Third Anniversary: Tinubu Says Nigeria Escaped Fiscal Collapse Through Painful but Necessary Reforms

President Bola Ahmed Tinubu on Thursday used his third anniversary address to Nigerians to defend his administration’s sweeping economic reforms, insisting that the difficult decisions taken since 2023 prevented Nigeria from sliding into deeper fiscal crisis and economic collapse.

In a lengthy nationwide statement marking three years of his administration, Tinubu acknowledged the hardship experienced by millions of Nigerians following the removal of fuel subsidy, exchange rate unification and other reforms, but maintained that the sacrifices were necessary to stabilise the country and reposition the economy for long-term growth.

The President said his administration inherited a deeply troubled economy burdened by mounting debt pressures, unsustainable subsidy payments, declining revenues, foreign exchange distortions, insecurity and weakening public confidence in national institutions.

According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidy at the peak of the subsidy regime, while multiple exchange rate windows fuelled corruption, speculation and massive financial losses.

“At the height of the subsidy regime, Nigeria was spending over ₦4 trillion annually on fuel subsidy alone resources that could have been invested in roads, healthcare, education and critical infrastructure,” Tinubu stated.

He added that Nigeria also lost more than ₦8 trillion within three years to foreign exchange arbitrage and rent-seeking practices under the old exchange rate system.

“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,” the President said.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.

Tinubu admitted that the reforms triggered sharp increases in living costs and placed enormous pressure on households, businesses and workers across the country.

He said many Nigerians questioned whether the sacrifices would eventually produce meaningful results.

“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he declared.

“And today, I can say with confidence that Nigeria has stabilised and is moving forward again.”

The President pointed to what he described as visible signs of economic recovery, including increased investor confidence, improved public finances and rapid growth in the Nigerian stock market.

According to him, the All Share Index rose from about 53,000 in 2023 to 250,000 in 2026, while market capitalisation expanded from ₦30 trillion to ₦160 trillion within the same period.

He also highlighted ongoing infrastructure projects across the country, saying more than 2,700 kilometres of roads and highways are currently under construction, reconstruction or rehabilitation.

Tinubu listed projects such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and East-West Road as part of the administration’s efforts to modernise transportation, boost trade and stimulate job creation.

“Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade and creating thousands of jobs,” he said.

The President further disclosed that rail modernisation projects were progressing across the federation to improve connectivity and logistics.

On energy and oil sector reforms, Tinubu said his administration had succeeded in restoring investor confidence and attracting fresh investments into Nigeria’s oil and gas industry.

He revealed that the $5 billion NLNG Train 7 project was nearing completion and would significantly boost Nigeria’s gas production and export capacity.

Tinubu also said domestic refining capacity had improved due to the operations of large-scale and modular refineries, reducing Nigeria’s dependence on imported petroleum products and helping conserve foreign exchange.

In the power sector, the President admitted that years of debt, underinvestment and uncertainty had weakened electricity generation and infrastructure nationwide.

However, he said his administration was tackling those challenges through investments in transmission infrastructure, renewable energy expansion and national grid improvements.

“No modern economy can grow in darkness,” Tinubu stated.

“When power improves, businesses expand, industries grow, jobs are created and families prosper.”

The President also outlined several interventions in agriculture, housing, education and healthcare.

According to him, millions of farmers have benefited from improved access to seedlings, fertilisers, mechanisation, irrigation and agricultural financing under the administration’s agricultural support programmes.

He added that new agricultural corridors were being developed to strengthen food supply chains, create jobs and reduce pressure on household incomes.

Tinubu further revealed that the Nigerian Education Loan Fund had already supported over 1.5 million students with more than ₦282 billion in education loans to improve access to tertiary education.

In the housing sector, he said the Renewed Hope Housing Programme and Federal Housing Authority projects were delivering over 10,000 housing units across 14 states and the Federal Capital Territory.

According to him, the housing initiative has already created over 300,000 jobs nationwide.

The President also highlighted improvements in healthcare delivery, saying thousands of primary healthcare centres were currently being revitalised while health insurance coverage continued to expand for vulnerable Nigerians.

On telecommunications and digital infrastructure, Tinubu said his administration had taken steps to stabilise the telecoms sector after years of operational difficulties and declining investments.

He noted that telecom operators were now expanding networks, investing in infrastructure and creating more opportunities for Nigerian youths in the digital economy.

“A connected Nigeria is a more competitive Nigeria,” he said.

Addressing young Nigerians directly, Tinubu described the youth population as the engine of the country’s future, stressing that the administration was investing heavily in digital skills, technical education, enterprise support and innovation.

“To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future,” he said.

On security, Tinubu stated that security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves and other criminal networks across the country.

While admitting that security challenges still exist, he maintained that many highways and communities had become safer compared to previous years.

“We continue investing in intelligence, surveillance, logistics, technology and inter-agency coordination,” the President said.

“We are reclaiming the authority of the Nigerian state wherever criminality threatens peace and order.”

The President appealed to Nigerians not to lose faith in the country despite current difficulties, insisting that nation-building requires sacrifice, discipline and collective effort.

“We chose reform over ruin and decisiveness over hesitation,” he stated.

“We must choose hope over despair, unity over division and nation-building over narrow interests.”

Tinubu also stressed the need for national inclusion and unity, saying no ethnic, regional or religious group should feel marginalised in the country.

“Nigeria belongs to all of us no region, faith or group should feel marginalised or forgotten,” he said.

“Our diversity is a source of strength.”

The President concluded his address with a call for patience, resilience and continued belief in Nigeria’s future, insisting that the country was gradually emerging stronger after years of economic and structural difficulties.

“History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage and collective purpose,” he said.

“The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people.”

“Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive and respected worldwide.”