Tinubu Marks Third Anniversary, Says Nigeria’s Economy Recovering

President Bola Ahmed Tinubu

Tinubu Marks Third Anniversary, Says Nigeria’s Economy Recovering

President Bola Tinubu on Friday declared that Nigeria’s economy is gradually recovering, insisting that his administration’s bold reforms are beginning to deliver visible results in infrastructure development, investment inflows, job creation and improved national security.

In his third anniversary message to Nigerians, Tinubu acknowledged the economic hardship caused by major policy decisions since assuming office on May 29, 2023, but maintained that the difficult choices were necessary to rescue the country from deeper fiscal and structural crisis.

The President said his administration inherited an economy weighed down by unsustainable fuel subsidy payments, multiple exchange-rate distortions, mounting debt-servicing costs, declining revenues and worsening insecurity.

According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidy, amounting to over ₦4 trillion in 2022 alone, while the country also lost more than ₦8 trillion over three years to foreign exchange arbitrage and speculative distortions.

Tinubu said his government’s decision to remove fuel subsidy and unify the foreign exchange market was painful but unavoidable.

“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis,” he said.

He noted that while the reforms triggered an increase in the cost of living and placed enormous pressure on households and businesses, they have laid the foundation for sustainable recovery.

Economic recovery and investment confidence

The President said Nigeria’s economy is now more competitive and better positioned for long-term growth than it was in 2023.

Infrastructure expansion across Nigeria

Tinubu disclosed that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation nationwide.

Key projects listed include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and multiple rural access roads.

He said rail modernisation projects are also progressing to improve national connectivity, logistics and economic integration.

Oil, gas and power sector reforms

The President said reforms in the oil and gas sector have attracted billions of dollars in fresh investment from international oil companies.

He disclosed that the $5 billion NLNG Train 7 project is nearing completion and will significantly boost Nigeria’s LNG export capacity.

Tinubu also said expanded domestic refining capacity and operational modular refineries are reducing dependence on imported petroleum products and conserving foreign exchange.

On electricity, he said the administration is addressing long-standing structural challenges by clearing legacy debts, expanding transmission infrastructure, investing in renewable energy and strengthening the national grid.

Education, housing and agriculture interventions

The President said the Nigerian Education Loan Fund (NELFUND) has provided access to higher education for more than 1.5 million students, with over ₦282 billion disbursed.

He also said the Renewed Hope Housing Programme is delivering over 10,000 housing units across 14 states and the FCT, creating more than 300,000 jobs.

Tinubu added that agricultural interventions are supporting millions of farmers through improved seedlings, fertilisers, mechanisation and expanded access to finance.

Security improvements

On security, Tinubu said his administration has intensified operations against terrorists, bandits, kidnappers, oil thieves and criminal networks.

He stated that many communities and highways are becoming safer as a result of improved intelligence gathering, surveillance technology and stronger inter-agency coordination.

“I want to assure you that this government will not relent until every Nigerian can live, work, travel and dream in safety,” he said.

Call for patience and unity

While admitting that the country is not yet where it wants to be, Tinubu said the foundation for national recovery has been firmly laid.

He urged Nigerians to remain patient, united and hopeful.

“We must choose hope over despair, unity over division, and nation-building over narrow interests,” the President said.

Tinubu assured citizens that the benefits of the reforms would become more visible in daily life through lower food prices, reduced transport costs, increased job opportunities and improved living standards.

He concluded by expressing confidence that Nigeria would emerge stronger, more united and more prosperous.