President Bola Tinubu has defended the major economic reforms introduced by his administration as he marked three years in office on Friday, May 29, saying the removal of fuel subsidy and the unification of exchange rates were necessary steps to rescue Nigeria’s economy from collapse.
In a nationwide statement commemorating the third anniversary of his administration, the President said the country faced severe fiscal and structural challenges when he assumed office in 2023.
According to him, fuel subsidies, multiple exchange rate windows and foreign exchange arbitrage had become major obstacles to economic growth and stability.
Tinubu stated that Nigeria was spending as much as ₦18.4 billion daily on fuel subsidy payments, amounting to over ₦4 trillion in 2022 alone, while the country also lost more than ₦8 trillion within three years to speculative activities linked to forex distortions.
He explained that his administration had to make difficult but necessary decisions to prevent the country from sliding into a deeper economic crisis.
“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 easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” the President stated.
Tinubu acknowledged the hardship experienced by Nigerians following the reforms, particularly the rising cost of living, but insisted that the sacrifices were beginning to yield positive results.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. And today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he said.
Highlighting achievements recorded so far, Tinubu pointed to improvements in public finances, rising investor confidence, growth in the stock market, and ongoing infrastructure projects across the country.
The President disclosed that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation, including the Lagos Calabar Coastal Highway, Sokoto Badagry Super Highway, Abuja Kaduna Zaria Kano Road and the East West Road.
He also noted progress in the oil and gas sector, revealing that reforms had attracted billions of dollars in fresh investments and boosted domestic refining capacity.
On education, Tinubu said the Nigerian Education Loan Fund had provided over 1.5 million students access to higher education through disbursement exceeding ₦282 billion.
He added that the Renewed Hope Housing Programme and initiatives by the Federal Housing Authority were delivering more than 10,000 housing units across 14 states and the Federal Capital Territory.
Addressing security concerns, the President said his administration had intensified operations against terrorists, bandits, kidnappers and oil thieves, adding that several communities and highways were becoming safer.
“Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks. While challenges remain, many communities and highways are becoming safer and more economically active,” he stated.
Tinubu also called for national unity and collective sacrifice, urging Nigerians to remain hopeful and committed to nation building.
“We must choose hope over despair, unity over division, and nation building over narrow interests,” he added.
The President reaffirmed his administration’s commitment to economic reform, infrastructure development, security and inclusive growth, expressing optimism that Nigeria would emerge stronger and more prosperous in the years ahead.
