By Chibuike Nwabuko
ABUJA (PRECISE POST) – President Bola Ahmed Tinubu has defended the sweeping economic reforms introduced by his administration, insisting that the difficult measures were necessary to rescue Nigeria from fiscal collapse and set the country on the path to long-term recovery.
In a nationwide address marking the third anniversary of his administration, Tinubu acknowledged the hardship experienced by millions of Nigerians following the removal of fuel subsidies and exchange rate reforms but assured citizens that the sacrifices were beginning to yield visible results across critical sectors of the economy.
The President said his administration inherited severe economic and structural challenges, including mounting fiscal pressures, unsustainable fuel subsidies, dwindling revenues, rising debt servicing costs, exchange rate distortions, insecurity, and weak public confidence in government institutions.
According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies, amounting to over ₦4 trillion in 2022 alone, while multiple foreign exchange windows encouraged massive arbitrage and speculative activities that allegedly cost the country more than ₦8 trillion over three years.
Tinubu said the situation demanded “urgent and courageous action,” stressing that his government chose “reform over ruin” to avert a deeper economic crisis.
“These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses,” he admitted.
Despite widespread criticism over inflation and worsening living conditions, the President maintained that the economy had now stabilised and was gradually recovering.
He pointed to improvements in public finances, increased allocations to states and local governments, renewed investor confidence, and a booming capital market as evidence of progress under his administration.
The President disclosed that the Nigerian stock market had witnessed significant growth, with the All Share Index rising from 53,000 points in 2023 to about 250,000 points, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
Tinubu also highlighted ongoing infrastructure projects across the country, noting that over 2,700 kilometres of highways and major roads were currently under construction, reconstruction, or rehabilitation.
The projects include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads aimed at improving transportation, boosting trade, and creating jobs.
He added that rail modernisation projects were also progressing to strengthen connectivity and economic integration nationwide.
On the energy sector, the President said reforms in oil and gas had attracted fresh foreign investments, including the ongoing $5 billion NLNG Train 7 project, while increased domestic refining capacity was reducing Nigeria’s dependence on imported petroleum products.
Tinubu further stated that his administration was tackling long-standing challenges in the power sector through investments in transmission infrastructure, renewable energy, and grid expansion.
In agriculture, he said government interventions had supported millions of farmers with improved seedlings, fertilisers, irrigation, mechanisation, and access to finance.
The President also highlighted achievements in education, revealing that the Nigerian Education Loan Fund had provided more than 1.5 million students access to higher education through disbursement of over ₦282 billion in loans.
He said the Renewed Hope Housing Programme and initiatives by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory, while creating more than 300,000 jobs.
Tinubu noted that efforts were also underway to revitalise primary healthcare centres and expand health insurance coverage for vulnerable Nigerians.
The President said his administration had taken steps to stabilise the telecommunications sector, encouraging operators to expand networks and invest in digital infrastructure to support innovation, commerce, and education.
Addressing Nigerian youths, Tinubu described them as “the engine of Nigeria’s future” and pledged continued investment in digital skills, entrepreneurship, innovation, and technical education.
On security, the President assured Nigerians that military and security agencies were intensifying operations against terrorists, kidnappers, bandits, oil thieves, and other criminal groups.
While admitting that security challenges remained, he said many communities and highways were becoming safer due to improved intelligence gathering, surveillance, and inter-agency coordination.
Tinubu urged Nigerians to remain hopeful and united, saying nation-building required sacrifice, resilience, and collective purpose.
“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.
The President also pledged to sustain efforts aimed at reducing food prices, lowering transportation costs through compressed natural gas and electric vehicle initiatives, and expanding opportunities for employment and enterprise development.
He called on Nigerians to reject division and cynicism, insisting that the country’s diversity remained a source of strength.
“To our youth, workers, entrepreneurs, farmers, professionals, security personnel, students, and diaspora: your sacrifices sustain our nation, and they will not be in vain,” Tinubu stated.
He expressed optimism that Nigeria would emerge stronger and more prosperous despite present economic difficulties, urging citizens to continue believing in the country’s future.
“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,” the President declared.
