President Bola Tinubu has admitted that the economic reforms introduced by his administration have caused hardship for many Nigerians, businesses, and workers across the country.
In a statement marking the third anniversary of his administration on Friday, the President acknowledged the struggles faced by families due to rising living costs but insisted the reforms were necessary to prevent a deeper economic crisis.
Tinubu said the removal of fuel subsidy, exchange rate reforms, and other economic measures were difficult decisions taken to stabilise Nigeria’s economy and avoid fiscal collapse.
“The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged,” the President stated.
He explained that when his administration assumed office in 2023, Nigeria faced mounting debt, declining revenues, energy supply challenges, insecurity, and a weakening economy.
According to him, the country spent over ₦4 trillion on fuel subsidy in 2022 alone, while multiple foreign exchange windows encouraged corruption and speculative practices that reportedly cost Nigeria more than ₦8 trillion within three years.
Tinubu said refusing to implement reforms would have pushed Nigeria into deeper poverty and economic instability.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he said.
Despite public criticism over inflation and hardship, the President maintained that the reforms are beginning to yield positive results.
He claimed Nigeria’s economy is becoming more competitive, while investor confidence has improved significantly.
Tinubu also highlighted gains in the stock market, noting that market capitalisation reportedly increased from ₦30 trillion in 2023 to ₦160 trillion in 2026.
The President further listed ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
He said the government is also expanding rail modernisation projects to improve transportation and regional trade.
On the energy sector, Tinubu stated that reforms have attracted fresh investments into oil and gas operations, while local refining capacity is reducing dependence on imported fuel.
He added that the administration is investing in power generation, renewable energy, and transmission infrastructure to improve electricity supply nationwide.
Tinubu also spoke on education, healthcare, housing, and youth empowerment programmes introduced under his administration.
According to him, the Nigerian Education Loan Fund has already supported over 1.5 million students, while housing projects across several states are creating jobs and improving access to affordable homes.
The President assured Nigerians that efforts are ongoing to reduce food prices, lower transportation costs, and create more employment opportunities.
Speaking on insecurity, Tinubu said security agencies have intensified operations against terrorists, bandits, kidnappers, and oil thieves across the country.
While admitting that challenges still remain, he insisted that several communities and highways are becoming safer.
The President urged Nigerians to remain hopeful and united despite current economic challenges.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” Tinubu said.
He added that Nigeria is gradually recovering across sectors including agriculture, technology, manufacturing, infrastructure, and telecommunications.
Tinubu concluded by calling on citizens to continue supporting the administration’s reforms, expressing confidence that the country would emerge stronger and more prosperous in the coming years.
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