President Bola Tinubu has defended the key economic reforms introduced by his administration as he marked his third year in office on May 29, insisting that the removal of fuel subsidy and the unification of the foreign exchange market were necessary steps to save Nigeria’s economy from deeper crisis.
In a nationwide address to Nigerians, the president said his government inherited severe economic and structural challenges in 2023, including rising debt, multiple exchange rate systems, huge subsidy payments, insecurity, declining revenue, and weak investor confidence.
According to Tinubu, the fuel subsidy regime had become unsustainable, with Nigeria spending about ₦18.4 billion daily to keep petrol prices low. He added that the country also lost trillions of naira through foreign exchange manipulation and multiple exchange rate windows that encouraged corruption and speculation.
The president explained that although the reforms triggered economic hardship and increased the cost of living for many Nigerians, the decisions were unavoidable and necessary to prevent financial collapse.
Tinubu assured Nigerians that the difficult sacrifices made by citizens are already beginning to produce positive results, noting that the economy is gradually stabilising and showing signs of recovery.
He stated that investor confidence is returning, while public finances have improved significantly compared to previous years. He also pointed to the strong performance of the Nigerian stock market, saying market capitalisation has grown massively since 2023.
Highlighting achievements of his administration, Tinubu said several major road and infrastructure projects are currently ongoing across the country. These include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road and multiple rural access roads aimed at boosting trade, transportation and economic activities.
The president also disclosed that Nigeria’s oil and gas sector is witnessing fresh investments following reforms introduced by his government. He added that local refining capacity is improving, helping the country reduce dependence on imported petroleum products and conserve foreign exchange.
On electricity, Tinubu said his administration is investing heavily in power generation, transmission infrastructure and renewable energy to improve electricity supply and support industrial growth.
He further stated that millions of farmers have benefited from agricultural support programmes through improved access to fertilisers, seedlings, irrigation and mechanised farming tools.
Speaking on education, the president revealed that more than 1.5 million Nigerian students have accessed higher education loans through the Nigerian Education Loan Fund, with over ₦282 billion already disbursed.
Tinubu also highlighted ongoing housing projects under the Renewed Hope Housing Programme, saying thousands of affordable homes are being constructed across several states and the Federal Capital Territory.
Addressing the issue of insecurity, the president said security agencies and the military have intensified operations against terrorists, kidnappers, bandits and criminal groups across the country.
While admitting that security challenges still exist, Tinubu maintained that significant progress has been recorded in restoring peace to many communities and highways.
The president called on Nigerians to remain patient, united and hopeful, stressing that national progress requires sacrifice, resilience and collective effort.
He promised that his administration would continue working to reduce food prices, create more jobs, lower transportation costs and expand economic opportunities for citizens.
Tinubu concluded by expressing confidence that Nigeria will emerge stronger, safer and more prosperous in the coming years if citizens continue to support the ongoing reforms and national rebuilding process.