President Bola Ahmed Tinubu on Friday marked the third anniversary of his administration by delivering a national address highlighting Nigeria’s economic stabilisation and ongoing reforms despite initial hardships faced by citizens.
In his statement, President Tinubu acknowledged the profound economic and structural challenges inherited in 2023, including mounting fiscal pressures, unsustainable fuel subsidies, multiple exchange rate windows, and rising insecurity. He noted that the country was spending up to ₦18.4 billion daily on petrol subsidies in 2022, amounting to over ₦4 trillion annually, resources that could have supported critical infrastructure and social services.
The President defended the bold decisions taken by his government, particularly the removal of fuel subsidies and unification of exchange rates, describing them as necessary to prevent fiscal breakdown and deeper national crisis. He admitted these measures triggered rising costs of living but assured Nigerians that their sacrifices had not been in vain as the economy stabilises.
President Tinubu pointed to significant improvements in public finances and growing investor confidence as key outcomes of the reforms. He highlighted the impressive performance of the Nigerian stock market, which has seen the All Share Index rise from 53,000 points with a market capitalisation of ₦30 trillion in 2023 to a record 250,000 points and ₦160 trillion this year.
The President detailed massive infrastructure developments across the country, revealing that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation. Key projects include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, and the Abuja-Kaduna-Zaria-Kano Road, many of which are already yielding completed sections and creating thousands of jobs.
Rail modernisation projects are advancing to enhance connectivity and economic integration, while the oil and gas sector has attracted billions of dollars in new investments following reforms. President Tinubu mentioned the nearing completion of the $5 billion NLNG Train 7 project and improvements in local refining capacity, which are reducing dependence on imported petroleum products.
On the power sector, the administration is clearing legacy debts, expanding transmission infrastructure, and investing in renewable energy to strengthen the national grid. The President emphasised that reliable power supply remains critical for industrial growth, job creation, and improved quality of life for Nigerians.
In agriculture, interventions have supported millions of farmers through better access to seedlings, fertilisers, mechanisation, irrigation, finance, and markets. The Renewed Hope Housing Programme has delivered over 10,000 housing units across 14 states and the FCT, creating more than 300,000 jobs, with major housing cities progressing in Abuja, Lagos, and Kano.
The Nigerian Education Loan Fund has disbursed over ₦282 billion to more than 1.5 million students, ensuring financial barriers do not deny access to higher education. The President also noted ongoing revitalisation of primary healthcare centres and expansion of health insurance coverage for vulnerable populations.
Telecommunications sector stability has returned, with operators expanding networks, investing in infrastructure, and widening digital access. President Tinubu described digital infrastructure as essential for modern commerce, education, innovation, and national productivity.
Addressing the youth, President Tinubu reaffirmed their central role in Nigeria’s future, highlighting investments in digital skills, technical education, innovation, and enterprise support across technology, creative industries, and entrepreneurship. He assured that opportunities are being expanded for young Nigerians to compete and succeed.
On security, the President reported intensified operations by the Armed Forces and security agencies against terrorists, bandits, and criminal networks, noting that many communities and highways are becoming safer. He called for national unity, urging Nigerians to choose hope over despair and collective purpose over division as the country continues its journey of renewal.
