President Bola Ahmed Tinubu on Thursday declared that Nigeria has begun to recover from years of economic instability and structural decline, assuring citizens that the sacrifices made under his administration’s reforms “have not been in vain.”
In a nationwide address marking the third anniversary of his administration on May 29, 2026, Tinubu said his government inherited a nation battling deep fiscal pressures, subsidy burdens, forex distortions, rising insecurity, and weakening public confidence, but insisted that difficult policy decisions taken since 2023 were necessary to prevent economic collapse.
“Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort,” the President stated.
Tinubu acknowledged the hardship experienced by millions of Nigerians following the removal of fuel subsidies and exchange rate reforms, admitting that rising living costs placed “enormous pressure on families, workers, and businesses.”
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he said.
The President revealed that Nigeria had been spending as much as ₦18.4 billion daily on petrol subsidies before the policy was scrapped, adding that over ₦4 trillion was spent on subsidies in 2022 alone.
According to him, multiple exchange rate windows also enabled widespread forex speculation and arbitrage, costing the country more than ₦8 trillion over three years.
Tinubu said the reforms have started yielding measurable economic gains, pointing to improvements in public finance, investor confidence, and capital market performance.
“The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 trillion this year,” he said.
He also highlighted ongoing infrastructure projects across the country, noting that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation.
Among the flagship projects mentioned were the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads.
“Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs,” Tinubu stated.
On energy and petroleum reforms, the President said Nigeria’s oil and gas sector has witnessed renewed international investor confidence, while local refining capacity has improved national energy security.
“With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange,” he said.
Tinubu also said his administration is investing heavily in the power sector through transmission expansion, renewable energy projects, and efforts to clear legacy debts affecting electricity generation.
“No modern economy can grow in darkness,” he declared.
The President further outlined interventions in agriculture, education, housing, healthcare, and telecommunications.
According to him, millions of farmers have received support through improved seedlings, fertilisers, irrigation, mechanisation, and financing initiatives aimed at reducing food inflation and strengthening agricultural supply chains.
He disclosed that the Nigerian Education Loan Fund has provided financial support to more than 1.5 million students, with over ₦282 billion already disbursed.
Tinubu added that the Renewed Hope Housing Programme and Federal Housing Authority projects are delivering over 10,000 housing units across 14 states and the Federal Capital Territory, while creating over 300,000 jobs.
Speaking directly to young Nigerians, Tinubu said his administration sees youth as “the engine of Nigeria’s future” and promised continued investments in technology, innovation, entrepreneurship, and digital skills development.
“To our young people, I want you to know this nation believes in you. You are not a problem to be managed,” he said.
On security, the President said military and security operations against terrorists, bandits, kidnappers, and oil thieves have intensified across the country.
“While challenges remain, many communities and highways are becoming safer and more economically active,” he noted.
Tinubu, however, admitted that the country still faces serious challenges and said more work remains to ensure ordinary Nigerians fully feel the benefits of the reforms.
“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.
The President called for unity, resilience, and national purpose, urging Nigerians to reject division and remain hopeful about the country’s future.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” he stated.
Concluding the address, Tinubu expressed optimism that Nigeria would emerge stronger despite current difficulties.
“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,” he said.