President Bola Tinubu has appraised his three-year administration, saying that Nigeria has stabilised economically and is “moving forward again.”
Presenting his administration’s three-year scorecard, the President, while admitting taking over leadership at one of the most difficult periods in the nation’s history, said the tough economic reforms undertaken since 2023 were necessary to prevent fiscal collapse, worsening poverty and economic uncertainty.
Tinubu said that when his administration came into office on May 29, 2023, Nigeria faced mounting fiscal pressures, unsustainable fuel subsidy payments, declining revenues, exchange-rate distortions, rising debt-servicing obligations, insecurity and declining public confidence in institutions.
The President said: “At the height of the subsidy regime, Nigeria was spending as much as N18.4 billion daily to sustain petrol subsidies – over N4 trillion in 2022 alone – resources that could have been invested in roads, healthcare, education, housing and critical infrastructure.”
The President added that the multiple exchange-rate windows inherited by his administration created distortions that cost Nigeria more than N8 trillion in three years through speculative and rent-seeking practices.
He noted that the situation required “urgent and courageous action,” stressing that his administration chose “reform over ruin and decisiveness over hesitation.”
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he said.
Tinubu acknowledged the hardship that followed the reforms, particularly rising living costs, pressure on households and businesses, and growing unemployment concerns among youths.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he told Nigerians.
The President, however, maintained that the reforms had begun yielding positive results across key sectors of the economy.
“Our economy is now more competitive and better positioned for sustainable growth than it was in 2023.
“Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing,” he said.
He said the Nigerian stock market had witnessed unprecedented growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
“Companies are declaring record profits and dividends,” the President added.
Highlighting ongoing infrastructure projects across the country, Tinubu said more than 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation.
He listed some of the projects as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road and several rural access roads.
According to him, many sections of the projects are nearing completion and are already improving transportation, reducing travel time, enhancing regional trade and creating jobs.
He further said the ongoing nationwide rail modernisation projects would improve connectivity, logistics and economic integration.
In the oil and gas sector, Tinubu said reforms introduced by his administration had restored investor confidence and attracted billions of dollars in fresh investments from international oil companies.
He hinted that the $5 billion NLNG Train 7 project was nearing completion and would boost Nigeria’s LNG production capacity, exports and earnings.
According to the President, Nigeria’s local refining capacity had improved considerably through large-scale and modular refineries, reducing dependence on imported petroleum products and conserving foreign exchange.
On power, Tinubu admitted that the sector had suffered years of debt, underinvestment and uncertainty, but assured Nigerians that his administration was confronting the challenges directly.
He said the government was clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy and strengthening the national grid.
“No modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper,” he said.
The President reiterated his administration’s commitment to industrial growth and economic expansion through improved energy supply.
Tinubu also outlined his administration’s interventions in agriculture, education, housing and healthcare aimed at improving citizens’ welfare.
He explained that millions of farmers had benefited from improved seedlings, fertilisers, mechanisation, irrigation support and expanded access to finance and markets.
“We are opening new agricultural corridors to create jobs, strengthen supply chains and reduce pressure on household incomes,” he said.
On education, Tinubu explained that the Nigerian Education Loan Fund (NELFUND) had provided over 1.5 million students access to higher education, disbursing more than N282 billion to beneficiaries.
The President said the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
The projects, he noted, had created more than 300,000 jobs, while major Renewed Hope Cities in Abuja, Lagos and Kano were progressing steadily.
He also said the consumer credit initiative, CREDICORP, was opening new economic frontiers for workers and families.
In the healthcare sector, Tinubu stated that thousands of primary healthcare centres were being revitalised while health insurance coverage was being expanded for vulnerable Nigerians.
The President further explained that his administration had taken decisive steps to stabilise the telecommunications sector, describing digital infrastructure as critical to national productivity and competitiveness.
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