ENUGU, Nigeria (VOICE OF NAIJA)- President Bola Tinubu has assured Nigerians that the sacrifices made under his administration’s economic reforms “will not be in vain,” as he marked the third anniversary of his government in office.
In a nationwide address on Thursday, Tinubu said he understood the hardship many Nigerians had endured in recent years but maintained that the difficult decisions taken by his administration were necessary to prevent a deeper economic crisis.
According to him, the country inherited serious fiscal and structural challenges when his administration assumed office in 2023, including mounting debt-servicing costs, foreign exchange distortions, insecurity, declining revenues, and unsustainable fuel subsidies.
Tinubu revealed that Nigeria was spending as much as N18.4 billion daily on petrol subsidies at the peak of the regime, amounting to more than N4 trillion in 2022 alone. He also said multiple exchange-rate windows and forex arbitrage cost the nation over N8 trillion within three years through speculative practices and rent-seeking.
“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,” he said.
The President acknowledged that the reforms triggered a rise in the cost of living and placed pressure on families, workers, businesses, and young job seekers across the country.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” Tinubu stated.
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He added that Nigeria had now stabilised economically and was moving forward, noting that investor confidence was improving while public finances had strengthened.
Tinubu pointed to developments in the capital market, saying the Nigerian stock market had witnessed major growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
The President also highlighted ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads.
According to him, over 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation nationwide.
Tinubu further disclosed that rail modernisation projects were ongoing to improve logistics and economic integration across the federation.
Speaking on the oil and gas sector, he said reforms introduced by his administration had attracted billions of dollars in fresh investments from international oil companies.
He noted that the $5 billion NLNG Train 7 project was nearing completion and would boost Nigeria’s liquefied natural gas production and exports.
The President added that local refining capacity had improved significantly through the operations of modular and large-scale refineries, reducing dependence on imported petroleum products and conserving foreign exchange.
On power supply, Tinubu admitted that the sector had suffered years of debt, underinvestment, and uncertainty but said his government was clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid.
“No modern economy can grow in darkness,” he declared.
The President also highlighted interventions in agriculture, saying millions of farmers had benefited from improved seedlings, fertilisers, irrigation support, mechanisation, and expanded access to markets and finance.
Tinubu disclosed that the Nigerian Education Loan Fund had provided more than 1.5 million students access to higher education through disbursement of over N282 billion.
He further noted that the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory, creating more than 300,000 jobs.
The President added that thousands of primary healthcare centres were being revitalised while health insurance coverage was expanding for vulnerable Nigerians.
On telecommunications and technology, Tinubu said the government had taken decisive steps to stabilise the telecoms sector and restore investor confidence.
He noted that operators were expanding infrastructure, recruiting Nigerian talent, and widening digital access across the country.
Addressing Nigerian youths, Tinubu described them as “the engine of Nigeria’s future,” adding that the administration was investing in digital skills, innovation, technical education, enterprise support, and student financing.
On insecurity, the President said security remained central to his administration’s mission, noting that armed forces and security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks.
While acknowledging that challenges still existed, he said several communities and highways had become safer and more economically active.
“We will not relent until every Nigerian can live, work, travel, and dream in safety,” he assured.
Tinubu called on Nigerians to embrace unity, hope, discipline, and collective national purpose, stressing that no region, religion, or group should feel marginalised.
“Nigeria belongs to all of us,” he said.
The President expressed optimism that the country would emerge stronger and more prosperous despite current challenges.
“History tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before,” Tinubu added.