…cites gains in economy, infrastructure, and investment growth
President Bola Tinubu has assured Nigerians that the sacrifices made under his administration’s sweeping economic reforms have not been in vain, as he marked his third year in office.
In a statement commemorating May 29, 2026, the President said his government’s reforms had stopped what he described as major financial losses, including N18.4bn daily spent on fuel subsidies and over N8tn lost to foreign exchange arbitrage.
Tinubu said the reforms were necessary to stabilise the economy, describing the early period of his administration as one marked by serious fiscal pressures, rising debt costs, subsidy burdens, and declining public confidence.
He acknowledged the hardship faced by citizens, including rising living costs, but insisted that the country is now on a path of recovery and stability.
According to him, public finances have improved, states now have more resources, and investor confidence is gradually returning.
The President also highlighted strong performance in the stock market, noting that the All Share Index rose from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30tn to N160tn.
On infrastructure, he said over 2,700 kilometres of roads are currently under construction or rehabilitation across major national corridors, including the Lagos–Calabar Coastal Highway and the Sokoto–Badagry Super Highway.
He also pointed to ongoing rail modernisation projects aimed at improving connectivity and boosting economic activity nationwide.
In the oil and gas sector, Tinubu said reforms had restored investor confidence, with the $5bn NLNG Train 7 project nearing completion and domestic refining capacity improving energy security.
On education, he said the Nigerian Education Loan Fund has supported 1.5 million students with over N282bn in disbursements to improve access to higher education.
He added that housing initiatives are delivering over 10,000 units across multiple states, while creating jobs and expanding affordable housing access.
Tinubu also noted progress in healthcare, consumer credit through CREDICORP, and gradual improvements in electricity and telecommunications infrastructure.
On security, he said gains were being made against terrorists, bandits, kidnappers, and criminal networks, even as challenges persist in parts of the country.
The President said his administration remains committed to ensuring that the benefits of reforms reach ordinary Nigerians, urging unity and patience.
He concluded that while not all challenges have been resolved, the foundation for national recovery has been laid and the country is on a trajectory of growth and renewed confidence.