President Bola Tinubu on Thursday assured Nigerians that the sacrifices they have endured over three years of sweeping economic reforms have not been in vain.\n<\/p>\n
This was as he disclosed that his administration\u2019s reforms of the past three years blocked a daily haemorrhage of N18.4bn earlier lost to fuel subsidies and N8tn lost to forex arbitrage.\n<\/p>\n
Tinubu revealed this in his statement to mark his third year in office on May 29, 2026.\n<\/p>\n
\u201cI 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,\u201d the President said.<\/p>\n
In the statement released on Thursday, Tinubu thanked Nigerians for bearing the cost of what he described as unavoidable structural adjustments.\n<\/p>\n
While acknowledging the pressures of his reforms on families, workers and young people, the Nigeria leader insisted that the foundation for national recovery had been laid.\n<\/p>\n
According to him, \u201cWhen this administration assumed office, our nation faced profound economic and structural difficulties.<\/p>\n
\u201cMounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions all threatened our progress.\n<\/p>\n
\u201cAt the height of the subsidy regime, Nigeria was spending as much as N18.4bn daily to sustain petrol subsidies, over N4tn in 2022 alone, resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure.\n<\/p>\n
\u201cMultiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than N8tn over three years to rent-seeking and speculative practices.\u201d\n<\/p>\n
He argued that the administration\u2019s decision to act swiftly on both fronts was a choice between national survival and politically convenient inaction.\n<\/p>\n
\u201cThe situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis.\n<\/p>\n
\u201cThe easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.\u201d\n<\/p>\n
\u201cHad we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort,\u201d he stated.<\/p>\n
Acknowledging the heavy cost of the reforms on ordinary Nigerians, the President said, \u201cThese decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses.\n<\/p>\n
\u201cYoung people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.\u201d\n<\/p>\n
Tinubu disclosed that the Nigerian stock market had performed well under his administration.\n<\/p>\n
He said the All Share Index had risen from 53,000 in 2023 to a record 250,000 in 2026, a nearly five-fold increase, while overall market capitalisation had surged from N30tn to N160tn.\n<\/p>\n
According to the President, \u201cOur economy is now more competitive and better positioned for sustainable growth than it was in 2023.\n<\/p>\n
\u201cPublic finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing.\n<\/p>\n
\u201cThe stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30tn in 2023 to a record All Share Index of 250,000 and market capitalisation of N160tn this year. Companies are declaring record profits and dividends.\u201d<\/p>\n
On infrastructure, Tinubu said the administration had more roads under construction, reconstruction or rehabilitation at any one time than any preceding administration.\n<\/p>\n
He cited 2,700 kilometres of highways spanning five major corridors. They include the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road and numerous rural access roads.\n<\/p>\n
He explained, \u201cCritical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation.\n<\/p>\n
\u201cSignificant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.\n<\/p>\n
\u201cRail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.\u201d\n<\/p>\n
In the oil and gas sector, Tinubu said reforms had reversed a period of investor flight, and that the long delayed $5bn NLNG Train 7 project was nearing completion.\n<\/p>\n
\u201cThe reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country.<\/p>\n
\u201cThe $5bn NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.\n<\/p>\n
\u201cDomestic gas utilisation is expanding. Local refining capacity has improved our energy security,\u201d he stated.\n<\/p>\n
On education, the President said the Nigerian Education Loan Fund had reached 1.5 million beneficiaries, disbursing more than N282bn to students who would otherwise have been priced out of higher education.\n<\/p>\n
According to him, \u201cThe Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than N282bn to ensure that no willing student is denied access due to financial hardship.\u201d\n<\/p>\n
On housing, the Renewed Hope Housing Programme and the Federal Housing Authority together, he said, were delivering over 10,000 housing units across 14 states and the FCT, with major cities being developed in Abuja, Lagos and Kano.\n<\/p>\n
\u201cOur Renewed Hope Housing Programme, along with that of the Federal Housing Authority, is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing,\u201d Tinubu explained.\n<\/p>\n
He noted that the CREDICORP consumer credit initiative was opening new economic opportunities for workers and families, and that thousands of primary healthcare centres were being revitalised while health insurance coverage was expanding.<\/p>\n
On electricity, Tinubu who acknowledged the sector\u2019s depth of dysfunction argued that his administration is confronting the challenges headon.\n<\/p>\n
\u201cFor years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth.\n<\/p>\n
\u201cToday, we are confronting those challenges directly. Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness,\u201d said the President.\n<\/p>\n
He also cited the stabilisation of the telecommunications sector as a significant but underappreciated achievement.\n<\/p>\n
Tinubu said, \u201cAfter years of severe operational pressures and declining investment, confidence is gradually returning to the sector.\n<\/p>\n
\u201cTelecom operators are expanding networks, investing in infrastructure, recruiting Nigerian talent, and widening digital access across the country. A connected Nigeria is a more competitive Nigeria.\u201d\n<\/p>\n
On security Tinubu who conceded that challenges remained, insisted that progress was being recorded in various parts of the country\u2019s<\/p>\n
He argued, \u201cOur Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks.\n<\/p>\n
\u201cWhile challenges remain, many communities and highways are becoming safer and more economically active.\n<\/p>\n
\u201cI want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety.\u201d\n<\/p>\n
Tinubu noted that his third anniversary in office is not a celebration of completion but as a milestone on an unfinished journey.\n<\/p>\n
According to him, \u201cWe have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid.\n<\/p>\n
\u201cThe task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.\u201d\n<\/p>\n
He appealed for national cohesion and patience, drawing on the broader arc of Nigeria\u2019s history.<\/p>\n
According to him, \u201cHistory teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose.\n<\/p>\n
\u201cOurs is a nation of extraordinary people. We survived civil war and rebuilt. We overcame dictatorship and restored democracy.\n<\/p>\n
\u201cWe endured hardship and remain bearers of hope. The Nigerian spirit remains strong and unbroken.\u201d\n<\/p>\n
He added, \u201cToday, the world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise.\n<\/p>\n
\u201cAcross agriculture, infrastructure, power, technology, manufacturing, and industry, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding.\u201d\n<\/p>\n
\u201cLet us reject cynicism and division. Let us move forward together, united in purpose, disciplined in effort, compassionate toward one another, and confident in the greatness that lies ahead.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"President Bola Tinubu on Thursday assured Nigerians that the sacrifices they have endured over three years of sweeping…\n","protected":false},"author":2,"featured_media":701375,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,11954,227628,46,255314,255315,178921,28659,255316,179464,255317,38632],"class_list":["post-701374","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economic-reforms","tag-economic-stability","tag-economy","tag-education-loan-fund","tag-forex-arbitrage","tag-fuel-subsidy","tag-infrastructure-development","tag-national-recovery","tag-nigeria-economy","tag-presidential-anniversary","tag-tinubu"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/701374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=701374"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/701374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/701375"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=701374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=701374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=701374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}