President Bola Ahmed Tinubu has marked the third anniversary of his administration with a sweeping address to Nigerians, highlighting the achievements, challenges and reforms undertaken since assuming office on May 29, 2023.
In the nationwide statement released on Friday, the President acknowledged the economic hardship many Nigerians have endured over the past three years but insisted that the difficult decisions taken by his administration were necessary to rescue the country from fiscal collapse and set it on the path of recovery.
Tinubu said when his government came into office, Nigeria was confronted with severe economic and structural crises, including unsustainable fuel subsidies, mounting debt, exchange-rate distortions, declining public confidence, insecurity and weak public finances.
According to him, the country was spending as much as ₦18.4 billion daily on petrol subsidies, amounting to over ₦4 trillion in 2022 alone. He argued that the subsidy regime had become unsustainable and was depriving critical sectors such as healthcare, education, housing and infrastructure of much-needed funding.
The President also criticised the multiple exchange rate system that existed before his administration, saying it created loopholes for corruption, speculative practices and rent-seeking that reportedly cost Nigeria over ₦8 trillion within three years.
“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.
He admitted that the reforms, particularly the removal of fuel subsidies and exchange-rate unification, triggered a sharp rise in the cost of living and created hardship for millions of Nigerians.
“The rising cost of living placed enormous pressure on families, workers and businesses. Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future,” he stated.
However, Tinubu assured citizens that their sacrifices were beginning to yield positive results, insisting that Nigeria had stabilised economically and was now making steady progress.
The President pointed to improvements in public finances, increased allocations to state and local governments, growing investor confidence and a booming stock market as signs of recovery.
According to him, the Nigerian Stock Exchange All Share Index rose from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
He further noted that several companies were now declaring record profits and paying higher dividends, which he said reflected renewed confidence in the economy.
On infrastructure, Tinubu disclosed that over 2,700 kilometres of roads and highways were currently under construction, reconstruction or rehabilitation across the country.
He listed major projects including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road and several rural access roads.
The President explained that some sections of the projects had already been completed, while others were nearing completion, adding that the roads would improve transportation, reduce travel time, boost commerce and create employment opportunities.
He also said rail modernisation projects were ongoing to improve logistics, trade and economic integration nationwide.
Speaking on the oil and gas sector, Tinubu revealed that reforms introduced by his administration had attracted fresh investments from international oil companies that previously avoided Nigeria.
He disclosed that the $5 billion NLNG Train 7 project was nearing completion and would significantly increase Nigeria’s liquefied natural gas production and export capacity.
The President also highlighted improvements in local refining capacity, noting that the operations of large-scale and modular refineries were reducing dependence on imported petroleum products and conserving foreign exchange.
On electricity supply, Tinubu admitted that the power sector had suffered years of underinvestment and debt but said his administration was now addressing the problems directly.
According to him, the government is investing in transmission infrastructure, renewable energy and grid expansion while also clearing legacy debts in the sector.
“No modern economy can grow in darkness,” Tinubu declared, adding that improved electricity supply would stimulate industries, businesses and job creation.
The President further highlighted efforts in agriculture, education, healthcare and housing.
He stated that millions of farmers had benefited from government interventions through improved seedlings, fertilisers, mechanisation and access to finance.
Tinubu also disclosed that the Nigerian Education Loan Fund had provided more than 1.5 million students with access to higher education through the disbursement of over ₦282 billion in student loans.
In the housing sector, he said the Renewed Hope Housing Programme and projects executed by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
According to him, the housing initiatives had already created more than 300,000 jobs while increasing access to affordable housing for Nigerians.
The President also emphasised the role of telecommunications and digital infrastructure in national development, noting that his administration had taken steps to stabilise the telecom sector after years of declining investment.
He stated that operators were expanding their networks, investing in infrastructure and creating more opportunities for Nigerian youths in the digital economy.
Addressing young Nigerians directly, Tinubu said the government viewed youths as “the engine of Nigeria’s future” and not a burden.
“We are investing in digital skills, technical education, innovation, student financing and enterprise support because the future must be driven by Nigerian talent, creativity and productivity,” he said.
On security, Tinubu said his administration had intensified military and security operations against terrorists, bandits, kidnappers, oil thieves and criminal networks across the country.
Although he acknowledged that insecurity remained a challenge, the President maintained that progress was being made in reclaiming territories and improving safety on roads and in communities.
He assured Nigerians that his government would continue investing in intelligence gathering, surveillance technology, logistics and inter-agency collaboration to strengthen national security.
The President called on Nigerians to remain united and hopeful, urging citizens to reject division, cynicism and despair.
He stressed that nation-building required collective sacrifice, discipline and resilience, adding that Nigeria’s diversity should be seen as a source of strength rather than division.
Tinubu concluded by expressing optimism about Nigeria’s future, insisting that the country was gradually recovering across sectors such as agriculture, power, infrastructure, manufacturing and technology.
“The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people,” he said.
He urged Nigerians to continue believing in the nation and to remain committed to building a secure, prosperous and inclusive country.
