President Bola Ahmed Tinubu has declared that Nigeria has emerged from the brink of economic crisis and is now firmly on the path to recovery, growth, and national renewal, as his administration marks its third anniversary in office.
In a nationwide address commemorating three years of his presidency, Tinubu acknowledged the hardships Nigerians have endured since the introduction of major economic reforms but insisted that the sacrifices have begun to yield positive results across key sectors of the economy.
Tough Decisions Prevented Economic Collapse
Reflecting on the state of the nation when he assumed office in May 2023, the President said Nigeria faced severe fiscal and structural challenges, including unsustainable fuel subsidies, multiple exchange-rate distortions, declining revenues, mounting debt obligations, insecurity, energy deficits, and weakened public confidence in institutions.
According to him, the administration’s decision to remove fuel subsidies and unify the foreign exchange market was driven by the need to avert a deeper economic crisis.
Tinubu revealed that Nigeria spent as much as ₦18.4 billion daily on fuel subsidies at the height of the regime, with subsidy payments exceeding ₦4 trillion in 2022 alone. He also noted that exchange-rate arbitrage and forex distortions cost the country more than ₦8 trillion over three years.
“The situation demanded urgent and courageous action,” the President said, adding that although the reforms imposed short-term hardships on citizens, they were necessary to secure Nigeria’s long-term economic future.
Economy Showing Signs of Recovery
The President said the economy is now more competitive and better positioned for sustainable growth than it was three years ago.
He pointed to improvements in public finances, increased allocations to states and local governments, rising investor confidence, and remarkable growth in the Nigerian stock market as evidence that the reforms are producing results.
According to Tinubu, the Nigerian Exchange’s All Share Index has surged from about 53,000 points in 2023 to approximately 250,000 points in 2026, while market capitalisation has risen from ₦30 trillion to ₦160 trillion.
He added that companies across several sectors are posting record profits and declaring higher dividends, reflecting renewed confidence in the economy.
Massive Infrastructure Push Across the Country
Highlighting infrastructure development as a cornerstone of his administration, Tinubu disclosed that more than 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation nationwide.
Among the flagship projects cited were the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
He said several sections of these projects have either been completed or are nearing completion, helping to improve transportation, facilitate trade, and create thousands of jobs.
The President also disclosed that rail modernisation projects are progressing across the federation to strengthen connectivity and support economic integration.
Oil, Gas and Energy Sector Reforms Yield Investments
Tinubu said reforms in the oil and gas sector have helped attract billions of dollars in fresh investments from international oil companies.
He announced that the NLNG Train 7 Project, valued at about $5 billion, is nearing completion and is expected to significantly boost Nigeria’s liquefied natural gas production capacity and export earnings.
The President further noted that increased domestic refining capacity and the operation of modular refineries are gradually reducing Nigeria’s dependence on imported petroleum products while conserving foreign exchange.
On electricity, Tinubu acknowledged longstanding challenges in the power sector but said his administration is aggressively addressing them through debt resolution, transmission expansion, renewable energy investments, and efforts to strengthen the national grid.
“No modern economy can grow in darkness,” he stated, reaffirming his government’s commitment to delivering reliable electricity to households and businesses.
Agriculture, Housing and Education Receive Major Boost
The President said government interventions in agriculture have reached millions of farmers through improved access to fertilisers, seedlings, mechanisation, irrigation systems, financing, and markets.
He added that new agricultural corridors are being developed to boost food production, strengthen supply chains, and reduce pressure on household incomes.
In education, Tinubu announced that the Nigerian Education Loan Fund has provided financial support to more than 1.5 million students, disbursing over ₦282 billion to expand access to tertiary education.
He also highlighted progress under the Renewed Hope Housing Programme, which, alongside initiatives of the Federal Housing Authority, is delivering more than 10,000 housing units across 14 states and the Federal Capital Territory.
According to the President, the programme has generated over 300,000 jobs, while major Renewed Hope Cities in Abuja, Lagos, and Kano are making steady progress.
Healthcare and Telecommunications Expansion
Tinubu said thousands of primary healthcare centres are being revitalised nationwide as part of efforts to improve access to healthcare services.
He also noted that health insurance coverage is expanding, particularly among vulnerable populations.
In the telecommunications sector, the President said decisive policy actions have helped restore investor confidence after years of operational difficulties.
According to him, telecom operators are expanding network coverage, investing in infrastructure, creating jobs, and deepening digital connectivity across the country.
“A connected Nigeria is a more competitive Nigeria,” he said.
Youth Development and Digital Transformation
Addressing young Nigerians directly, Tinubu described the country’s youth population as the driving force behind Nigeria’s future.
He said government investments in digital skills, technical education, innovation, entrepreneurship, student financing, and enterprise development are designed to create opportunities for young Nigerians across technology, manufacturing, agriculture, sports, and the creative industries.
“You are not a problem to be managed; you are the engine of Nigeria’s future,” the President declared.
Security Efforts Intensified
On security, Tinubu reaffirmed that protecting lives and property remains a top priority for his administration.
He said the Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal groups.
While admitting that security challenges persist in some areas, he maintained that many communities and highways have become safer due to enhanced intelligence gathering, surveillance, logistics support, technology deployment, and inter-agency collaboration.
The President pledged that his government would continue working until every Nigerian can live, work, and travel safely.
Focus on Lower Food Prices and Job Creation
Looking ahead, Tinubu said the next phase of his administration’s agenda will focus on ensuring that the benefits of ongoing reforms are felt more directly by ordinary Nigerians.
He expressed optimism that food prices, which he said have moderated from their 2023–2024 peaks, will continue to decline through sustained agricultural interventions.
The government is also pursuing policies aimed at reducing transportation costs through the adoption of compressed natural gas (CNG) vehicles and electric mobility solutions.
Additionally, he pledged to expand opportunities for employment, enterprise growth, and wealth creation.
Call for Unity and National Purpose
The President concluded his anniversary address with a call for unity, resilience, and collective commitment to nation-building.
He urged Nigerians to embrace hope over despair, national interest over division, and cooperation over conflict.
Acknowledging that significant challenges remain, Tinubu insisted that the foundation for long-term recovery has been laid and expressed confidence that Nigeria will emerge stronger, more prosperous, and more united.
“The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in the Nigerian people,” he said.
As his administration enters its fourth year, Tinubu maintained that Nigeria is increasingly being viewed not as a nation defined by its challenges, but as one determined to unlock its vast potential through reform, resilience, and inclusive growth.
