Tinubu defended tough reforms on his third anniversary, and said Nigeria had escaped fiscal collapse

President Bola Tinubu defended the sweeping economic reforms undertaken since taking office, and asserted that the painful sacrifices Nigerians endured over the past three years have saved the country from economic disaster and laid the foundation for national recovery.

In a message issued on Friday to mark the third anniversary of his term in office, the President acknowledged the difficulties caused by his administration’s policies but maintained that the decisions were necessary to stabilize the economy and prevent a deeper national crisis.

Tinubu revealed that the removal of fuel subsidies and reforms in the foreign exchange market stopped what he called massive financial leakages that had drained public resources for years.

“I remain conscious of those sacrifices, and I assure you: your sacrifices were not in vain. And today, I can say with confidence that Nigeria has stabilized and is moving forward again,” the President said.

Reflecting on the state of the country when he takes office in May 2023, Tinubu said his government inherited a fragile economy weighed down by unsustainable subsidies, foreign exchange distortions, rising debt obligations and declining investor confidence.

According to him, “When this administration took office, our country faced major economic and structural difficulties.

“Increasing fiscal pressures, unsustainable fuel subsidies, falling incomes, exchange rate distortions, rising debt servicing costs, insecurity in some regions of the country, limited energy supplies, and declining public trust in institutions all threaten our progress.

“At the peak of the subsidy regime, Nigeria was spending as much as N18.4 billion daily to maintain petrol subsidies, exceeding N4tn in 2022 alone, a resource that could have been invested in roads, healthcare, education, housing and critical infrastructure.

“Various exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing over N8tn over three years due to profit-seeking and speculative practices.”

The president said his administration faced a difficult choice between taking tough remedial steps or allowing the country to slide into fiscal collapse.

“This situation demands immediate and bold action. Difficult but necessary decisions must be taken to stabilize the economy and prevent a deeper national crisis.

“Easy choices are politically advantageous. But leadership demands courage, especially when the right decisions are difficult to make.”

“If we refuse to act, our country will plunge into fiscal ruin, deepening poverty, and severe economic uncertainty. Together, we choose reform over destruction and decisiveness over indecision. We choose long-term national recovery over short-term comfort,” he said.

Tinubu acknowledged that the reforms were triggering severe economic pressure on households and businesses across the country, primarily through rising inflation and the cost of living.

“These decisions come with sacrifice. The rising cost of living triggered by our actions is placing enormous pressure on families, workers and businesses.

“Young people looking for work are feeling hopeless. Many are questioning whether these difficult decisions will lead to a better future.”

Despite the difficulties, the President believes that key economic indicators are now showing signs of improvement, especially in the areas of public finances, investor confidence and capital markets.

He said the Nigerian stock market has experienced unprecedented growth since 2023.

According to the President, “Our economy is now more competitive and better positioned for sustainable growth than it was in 2023.

“Public finances are improving. State and local governments have greater resources to invest in their communities. Investor confidence is increasing.

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“The stock market is booming, with the All Share Index rising from 53,000 and a market capitalization of N30tn in 2023 to a record All Share Index of 250,000 and a market capitalization of N160tn this year. Companies are announcing record profits and dividends.”

On infrastructure, Tinubu said his government is currently implementing one of the most ambitious road building programs in Nigeria’s history, with more than 2,700 kilometers of roads being built or rehabilitated nationwide.

Among the flagship projects listed by the President are the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.

He explained, “Critical infrastructure projects are progressing on an unprecedented scale. More than 2,700 kilometers of highways and major roads are being constructed, reconstructed or rehabilitated.

“Key parts are complete or nearing completion, improving transport, reducing travel times, increasing regional trade and creating thousands of jobs.

“Rail modernization projects are underway to improve connectivity, logistics and economic integration across the federation.”

Tinubu also highlighted developments in the oil and gas sector, saying that recent reforms had attracted back international investment after years of declining confidence.

“The reforms we have implemented have attracted billions of dollars in new investment from international oil companies that have shied away from our country.

“The $5 billion NLNG Train 7 project is nearing completion to increase LNG production capacity, exports and dividends.

“Domestic gas use is increasing. Local refining capacity has increased our energy security,” he said.

The President further cited achievements in the fields of education, housing, health, electricity and telecommunications as evidence that the government’s reforms are starting to bear fruit.

According to him, “The Nigerian Education Loan Fund has provided access to tertiary education to over 1.5 million students, disbursing over N282 billion to ensure that no student is willing to be denied access due to financial hardship.”

“Our New Hope Housing Program, together with the Federal Housing Authority Program, provided over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing,” explained Tinubu.

To address persistent challenges in the power sector, the President said his government is addressing years of underinvestment and operational dysfunction through expanding the power grid, renewable energy projects and resolving old debts.

“For years, the power sector has suffered from debt, underinvestment and uncertainty, which weakened generation capacity and limited growth.

“Today, we face these challenges head-on. Our government is completing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national electricity grid because no modern economy can grow in the dark,” said the President.

Tinubu also mentioned the gradual recovery in the telecommunications industry, which he said had previously seen reduced investment and operational pressures.

“After years of severe operational pressure and reduced investment, confidence in the sector is gradually returning.

“Telecommunications operators are expanding networks, investing in infrastructure, recruiting Nigerian talent and expanding digital access across the country. A connected Nigeria is a more competitive Nigeria.”

On insecurity, the President said security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves, while assuring Nigerians that his administration would continue efforts to reclaim troubled areas.

“Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves and criminal networks.

“While challenges remain, many communities and roadways have become safer and more economically active.

“I want to assure you that this government will not relent until every Nigerian can live, work, travel and dream safely.”

Tinubu, however, acknowledged that the journey to recovery is still not complete, and stressed that the next phase of his administration will focus on ensuring that the benefits of reforms have a direct impact on the general Nigerian public.

According to him, “We have not solved every problem, and we are not yet at the point we want to be. But the foundation for recovery has been laid.

“The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of Nigerians.”

Appealing for patience, national unity and resolve, the President urged Nigerians not to give in to despair or division.

According to him, “History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage and collective purpose.

“Our country is a country with an extraordinary society. We survived civil war and rebuilt. We overcame dictatorship and restored democracy.

“We endured hardship and remained bearers of hope. The Nigerian spirit remains strong and unbreakable.”

He added, “Today, the world is again watching our country, not as a country defined by its hardships, but as a country determined to rise.

“In agriculture, infrastructure, electricity, technology, manufacturing and industry, signs of recovery are becoming clearer. Confidence is rising again. Productivity is increasing. Opportunities are expanding.”

“Let’s reject cynicism and division. Let’s move forward together, united in purpose, disciplined in effort, compassionate for one another, and confident in the greatness that lies ahead.”