President Bola Ahmed Tinubu has declared that Nigeria has stabilised and is moving forward again, expressing confidence that the country will emerge stronger, more united and more prosperous from its current challenges, as visible progress takes shape across the nation.
The President made the declaration in a statement marking the third anniversary of his administration, during which he reflected on the economic and structural difficulties inherited at the commencement of his tenure and the measures taken to stabilise the nation and lay the foundation for long-term recovery.
President Tinubu noted that when his administration assumed office, Nigeria faced mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity, energy supply constraints and declining public confidence in institutions.
READ ALSO: May 29th: President Tinubu Calls for Unity, Reaffirms Security Commitment
The Nigerian leader asserted situation demanded urgent and courageous action, emphasising that difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion in 2022 alone—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices. Had 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.
“These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.
“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. Across the country, visible progress is taking shape,” the President added.
The President maintained that the administration’s reform measures were beginning to yield tangible results, noting that the economy is now more competitive and better positioned for sustainable growth than it was in 2023.
“Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing,” President Tinubu stated.
He said the stock market had recorded significant growth, with the All Share Index rising from 53,000 and market capitalisation of N30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 trillion this year, while companies were declaring record profits and dividends.
President Tinubu also highlighted ongoing investments in critical infrastructure, noting that over 2,700 kilometres of highways and major roads are under construction, reconstruction or rehabilitation across the country, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road and several rural access roads.
The President added that significant sections of the projects have already been completed or are nearing completion, improving transportation, reducing travel time, boosting regional trade and creating thousands of jobs.
“Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation. Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation,” the President said.
On the oil and gas sector, President Tinubu said reforms introduced by his administration had attracted billions of dollars in fresh investment from international oil companies, adding that the five-billion-dollar NLNG Train 7 project was nearing completion to boost LNG production capacity, exports and dividends.
He further noted that domestic gas utilisation is expanding, while improvements in local refining capacity have strengthened the nation’s energy security.
The President stated that with large-scale domestic and modular refineries now operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.
Addressing developments in the power sector, President Tinubu said the administration is confronting longstanding challenges of debt, underinvestment and uncertainty that had weakened generation capacity and limited growth over the years.
“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. When power improves, businesses expand, industries grow, jobs are created, and families prosper. We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he added.
The President also highlighted measures aimed at improving the welfare of Nigerians through interventions in agriculture, housing and healthcare, describing the sectors as critical to economic opportunity and improved living conditions.
“Agricultural interventions have supported millions of farmers by improving seedlings, fertilisers, mechanisation, and irrigation and by expanding access to finance and markets. We are opening new agricultural corridors to create jobs, strengthen supply chains, and reduce pressure on household incomes,” President Tinubu said.
On housing, the President noted that the Renewed Hope Housing Programme and initiatives of the Federal Housing Authority were expanding access to affordable housing while creating employment opportunities across the country.
He disclosed that over 10,000 housing units are being delivered across 14 states and the Federal Capital Territory, creating more than 300,000 jobs, while major Renewed Hope Cities in Abuja, Lagos and Kano continue to make steady progress.
President Tinubu added that the consumer credit initiative, CREDICORP, is creating new economic opportunities for workers and families by expanding access to credit.
“Our 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. Major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily.
”Our consumer credit initiative, CREDICORP, is opening up new economic opportunities for workers and families,” he stated.
The President further noted that thousands of primary healthcare centres are being revitalised across the country, while health insurance coverage is being expanded to reach more vulnerable Nigerians.”President Tinubu said.
Despite the progress recorded, President Tinubu acknowledged that significant challenges remain, stressing that the administration is focused on ensuring that the gains of ongoing reforms translate into tangible improvements in the lives of ordinary Nigerians.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid. The 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,” the President said.
He stated that the administration would continue efforts to keep food prices low and sustain measures aimed at easing pressure on households across the country.
President Tinubu further noted that the government is pursuing initiatives to reduce transportation costs through the conversion of commercial trucks, buses and taxis from petrol engines to Compressed Natural Gas (CNG) and the adoption of electric vehicles.
The President reiterated his administration’s commitment to sustaining reforms and expanding opportunities that would support economic recovery, improve livelihoods and strengthen long-term national prosperity.
