President Bola Tinubu has assured Nigerians that the economic difficulties experienced since the start of his administration were necessary sacrifices for national recovery, insisting the country is now on a stronger footing.
In a statement marking his third anniversary in office, Bola Ahmed Tinubu reflected on the reforms introduced since he assumed office on May 29, 2023, saying they were aimed at correcting long-standing structural weaknesses in the economy.
“When this administration assumed office, our nation faced profound economic and structural difficulties,” Tinubu said, listing challenges such as subsidy burdens, forex distortions, rising debt costs, insecurity, and declining public trust in institutions.
He noted that at the time, Nigeria was spending about ₦18.4 billion daily on fuel subsidies, while multiple exchange rate windows had led to significant financial losses.
According to him, urgent reforms were unavoidable to prevent deeper economic collapse.
“Together, we chose reform over ruin and decisiveness over hesitation,” he said, adding that although the policies have caused hardship, they were necessary for long-term stability.
Tinubu acknowledged the impact of the reforms on citizens, especially the rising cost of living and job pressures, but maintained that progress is now visible across key sectors.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifices have not been in vain,” he said.
The president claimed that the economy has become more stable and competitive, with improved public finances and increased resources available to states and local governments.
He also pointed to ongoing infrastructure projects, including more than 2,700 kilometres of roads currently under construction or rehabilitation.
On the energy sector, Tinubu said reforms have attracted new investments into oil and gas, including progress on the $5 billion NLNG Train 7 project and improved domestic refining capacity aimed at reducing import dependence.
He further highlighted developments in education and social investment, noting that the Nigeria Education Loan Fund (NELFUND) has disbursed ₦282 billion to 1.5 million students.
In housing, he said over 10,000 units have been completed under the Renewed Hope programme across multiple states, while primary healthcare centres are being upgraded nationwide.
Security, he added, remains a central focus, with ongoing military operations against insurgents, kidnappers, and oil thieves.
“While we continue to confront the challenges head-on, progress is being made,” he said, assuring that government efforts will continue until Nigerians can live and work in safety.
Tinubu concluded by urging unity and patience, saying national development requires resilience and collective effort.
“Nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future,” he said.
He added that despite ongoing challenges, he remains optimistic about Nigeria’s future, describing the country’s history of overcoming crises as evidence of its resilience.
