President Bola Ahmed Tinubu says Nigeria is gradually turning a corner after years of deep economic and structural strain, insisting that tough reforms introduced by his administration are beginning to yield results.
This is contained in a nationwide address marking his third year in office, Bola Ahmed Tinubu acknowledged the hardship faced by citizens but maintained that the sacrifices were necessary to avert fiscal collapse and reset the economy.
He said his government inherited a system weighed down by unsustainable fuel subsidies, multiple exchange-rate windows, rising debt servicing pressures, insecurity, and weakening public trust in institutions.
At the height of the subsidy regime, Tinubu said Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies, amounting to over ₦4 trillion in 2022 alone. He also noted that exchange-rate distortions and arbitrage in the FX market cost the country over ₦8 trillion within three years.
According to him, decisive policy actions were unavoidable, stressing that leadership demands difficult choices in moments of national crisis.
Despite ongoing cost-of-living pressures, the President said early signs of recovery are emerging, pointing to renewed investor confidence and a sharp rally in the stock market, with the All Share Index rising from about 53,000 in 2023 to 250,000 in 2026.
He highlighted ongoing infrastructure expansion across the country, including the Lagos-Calabar Coastal Highway, Sokoto–Badagry Super Highway, Abuja–Kaduna–Zaria–Kano Road, and the East-West Road, noting that over 2,700 kilometres of roads are currently under construction or rehabilitation.
In the oil and gas sector, Tinubu said reforms have unlocked fresh investments, with progress recorded on the NLNG Train 7 project, alongside growing local refining capacity through modular refineries aimed at reducing import dependence.
President Tinubu added that power sector reforms are underway, focusing on transmission upgrades, renewable energy expansion, and strengthening the national grid to improve electricity supply.
On agriculture, the President said millions of farmers have benefited from fertiliser support, mechanisation, irrigation schemes, and improved access to finance, aimed at boosting food production and stabilising prices.
In education, he disclosed that the Nigerian Education Loan Fund has supported over 1.5 million students, with ₦282 billion already disbursed for tertiary education financing.
He also said the Renewed Hope Housing Programme, alongside Federal Housing Authority projects, is delivering more than 10,000 housing units across 14 states and the Federal Capital Territory.
In the digital economy, Tinubu said interventions in the telecoms sector are restoring investor confidence, expanding broadband infrastructure, and widening access to connectivity nationwide.
Addressing young Nigerians, he described them as the engine of the nation’s future, pledging sustained investment in digital skills, innovation, technical education, and enterprise development.
On security, the President said intensified operations by the Armed Forces and other agencies have degraded terrorist, bandit, and kidnapping networks, with several highways and communities now safer than before.
While acknowledging that challenges persist, he said progress is being made in restoring peace and reviving economic activity in previously troubled regions.
Tinubu urged Nigerians to remain united and patient, stressing that national renewal requires collective sacrifice, resilience, and shared purpose.
He reaffirmed his administration’s commitment to easing living costs, boosting food production, reducing transport expenses through CNG and electric mobility initiatives, and expanding job creation.
Concluding, the President expressed confidence that Nigeria is on a path to greater stability, unity, and long-term prosperity.
