President Bola Ahmed Tinubu on Thursday defended the sweeping economic reforms introduced by his administration, insisting that Nigeria has stabilised and is gradually recovering from years of fiscal and structural challenges.

In a nationwide address to commemorate the third anniversary of his administration on May 29, President Tinubu acknowledged the hardship experienced by Nigerians following the removal of fuel subsidy and foreign exchange reforms but maintained that the difficult decisions were necessary to prevent economic collapse.

According to the President, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidy payments before his administration scrapped the regime, while multiple exchange-rate windows encouraged arbitrage and cost the country over ₦8 trillion within three years.

Tinubu said his government chose “reform over ruin” to avert fiscal breakdown, rising poverty and economic uncertainty.

“Your sacrifice has not been in vain,” the President told Nigerians, adding that the economy is now more competitive and better positioned for sustainable growth than it was in 2023.

Highlighting achievements recorded under his administration, Tinubu said the Nigerian stock market had witnessed significant growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.

The President also pointed to ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and East-West Road, saying over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation.

He disclosed that rail modernisation projects are also progressing nationwide to improve transportation, logistics and economic integration.

Speaking on the oil and gas sector, Tinubu said reforms introduced by his administration had attracted fresh foreign investments and boosted local refining capacity, reducing dependence on imported petroleum products and helping conserve foreign exchange.

He added that the $5 billion NLNG Train 7 project was nearing completion and would strengthen Nigeria’s liquefied natural gas production and exports.

On electricity, Tinubu said the government was investing heavily in transmission infrastructure, renewable energy and grid expansion while addressing legacy debts in the power sector.

“No modern economy can grow in darkness,” he said.

The President further highlighted interventions in agriculture, education, housing and healthcare, noting that millions of farmers had benefited from improved access to fertilisers, seedlings, irrigation and mechanisation support.

Tinubu revealed that the Nigerian Education Loan Fund had provided over 1.5 million students access to higher education, with more than ₦282 billion disbursed so far.

He also said over 10,000 housing units were being developed across 14 states and the Federal Capital Territory under the Renewed Hope Housing Programme and the Federal Housing Authority initiative.

On security, the President assured Nigerians that the Armed Forces and security agencies were intensifying operations against terrorists, kidnappers, bandits and oil thieves.

While admitting that security challenges persist, Tinubu said several communities and highways were becoming safer as government continued to invest in intelligence, surveillance, logistics and inter-agency coordination.

Addressing concerns over rising living costs, Tinubu said his administration was working to sustain declining food prices and reduce transportation costs through compressed natural gas (CNG) conversion initiatives and adoption of electric vehicles.

He also urged Nigerians to remain united and hopeful despite current challenges.

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

Tinubu assured the international community that Nigeria remained committed to democratic stability, economic reforms and responsible governance, expressing confidence that the country would emerge “stronger, fairer, more united, and more prosperous than ever before.”