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President Bola Tinubu on Friday told Nigerians that the sacrifices made over the past few years were not in vain, as the country has stabilized and is moving forward again.
The President expressed this in his message to the nation on the third anniversary of his administration.
While acknowledging the economic hardships in the country, and the sacrifices that people have had to make because of the policies implemented, Tinubu said “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. Across the country, real progress is starting to be seen”.
The President also encouraged Nigerians to remain steadfast and focused, considering that Nigeria will become bigger and more prosperous. “Fellow Nigerians, history tests a country before it lifts it. Nigeria is going through such a test. But I believe with all my heart that we will emerge stronger, more just, more united and more prosperous than ever before”, he said.
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He recalled that when his government took office, the country was facing “major economic and structural difficulties,” and that “increasing fiscal pressures, unsustainable fuel subsidies, falling revenues, exchange rate distortions, rising debt servicing costs, insecurity in some regions of the country, energy supply constraints, and declining public trust in institutions all threatened” progress.
He also warned that “at the peak of the subsidy regime, Nigeria was spending as much as ₦18.4 billion every day to maintain fuel subsidies—more than ₦4 trillion in 2022 alone—resources that could have been invested in roads, health services, education, housing and critical infrastructure. Multiple exchange rate windows and foreign exchange arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.”
This situation demands immediate and bold action. Difficult but necessary decisions must be taken to stabilize the economy and prevent a deeper national crisis, Tinubu said, adding that “easy choices are politically advantageous. But leadership requires courage, especially when the right decisions are difficult to take”.
“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,” the president said.
He also highlighted some of his administration’s achievements which include resolving legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national electricity grid “because no modern economy can grow in the dark.”
He said when electricity increases, businesses develop, industry grows, jobs are created, and families prosper.
“We are determined to usher Nigeria into a new era of industrial growth and economic opportunity,” he boasted
