…Insists subsidy removal saved economy from collapse
…Says forex distortions cost Nigerians ₦8trn in previous administration
…Lists roads, housing, student loans as signs of recovery
…Security: ‘We will not relent until every Nigerian can live in safety’
President Bola Ahmed Tinubu on Thursday admonished Nigerians that their economic sacrifices have not been not in vain, declaring that the country has “stabilised and is moving forward again” after three years of sweeping but painful reforms that he said prevented a national economic collapse
In a nationwide address marking his third year in office, Tinubu said the difficult decisions taken by his government had prevented the country from sliding into fiscal collapse, deeper poverty, and wider economic instability.
He strongly defended the removal of fuel subsidy and the unification of the foreign exchange market, describing both measures as unavoidable interventions required to correct long-standing distortions, waste, and systemic inefficiencies in the economy.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” the President said, noting that more than ₦4 trillion was spent on subsidies in 2022 alone.
He further said that multiple exchange-rate windows and sustained forex arbitrage cost the country over ₦8 trillion within three years through speculative trading and rent-seeking practices.
According to him, the situation left the government with no option but decisive intervention.
“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,” Tinubu stated.
“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.”
The President, however, acknowledged the economic pain triggered by the reforms, particularly rising living costs, transport fares, and business pressures across the country.
“These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses,” he said.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain.”
Tinubu maintained that early signs of recovery were emerging across key sectors of the economy, pointing to improvements in public finances, investor confidence, and infrastructure expansion.
He said the Nigerian stock market had recorded significant growth, with the All Share Index rising from 53,000 in 2023 to 250,000 this year, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
On infrastructure, he disclosed that more than 2,700 kilometres of highways and major roads were currently under construction, rehabilitation, or completion across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
He also said rail modernisation projects were ongoing nationwide to improve connectivity, logistics efficiency, and economic integration.
In the energy sector, Tinubu said reforms introduced by his administration had attracted fresh investment into oil and gas, while domestic refining capacity was strengthening Nigeria’s energy security and reducing dependence on imported petroleum products.
He added that the $5 billion NLNG Train 7 project was nearing completion, with capacity expected to boost LNG production, exports, and government revenues.
On power, the President said government was tackling long-standing structural challenges through transmission expansion, renewable energy investment, and efforts to stabilise the national grid.
“No modern economy can grow in darkness,” he said.
Tinubu also highlighted ongoing intervention programmes in agriculture, education, housing, and healthcare.
He disclosed that the Nigerian Education Loan Fund had supported over 1.5 million students, with more than ₦282 billion disbursed to expand access to tertiary education.
On housing, he 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, generating more than 300,000 jobs.
On security, Tinubu said security agencies had intensified operations against terrorists, bandits, kidnappers, and oil thieves, adding that efforts were ongoing to improve safety across highways and affected communities.
Recent incidents, however, continue to underline the persistence of insecurity in parts of the country. In Ogbomoso, Oyo State, armed assailants recently attacked schools along the Oriire axis, abducting pupils and teachers in an incident that triggered widespread concern and disruption in the area.
In Kwara State, communities have also continued to contend with the aftermath of earlier violent incidents, as security agencies maintain operations in areas affected by repeated attacks and abductions in recent months.
Across several regions, including parts of the North-West and North-Central, rural communities and transport routes continue to experience periodic attacks and kidnappings despite ongoing military and policing operations.
“This government will not relent until every Nigerian can live, work, travel, and dream in safety,” he reassured, however.
The President urged Nigerians to remain hopeful and united despite ongoing economic challenges, insisting that the reforms were laying the foundation for long-term recovery.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” he said.
“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.”