President Bola Ahmed Tinubu has said his administration’s economic reforms have laid the foundation for Nigeria’s recovery, insisting that the difficult measures introduced since 2023 prevented the country from sliding into fiscal collapse and deeper economic uncertainty.
Tinubu made the remarks on Friday in a statement marking the third anniversary of his administration, which was shared on X by his spokesperson, Bayo Onanuga.
Reflecting on his three years in office, the President said he assumed leadership at a challenging period marked by mounting fiscal pressures, fuel subsidy costs, exchange-rate distortions, rising debt-servicing obligations, insecurity, energy shortages, and declining public confidence in government institutions.
According to him, Nigeria was spending as much as N18.4 billion daily on petrol subsidies at the peak of the regime, with subsidy payments exceeding N4 trillion in 2022 alone. He also blamed multiple foreign exchange windows and currency arbitrage for losses of more than N8 trillion over three years through speculative activities and rent-seeking practices.
Tinubu said the realities compelled his administration to take “difficult but necessary” decisions aimed at stabilising the economy and preventing a deeper national crisis.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid. The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians,” the President stated.
He acknowledged that the reforms came with painful sacrifices, including a rising cost of living that has placed pressure on households, workers, and businesses, but maintained that the measures were necessary for long-term economic stability.
Tinubu said the reforms were beginning to yield results across several sectors, noting that investor confidence was improving and the Nigerian stock market had recorded major growth. According to him, the All Share Index rose from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
The President also highlighted ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road. He said more than 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation nationwide.
He added that rail modernisation projects were underway to improve logistics, connectivity, and economic integration across the country.
In the oil and gas sector, Tinubu said reforms had attracted fresh investments from international oil companies, while the $5 billion NLNG Train 7 project was nearing completion. He also said increased local refining capacity and the operations of modular refineries were helping Nigeria reduce dependence on imported petroleum products and conserve foreign exchange.
On agriculture, the President said government interventions had supported millions of farmers through improved seedlings, fertilisers, irrigation, mechanisation, and access to financing and markets.
In the education sector, he disclosed that the Nigerian Education Loan Fund had provided more than 1.5 million students access to higher education, with over N282 billion disbursed in student loans.
Tinubu further stated that the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering more than 10,000 housing units across 14 states and the Federal Capital Territory, while creating over 300,000 jobs.
He said thousands of primary healthcare centres were being revitalised nationwide, while health insurance coverage was expanding for vulnerable Nigerians.
The President also said interventions in the telecommunications sector had helped stabilise the industry, with operators expanding network infrastructure, improving digital access, and creating employment opportunities for Nigerian youths.
Speaking on youth empowerment, Tinubu said his administration was investing in digital skills, technical education, innovation, and entrepreneurship to prepare young Nigerians for opportunities in technology, manufacturing, agriculture, and the creative industry.
On security, he said security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal groups, adding that some communities and highways were gradually becoming safer.
Despite the administration’s optimism, economic pressures continue to weigh heavily on households and businesses across the country. Nigeria’s inflation rate rose to 15.69 per cent in April 2026 from 15.38 per cent in March, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
Global oil prices have also risen sharply amid tensions in the Middle East, with Brent crude increasing to $120.4 per barrel in April from $103.7 in March, contributing to higher petrol prices following the removal of fuel subsidies.
The Central Bank of Nigeria recently reduced the Monetary Policy Rate by 50 basis points to 26.5 per cent from 27 per cent in a move aimed at easing borrowing costs and stimulating economic growth after months of monetary tightening targeted at inflation control.
