tinubu acknowledged the severe impact of major policy decisions introduced shortly after he assumed office in 2023, particularly the removal of petrol subsidy and the floating of the naira. According to him, although the reforms increased the cost of living and placed pressure on households and businesses, they were unavoidable steps needed to prevent deeper economic crisis.
The president explained that before the reforms, Nigeria spent huge amounts on fuel subsidies and suffered massive losses through multiple foreign exchange windows and speculative practices.
“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 situation demanded “urgent and courageous action.”
Tinubu maintained that the difficult choices were beginning to yield positive results, noting improvements in public finances, rising investor confidence, and growth in infrastructure development across the country.
He highlighted the performance of the Nigerian stock market, stating that the All Share Index had risen from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
The president also pointed to ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road, saying over 2,700 kilometres of roads are currently under construction or rehabilitation nationwide.
In the oil and gas sector, Tinubu said reforms had attracted fresh investments and boosted local refining capacity, reducing dependence on imported petroleum products.
He further disclosed that the Nigerian Education Loan Fund (NELFUND) has disbursed more than ₦282 billion to support over 1.5 million students across the country.
On housing, the president said the Renewed Hope Housing Programme and projects by the Federal Housing Authority are delivering over 10,000 housing units in 14 states and the Federal Capital Territory.
Tinubu also spoke on security, youth empowerment, healthcare, telecommunications, and digital transformation, insisting that his administration remains committed to improving the welfare of Nigerians and restoring confidence in the nation’s future.
While admitting that challenges still exist, the president urged citizens to remain hopeful and united, stressing that the foundation for national recovery has already been 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,” Tinubu said.
He called on Nigerians to continue supporting his administration’s reform agenda, expressing confidence that the country would emerge stronger, more prosperous, and more united.
