Nigeria has stabilised after tough reforms, Tinubu declares at third anniversary

President Bola Ahmed Tinubu has defended the sweeping economic reforms introduced by his administration, insisting that the removal of fuel subsidy and the unification of the foreign exchange market were unavoidable decisions that rescued Nigeria from looming fiscal collapse and economic instability.

The President made the remarks on Friday during a nationwide address marking the third anniversary of his administration, where he outlined achievements recorded across the economy, infrastructure, energy, housing, agriculture, and education sectors.

Tinubu acknowledged that Nigerians had endured severe hardship following the implementation of the reforms but maintained that the difficult sacrifices were necessary to stabilise the economy and secure long-term national recovery.

According to him, the administration inherited an economy burdened by unsustainable fuel subsidy payments, rising debt servicing obligations, exchange-rate distortions, insecurity, declining revenues, and weakening public confidence in government institutions.

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“At the height of the subsidy regime, Nigeria was spending as much as N18.4 billion daily to sustain petrol subsidies — over N4 trillion in 2022 alone — resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure,” Tinubu stated.

He also blamed the former multiple exchange-rate system for creating opportunities for arbitrage, speculative trading, and rent-seeking practices that allegedly cost the country more than N8 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,” the President said.

Tinubu argued that failure to implement the reforms would have pushed Nigeria into worsening inflation, deeper poverty, fiscal breakdown, and prolonged economic uncertainty.

Despite growing public frustration over inflation and the rising cost of living, the President said the economy had begun showing signs of recovery and competitiveness.

He pointed to improvements in public finances, higher allocations to states and local governments, increased investor confidence, and strong performance in the Nigerian stock market as evidence that the reforms were beginning to yield results.

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According to Tinubu, the Nigerian Exchange All Share Index rose from about 53,000 points in 2023 to over 250,000 points in 2026, while market capitalisation increased from approximately N30 trillion to N160 trillion over the same period.

The President also highlighted ongoing infrastructure projects across the country, revealing that more than 2,700 kilometres of highways and major roads were currently under construction, rehabilitation, or reconstruction.

Among the flagship projects listed were the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads aimed at improving transportation, reducing travel time, boosting trade, and creating employment opportunities.

Tinubu further disclosed that rail modernisation projects were progressing steadily to strengthen logistics, connectivity, and economic integration across the federation.

In the oil and gas sector, the President said reforms introduced by his administration had attracted fresh foreign investment after years of declining investor confidence.

He referenced the ongoing $5 billion Nigeria LNG Train 7 project, which he said would significantly boost Nigeria’s liquefied natural gas production capacity, exports, and foreign exchange earnings upon completion.

The President added that local refining capacity had improved through the operation of large-scale and modular refineries, reducing Nigeria’s dependence on imported petroleum products and conserving scarce foreign exchange.

On electricity supply, Tinubu said his administration was confronting longstanding problems of debt, underinvestment, and weak generation capacity in the power sector.

According to him, the government is expanding transmission infrastructure, strengthening the national grid, investing in renewable energy, and clearing legacy financial obligations in the electricity industry.

“No modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper,” he said.

In the education sector, the President disclosed that the Nigerian Education Loan Fund had provided access to higher education for more than 1.5 million students, with over ₦282 billion disbursed to beneficiaries.

He also pointed to the Renewed Hope Housing Programme and projects being implemented by the Federal Housing Authority, saying over 10,000 housing units were currently under delivery across 14 states and the Federal Capital Territory.

According to Tinubu, the housing initiatives have created more than 300,000 jobs while helping to expand access to affordable housing nationwide.

Development economist, Dr. Yusuf Balogun, said the administration deserved credit for confronting structural distortions that previous governments avoided for political reasons.

According to him, fuel subsidy removal and exchange-rate unification were necessary measures to prevent fiscal collapse and restore investor confidence.

“From a macroeconomic perspective, the government has taken steps that international investors and financial institutions wanted to see for years. The challenge now is translating those reforms into real improvements in living standards,” Balogun said.

He added that inflation, unemployment, and the rising cost of living remained major concerns despite improvements in investor confidence and capital market performance.

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Housing and urban development analyst, Ngozi Ekwueme, said the Renewed Hope Housing Programme could help reduce Nigeria’s housing deficit if implementation remains transparent and sustainable.

She noted that affordable housing projects could stimulate economic activity across several sectors including cement production, steel manufacturing, transportation, artisan services, and mortgage financing.

“Large housing schemes can create significant economic multipliers because they stimulate cement production, steel, transportation, artisan services, and mortgage financing,” she explained.

However, Ekwueme warned that affordability could remain a challenge for many low-income Nigerians if mortgage accessibility and financing conditions were not improved.

Energy policy expert, Abdulrasheed Ibrahim, also commended ongoing investments in local refining and gas infrastructure but stressed that Nigerians expected quicker improvements in electricity supply, transport costs, and household purchasing power.

“The reforms are ambitious and some progress is visible, particularly in attracting investment. But citizens judge reforms largely through purchasing power, electricity supply, transport costs, and food prices,” Ibrahim said.