President Bola Tinubu on Friday defended the major economic reforms introduced by his government, saying Nigeria faced a serious national crisis that demanded tough choices to stop the economy from collapsing.
Speaking in a nationwide broadcast to mark the third anniversary of his administration, Tinubu said he inherited deep economic problems, including fuel subsidies, exchange-rate distortions, rising debt costs, falling revenues and insecurity.
He said the policies introduced since May 29, 2023, stopped Nigeria from sliding into “fiscal breakdown, worsening poverty, and severe economic uncertainty.”
“My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before,” Tinubu said.
The president admitted Nigerians were facing hardship from rising living costs and transport fares but insisted the reforms were beginning to deliver results.
According to him, petrol subsidies once cost Nigeria N18.4 billion daily and over N4 trillion in 2022 alone. He also said the multiple exchange-rate system lost the country more than N8 trillion in three years.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he stated.
Tinubu said the government chose “reform over ruin” and “decisiveness over hesitation” to secure long-term recovery.
He claimed the economy had become more stable, with stronger public finances, higher investor confidence and major growth in the stock market. He said the All Share Index rose from 53,000 points in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.
The president also highlighted ongoing road and rail projects, oil and gas investments, improved local refining, power sector reforms and support for agriculture, healthcare, housing and education.
On security, he said operations against terrorists, kidnappers and bandits had intensified, adding that safer communities and highways were emerging across the country.
Tinubu admitted challenges remained but said his government had laid the foundation for long-term recovery and urged Nigerians to remain united and hopeful.
