President Bola Ahmed Tinubu has acknowledged the economic hardship facing Nigerians but expressed confidence that the country will emerge stronger, more united and prosperous after ongoing reforms.
In a statement released on Thursday to mark the third anniversary of his administration on May 29, 2026, the President described the current period as a defining moment in Nigeria’s history.
“My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before,” Tinubu stated.
The President said his administration inherited deep economic and structural problems, including mounting debt obligations, fuel subsidy burdens, foreign exchange distortions, insecurity, weak public confidence and declining government revenues.
According to him, Nigeria spent trillions of naira sustaining petrol subsidies before his administration removed the policy.
“At the height of the subsidy regime, Nigeria was spending as much as N18.4bn daily to sustain petrol subsidies, over N4tn in 2022 alone,” he said.
Tinubu also blamed multiple exchange rate systems and forex arbitrage for huge economic losses, claiming the country lost over N8tn within three years due to speculative practices and market distortions.
Defending the reforms introduced by his government, the President insisted the measures were necessary to prevent a deeper economic crisis.
“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,” he stated.
While admitting that the reforms triggered rising living costs and increased pressure on households and businesses, Tinubu assured Nigerians that the sacrifices would eventually produce long-term benefits.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. And today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he said.
Highlighting areas of progress, Tinubu pointed to growth in the Nigerian stock market, improved investor confidence and ongoing infrastructure projects across the country.
He disclosed that more than 2,700 kilometres of roads and highways are currently under construction or rehabilitation, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road and the Sokoto-Badagry Super Highway.
The President also said reforms in the oil and gas sector had attracted fresh investments and improved local refining capacity.
According to him, projects such as the NLNG Train 7 initiative are nearing completion and expected to strengthen Nigeria’s gas production and exports.
On education, Tinubu said the Nigerian Education Loan Fund (NELFUND) had supported over 1.5 million students with access to higher education through disbursements exceeding N282bn.
He further disclosed that over 10,000 housing units are being developed across 14 states and the Federal Capital Territory under the Renewed Hope Housing Programme.
Speaking on security, Tinubu said military and security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves across the country.
“While challenges remain, many communities and highways are becoming safer and more economically active,” the President said.
He maintained that although his administration had not solved every national problem, the foundation for long-term recovery and stability had been established.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” Tinubu added.
