President Bola Tinubu has defended his administration’s economic reforms and highlighted key achievements in his Tinubu third anniversary speech marking three years in office.
Addressing Nigerians on Friday, the president acknowledged the hardship many citizens have experienced since he assumed office in May 2023. However, he insisted that difficult decisions taken by his government helped prevent a deeper economic crisis and have started producing positive results.
Tinubu said his administration inherited serious economic and structural challenges. He noted that these issues threatened the country’s stability and future growth.
Tinubu Defends Tough Economic Decisions
The president explained that his government faced mounting fiscal pressures, rising debt costs, foreign exchange distortions, declining revenues, and widespread insecurity when it took office.
According to him, Nigeria spent as much as ₦18.4 billion daily on petrol subsidies at the peak of the subsidy regime. He stated that the country spent more than ₦4 trillion on fuel subsidies in 2022 alone.
Tinubu argued that such spending limited investments in critical sectors. These sectors included healthcare, education, roads, housing, and infrastructure.
He also pointed to multiple exchange-rate windows, which he said encouraged arbitrage and speculative activities. According to the president, those practices cost the country more than ₦8 trillion over three years.
The president maintained that his administration chose reform instead of postponing difficult decisions.
He admitted that the reforms increased living costs for many Nigerians. Nevertheless, he said the measures were necessary to restore economic stability and secure long-term growth.
Economic Indicators Show Improvement
Tinubu stated that Nigeria’s economy has become more competitive since 2023.
He said public finances have improved and that state and local governments now have more resources for development projects.
The president also highlighted strong performance in the capital market. According to him, the Nigerian All Share Index increased from 53,000 in 2023 to 250,000 in 2026.
He added that market capitalisation grew from about ₦30 trillion to ₦160 trillion during the same period.
Furthermore, Tinubu said investor confidence has improved. He noted that many companies are reporting higher profits and better returns for shareholders.
Infrastructure, Energy and Housing Projects
The president listed several major infrastructure projects currently underway across the country.
These include the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
According to him, more than 2,700 kilometres of highways and major roads are under construction, rehabilitation, or reconstruction.
Tinubu said rail modernisation projects are also progressing. He noted that these projects aim to improve transportation, strengthen logistics, and boost economic integration.
In the energy sector, the president said reforms have attracted fresh investments worth billions of dollars.
He highlighted the $5 billion NLNG Train 7 project, which is approaching completion and is expected to increase Nigeria’s liquefied natural gas production.
Tinubu also said domestic refining capacity has improved. He explained that operational modular and large-scale refineries are reducing dependence on imported fuel.
Regarding housing, the president revealed that the Renewed Hope Housing Programme and the Federal Housing Authority are delivering more than 10,000 housing units in 14 states and the Federal Capital Territory.
He added that the programme has created over 300,000 jobs while expanding access to affordable homes.
Education, Healthcare and Digital Growth
The president highlighted achievements in education through the Nigerian Education Loan Fund.
According to him, more than 1.5 million students have benefited from the programme.
He stated that over ₦282 billion has been disbursed to support access to higher education.
Tinubu also said healthcare services are receiving attention through the revitalisation of primary healthcare centres and the expansion of health insurance coverage.
In addition, he noted that the telecommunications sector has regained investor confidence.
The president said telecom operators are investing in infrastructure, expanding network coverage, and creating jobs.
He stressed that digital infrastructure remains essential for education, commerce, innovation, and economic development.
Addressing young Nigerians, Tinubu described them as the driving force of the country’s future.
He said the government continues to invest in digital skills, technical education, entrepreneurship support, and innovation programmes.
Security Efforts and National Unity
Security remained a major focus of the president’s address.
Tinubu said security agencies and the armed forces have intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal groups.
While acknowledging that challenges remain, he said several communities and transport corridors have become safer.
The president pledged continued investment in intelligence gathering, surveillance systems, logistics, and technology.
He assured Nigerians that his administration would continue efforts to restore peace and strengthen public safety nationwide.
Tinubu also called for national unity.
He urged citizens to reject division and embrace collective responsibility for nation-building.
According to him, Nigeria’s diversity should remain a source of strength rather than conflict.
Looking Ahead
The president acknowledged that many challenges still exist. However, he insisted that the foundations for economic recovery have been established.
Tinubu said his administration would focus on sustaining lower food prices, reducing transportation costs, creating jobs, and supporting business expansion.
He expressed confidence that Nigeria would emerge stronger through resilience, sacrifice, and unity.
The president urged citizens to remain hopeful and continue supporting efforts aimed at building a secure, prosperous, and inclusive nation.
He concluded by calling on Nigerians to stay united and committed to the country’s development journey, expressing optimism about the future of Africa’s largest economy.
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