TINUBU DEFENDS TOUGH REFORMS, SAYS NIGERIA NOW ON PATH TO ECONOMIC RECOVERY

TINUBU DEFENDS TOUGH REFORMS, SAYS NIGERIA NOW ON PATH TO ECONOMIC RECOVERY

President Bola Ahmed Tinubu has defended the economic reforms introduced by his administration, saying Nigeria has made significant progress toward recovery and long-term stability despite the hardship experienced by citizens over the past three years.

In a nationwide address marking the third anniversary of his administration on Friday, the President acknowledged the sacrifices made by Nigerians following the removal of fuel subsidy and foreign exchange reforms, describing the decisions as “difficult but necessary” to prevent economic collapse.

Tinubu said his government inherited severe economic and structural challenges in 2023, including mounting debt, declining revenues, insecurity, exchange-rate distortions, and unsustainable subsidy payments.

According to him, Nigeria previously spent as much as ₦18.4 billion daily on petrol subsidy, amounting to over ₦4 trillion in 2022 alone, while multiple exchange-rate systems encouraged corruption and speculative activities.

“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 stated.

He admitted that the reforms triggered rising living costs and placed pressure on households and businesses but insisted that the economy has now begun to stabilise.

Tinubu Highlights Economic Gains

The President pointed to improvements in public finances, increased allocations to states and local governments, and growing investor confidence as signs of recovery.

He also highlighted developments in the capital market, stating that the Nigerian Stock Exchange All Share Index rose from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.

Tinubu said ongoing infrastructure projects across the country are creating jobs and improving economic activities. He listed major projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.

According to him, more than 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation nationwide.

Oil, Gas and Power Sector Reforms

The President also said reforms in the oil and gas sector have attracted fresh investments from international oil companies.

He disclosed that the $5 billion NLNG Train 7 project is nearing completion and noted that Nigeria’s domestic refining capacity has improved through large-scale and modular refineries.

On electricity, Tinubu said his administration is investing in transmission infrastructure, renewable energy, and grid improvements to support industrial growth and economic expansion.

“We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he said.

Education, Housing and Youth Development

Tinubu revealed that the Nigerian Education Loan Fund has provided financial support to more than 1.5 million students, with over ₦282 billion disbursed so far.

He added that the Renewed Hope Housing Programme is delivering over 10,000 housing units across 14 states and the Federal Capital Territory.

Addressing Nigerian youths, the President said the government is investing in technology, digital skills, technical education, entrepreneurship, and innovation to create more opportunities for young people.

“You are not a problem to be managed. You are the engine of Nigeria’s future,” he stated.

Security and National Unity

On security, Tinubu said the Armed Forces and security agencies have intensified operations against terrorism, kidnapping, banditry, and oil theft across the country.

While acknowledging that security challenges still persist, he maintained that several communities and highways have become safer due to ongoing military and intelligence operations.

The President called for unity among Nigerians regardless of religion, ethnicity, or region, urging citizens to remain hopeful and committed to national development.

“We must choose hope over despair, unity over division, and nation-building over narrow interests,” he said.

Tinubu concluded by assuring Nigerians that his administration remains committed to building a secure, prosperous, and inclusive nation.