President Bola Ahmed Tinubu has declared that Nigeria has overcome the most critical phase of its economic challenges and is now firmly on the path of recovery, growth and national renewal, following three years of bold reforms undertaken by his administration.
In a nationwide address to mark the third anniversary of his administration on Friday, President Tinubu reflected on the difficult decisions taken since assuming office in May 2023, maintaining that the sacrifices made by Nigerians have laid a solid foundation for a more prosperous future.
Addressing the nation, the President acknowledged the economic and structural challenges inherited by his government, including mounting fiscal pressures, unsustainable fuel subsidies, foreign exchange distortions, rising debt-servicing costs, insecurity, energy constraints and declining public confidence in institutions.
According to him, Nigeria was spending as much as ₦18.4 billion daily on fuel subsidies before their removal, while multiple exchange rate windows encouraged arbitrage and rent-seeking practices that cost the nation over ₦8 trillion within three years.
“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,” Tinubu stated.
The President noted that although the reforms initially triggered hardship and increased the cost of living for many Nigerians, the economy has now begun to show clear signs of recovery and renewed investor confidence.
He pointed to remarkable growth in the nation’s capital market, revealing that the Nigerian Stock Exchange All Share Index had risen from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation surged from ₦30 trillion to ₦160 trillion within the same period.
Tinubu also highlighted ongoing infrastructure projects across the country, disclosing that more than 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation. Among the flagship projects are the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
He added that rail modernisation initiatives are progressing nationwide to enhance connectivity, logistics and economic integration.
In the energy sector, the President said reforms introduced by his administration had attracted billions of dollars in fresh investments, particularly in oil and gas. He noted that the $5 billion NLNG Train 7 project was nearing completion and would significantly boost Nigeria’s LNG production capacity and exports.
The President further disclosed that domestic refining capacity had improved considerably, reducing dependence on imported petroleum products and strengthening the nation’s energy security.
On electricity, Tinubu said his administration was addressing long-standing challenges in the power sector through debt clearance, transmission expansion, renewable energy investments and improvements to the national grid.
“No modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created and families prosper,” he said.
The President also highlighted achievements in agriculture, education, housing and healthcare.
He disclosed that millions of farmers have benefited from government interventions through improved seedlings, fertilisers, mechanisation, irrigation support and expanded access to financing.
According to him, the Nigerian Education Loan Fund (NELFUND) has provided financial assistance to over 1.5 million students, with more than ₦282 billion disbursed to ensure access to higher education.
Tinubu further revealed that the Renewed Hope Housing Programme and projects executed by the Federal Housing Authority are delivering over 10,000 housing units across 14 states and the Federal Capital Territory, generating more than 300,000 jobs.
In the healthcare sector, he said thousands of primary healthcare centres are being revitalised while health insurance coverage continues to expand for vulnerable Nigerians.
The President also emphasised the importance of digital transformation and telecommunications development, noting that government interventions have helped stabilise the telecoms industry, attract investments and expand digital connectivity nationwide.
Speaking directly to Nigerian youths, Tinubu described them as the driving force of the nation’s future and reiterated his administration’s commitment to investing in digital skills, innovation, technical education, entrepreneurship and enterprise support.
“We are expanding opportunities for you to compete and succeed. The future must be driven by Nigerian talent, creativity and productivity,” he stated.
On security, the President reaffirmed his government’s determination to combat terrorism, banditry, kidnapping, oil theft and other forms of criminality. He said security agencies have intensified operations nationwide, resulting in improved safety in many communities and major highways.
While acknowledging that challenges remain, Tinubu assured Nigerians that his administration would continue investing in intelligence gathering, surveillance technology, logistics and inter-agency collaboration to strengthen national security.
The President stressed that although the country has not yet achieved all its objectives, the foundation for sustained recovery has been firmly 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,” he said.
Looking ahead, Tinubu pledged to sustain efforts aimed at reducing food prices, lowering transportation costs through the adoption of Compressed Natural Gas (CNG) and electric vehicles, and creating more opportunities for employment and enterprise growth.
Calling for unity and collective commitment to nation-building, the President urged Nigerians to remain hopeful and reject division, assuring citizens that the country’s future remains bright.
“Nigeria belongs to all of us. Whether Christian or Muslim, North or South, urban or rural, we rise or fall together as one nation under God,” he said.
Expressing confidence in the resilience and strength of the Nigerian people, Tinubu maintained that the nation is gradually reclaiming its position as a destination for investment, productivity and economic opportunity.
He concluded by urging Nigerians to continue supporting the reform agenda, saying history has shown that great nations are built through sacrifice, resilience and collective purpose.
“I believe with all my heart that we shall emerge stronger, fairer, more united and more prosperous than ever before,” the President declared.
The address marked the third anniversary of the Tinubu administration, which came into office on May 29, 2023, under the banner of the Renewed Hope Agenda.
