Tinubu Marks Third Anniversary, Says Reforms Have Stabilised Nigeria

President Bola Tinubu has declared that Nigeria has stabilised and is moving forward again, three years after his administration took office, even as he acknowledged the painful sacrifices Nigerians have made during the period.

In a nationwide broadcast on the third anniversary of his administration, the President defended the difficult economic reforms his government embarked upon upon assuming office, including the removal of fuel subsidies and the unification of exchange rates.

He disclosed that at the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies, amounting to over ₦4 trillion in 2022 alone. He added that multiple exchange rate windows had created distortions that cost the nation more than ₦8 trillion over three years to rent-seeking and speculative practices.

“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis,” Tinubu said. “Together, we chose reform over ruin and decisiveness over hesitation.”

The President acknowledged that the rising cost of living triggered by those measures placed enormous pressure on families, workers, and businesses, leaving many young people discouraged. However, he assured Nigerians that their sacrifices had not been in vain.

Citing visible progress, Tinubu noted that the stock market has recorded remarkable growth, with the All Share Index rising from 53,000 in 2023 to 250,000, while market capitalisation jumped from N30 trillion to N160 trillion.

He listed ongoing infrastructure projects, including over 2,700 kilometres of highways under construction, the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, and various rail modernisation projects.

In the oil and gas sector, the President said reforms had attracted billions of dollars in fresh investment from international oil companies, with the $5 billion NLNG Train 7 project nearing completion.

On education, Tinubu announced that the Nigerian Education Loan Fund had provided over 1.5 million students with access to higher education, disbursing more than ₦282 billion. The Renewed Hope Housing Programme has delivered over 10,000 housing units across 14 states and the Federal Capital Territory, creating over 300,000 jobs.

Addressing security, the President said the armed forces and security agencies have intensified operations against terrorists, bandits, kidnappers, and criminal networks, making many communities and highways safer.

Tinubu called on Nigerians to choose hope over despair and unity over division, adding that the foundation for recovery had 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,” he said.