President Bola Ahmed Tinubu on Thursday marked the third anniversary of his administration with a nationwide address in which he defended his government’s economic reforms, acknowledged the hardships faced by Nigerians, and declared that the country had begun to recover from years of fiscal and structural challenges.
Speaking to Nigerians on May 29, 2026, President Tinubu said his administration inherited an economy burdened by mounting debt pressures, fuel subsidy costs, exchange-rate distortions, insecurity, and declining public confidence in institutions.
According to the President, difficult but necessary decisions were taken to prevent the country from sliding into deeper economic crisis.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” Tinubu stated, adding that over ₦4 trillion was spent on fuel subsidies in 2022 alone.
He also criticised the previous multiple exchange-rate system, which he said encouraged forex arbitrage and caused Nigeria to lose more than ₦8 trillion over three years through speculative practices.
Despite widespread public criticism over the removal of fuel subsidy and the resulting increase in living costs, the President maintained that the reforms were beginning to produce positive results.
“I assure you: your sacrifice has not been in vain,” Tinubu said. “Nigeria has stabilised and is moving forward again.”
The President pointed to improvements in public finances, increased resources for state and local governments, and growing investor confidence as evidence of economic recovery.
He highlighted the performance of the Nigerian stock market, stating that the All Share Index had risen from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
Tinubu also noted that companies were declaring record profits and dividends, which he described as signs of renewed economic confidence.
The President said his administration was overseeing one of the largest infrastructure drives in recent Nigerian history.
According to him, more than 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation across the country.
Projects highlighted include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
He said many sections of the projects had either been completed or were nearing completion, with expected benefits including reduced travel time, improved regional trade, and job creation.
Rail modernisation projects are also ongoing to improve national connectivity and logistics.
Tinubu said reforms in the oil and gas sector had begun attracting fresh foreign investment after years of declining investor confidence.
He disclosed that the $5 billion NLNG Train 7 project was nearing completion and would significantly increase Nigeria’s liquefied natural gas production and exports.
The President further stated that improved local refining capacity through domestic and modular refineries was helping reduce dependence on imported petroleum products and conserve foreign exchange.
On electricity, Tinubu acknowledged longstanding problems in the power sector, including debt and underinvestment, but said his administration was addressing the issues through transmission expansion, renewable energy investments, and efforts to strengthen the national grid.
“No modern economy can grow in darkness,” he said.
The President said government interventions in agriculture had supported millions of farmers through improved access to seedlings, fertilisers, irrigation, mechanisation, and financing.
He also announced that the Nigerian Education Loan Fund had provided financial support to over 1.5 million students, with more than ₦282 billion disbursed so far.
In the housing sector, Tinubu said the Renewed Hope Housing Programme and Federal Housing Authority projects were delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
According to him, the projects have created more than 300,000 jobs, while major housing developments in Abuja, Lagos, and Kano continue to progress.
The President said his administration had taken steps to stabilise the telecommunications sector and encourage further private-sector investment in digital infrastructure.
He noted that telecom operators were expanding networks, recruiting more Nigerians, and widening digital access across the country.
Addressing young Nigerians directly, Tinubu described youth as “the engine of Nigeria’s future” and pledged continued investment in digital skills, innovation, technical education, entrepreneurship, and student financing.
On security, the President said military and security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal networks.
While admitting that security challenges remain, he said many communities and highways were becoming safer and more economically active.
Tinubu pledged continued investment in intelligence, surveillance technology, logistics, and inter-agency coordination to strengthen national security.
“We will not relent until every Nigerian can live, work, travel, and dream in safety,” he said.
In the concluding part of his address, President Tinubu called on Nigerians to remain united and hopeful despite ongoing economic and social challenges.
He stressed that national development requires sacrifice, resilience, discipline, and collective purpose.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” he stated.
The President also assured Nigerians that his administration would continue efforts to reduce food and transportation costs while expanding opportunities for employment and enterprise.
Ending the speech on a note of optimism, Tinubu said Nigeria was passing through a defining moment in its history but would emerge stronger and more prosperous.
“Let us continue this journey together,” he said. “Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide.”