Three Years in Office: Tinubu Defends Reforms, Says Nigeria Undergoing Historic Test

•Reveals he inherited economy on brink of fiscal breakdown

•Lists gains in infrastructure, energy, telecoms, housing, education, others

• Insists painful changes restoring investor confidence, economic stability

•Thanks Nigerians for patience, sacrifice

Emmanuel Addeh in Abuja

President Bola Tinubu Friday morning defended the sweeping economic reforms implemented by his administration over the last three years, declaring that Nigeria is passing through a historic national test that requires sacrifice, courage and difficult decisions to prevent economic collapse.

In a nationwide address to commemorate the third anniversary of his administration, Tinubu said he inherited a nation weighed down by profound structural and economic distortions, including crippling fuel subsidies, exchange-rate manipulation, rising debt service obligations, declining revenues and worsening insecurity.

The president maintained that without the decisive policies introduced since he assumed office on May 29, 2023, Nigeria would have drifted into fiscal breakdown, deeper poverty and severe economic uncertainty.

However, the president acknowledged the pain triggered by the reforms, especially the sharp rise in the cost of living, but insisted that the sacrifices Nigerians had made were already yielding results across critical sectors of the economy.

“My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before,” Tinubu stated.

Addressing Nigerians in a speech heavy on economic data, infrastructure projections and reform milestones, the president said the country is now more competitive and fiscally stable than it was three years ago.

“When this administration assumed office, our nation faced profound economic and structural difficulties. Mounting 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,” he said.

Tinubu disclosed that at the peak of the subsidy regime, Nigeria was spending as much as N18.4 billion daily on petrol subsidies, amounting to over N4 trillion in 2022 alone. According to him, the continuation of the subsidy programme would have crippled public finances and denied the country resources needed for infrastructure, healthcare, housing and education.

The president further revealed that the multiple exchange-rate system inherited by his administration created widespread distortions and encouraged speculative activities that cost Nigeria more than N8 trillion within three years.

The Nigerian leader said his administration was forced to take “difficult but necessary decisions” to stabilise the economy and restore confidence in the country’s financial system.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he declared.

Defending the reforms, Tinubu said the government deliberately chose “reform over ruin” and “decisiveness over hesitation”, insisting that avoiding the hard choices would have plunged Nigeria into a far more devastating crisis.

He admitted that the policies imposed enormous hardship on citizens, businesses and workers, especially through rising inflation and increased transportation costs.

“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,” the president stated.

Nonetheless, Tinubu maintained that the economy had stabilised considerably and was beginning to show signs of sustainable recovery. He cited improvements in public finances, rising investor confidence and strong growth in the capital market as evidence that the reforms were working.

According to him, the Nigerian stock market has recorded unprecedented expansion under his administration, with the All Share Index rising from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation surged from N30 trillion to N160 trillion.

Highlighting what he described as one of the largest infrastructure expansion programmes in Nigeria’s recent history, Tinubu disclosed that over 2,700 kilometres of highways and major roads are currently under construction, rehabilitation or reconstruction nationwide.

He added that rail modernisation projects were also progressing across the federation to improve logistics, national integration and economic productivity.

In the oil and gas sector, Tinubu said reforms introduced by his administration had helped restore investor confidence and attract billions of dollars in fresh investments from international oil companies previously reluctant to commit capital to Nigeria.

He noted that the $5 billion NLNG Train 7 project was nearing completion and would significantly expand Nigeria’s liquefied natural gas export capacity.

Also, Tinubu pointed to improvements in domestic refining, saying operational large-scale and modular refineries were helping Nigeria reduce dependence on imported petroleum products and conserve foreign exchange.

“Local refining capacity has improved our energy security. With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange,” he stated.

In the power sector, the president said his administration had begun addressing longstanding structural problems, including debts, weak transmission infrastructure and underinvestment.

According to him, the government was investing heavily in transmission infrastructure, renewable energy and grid expansion to support industrialisation and economic growth.

Tinubu further highlighted interventions in agriculture, education, housing, healthcare and telecommunications as part of his administration’s broader economic recovery strategy. He disclosed that millions of farmers had benefited from government-supported agricultural interventions involving improved seedlings, fertilisers, mechanisation and irrigation support.

The president also revealed that the Nigerian Education Loan Fund (NELFUND) had provided financial support to more than 1.5 million students, disbursing over N282 billion to support access to higher education.

In housing, Tinubu said that major housing projects in Abuja, Lagos and Kano were progressing steadily under the Renewed Hope Cities initiative. He also said the administration’s consumer credit initiative, CREDICORP, was helping expand economic opportunities for workers and families.

In the same vein, he highlighted major strides in healthcare, disclosing that thousands of primary healthcare centres were being revitalised nationwide, while health insurance coverage was being expanded for vulnerable Nigerians. Tinubu further claimed that confidence was gradually returning to the telecommunications sector after years of operational challenges and declining investment.

The president used the occasion to address young Nigerians directly, assuring them that the administration was investing in digital skills, technical education, innovation and entrepreneurship.

On security, the Nigerian leader said the military and security agencies had intensified operations against terrorists, kidnappers, oil thieves and bandits, leading to improved safety in several communities and highways.

“Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks. While challenges remain, many communities and highways are becoming safer and more economically active. We continue investing in intelligence, surveillance, logistics, technology, and inter-agency coordination.

“We are improving the capabilities of our armed forces and security agencies, and reclaiming the authority of the Nigerian state wherever criminality threatens peace and order. While we continue to confront the challenges head-on, progress is being made. I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety,” he added.

But the president admitted that his administration had not solved every problem confronting the country, but insisted that the foundations for long-term recovery had been laid. He stressed that the next phase of governance would focus on ensuring that the benefits of ongoing reforms are felt more directly in the lives of ordinary Nigerians through lower food prices, reduced transportation costs and expanded employment opportunities.

He disclosed that the government was promoting the conversion of commercial vehicles from petrol to compressed natural gas and electric alternatives in a bid to lower transport costs.

Calling for unity and collective sacrifice, the president urged Nigerians not to surrender to cynicism or division. Tinubu pointed out that national prosperity could only be sustained if every Nigerian, irrespective of ethnicity, religion or region, feels included in the national project.

The president reiterated that Nigeria remained committed to democratic governance, economic reform and responsible leadership, while assuring local and foreign investors that the country remained open for business and investment partnerships.