Bola Ahmed Tinubu on Friday marked his third year in office by defending key economic reforms introduced by his administration, including the removal of fuel subsidy and the unification of Nigeria’s exchange rate system.
In a nationwide statement released to commemorate his administration’s anniversary, Tinubu said Nigeria was facing serious economic and structural challenges when he assumed office in 2023.
According to him, huge spending on petrol subsidy, multiple foreign exchange windows, rising debt, insecurity, and declining public confidence threatened the country’s future.
The President explained that Nigeria was spending about ₦18.4 billion daily on fuel subsidy, with over ₦4 trillion spent in 2022 alone.
He also said the multiple exchange rate system encouraged corruption and speculative activities that cost the country more than ₦8 trillion within three years.
Tinubu admitted that the reforms led to hardship and a higher cost of living for many Nigerians, but insisted the decisions were necessary to prevent economic collapse.
He said although the policies were painful, they were aimed at securing long-term economic recovery and stability.
According to him, the Nigerian economy has now become more competitive, while government finances are improving. He noted that investor confidence is growing and pointed to the rise in the Nigerian stock market, which he said moved from about 53,000 points in 2023 to over 250,000 points in 2026.
The President also highlighted ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and the Sokoto-Badagry Super Highway. He said over 2,700 kilometres of roads are currently under construction, rehabilitation, or reconstruction.
Tinubu said reforms in the oil and gas sector have attracted fresh investments, while local refining capacity has improved with the operation of modular refineries and other large-scale projects.
He added that the government is also working to improve electricity supply through investments in power transmission, renewable energy, and the national grid.
On agriculture, the President said millions of farmers have benefited from improved seedlings, fertilisers, mechanisation, irrigation, and access to funding.
He also stated that the Nigerian Education Loan Fund has supported more than 1.5 million students with over ₦282 billion in loans.
The President further said the Renewed Hope Housing Programme is delivering more than 10,000 housing units across several states and the Federal Capital Territory, while creating jobs for Nigerians.
Speaking on security, Tinubu acknowledged that insecurity remains a major concern but said security agencies have intensified operations against terrorists, bandits, kidnappers, and oil thieves.
He assured Nigerians that his administration would continue investing in intelligence, surveillance, logistics, and security technology to improve safety nationwide.
Addressing Nigerian youths, Tinubu described them as the “engine of Nigeria’s future” and promised continued investment in digital skills, innovation, entrepreneurship, technical education, and job creation.
He urged Nigerians to remain hopeful and united, stressing that national development requires sacrifice, resilience, and collective effort.
Tinubu said his administration has laid the foundation for recovery and promised to ensure that the benefits of the reforms are felt more directly in the daily lives of citizens.
The President concluded by calling on Nigerians to reject division and continue believing in the country’s future, expressing confidence that Nigeria would emerge stronger, more united, and more prosperous.
