Tinubu: Nigerians’ sacrifices have stabilised economy, will not be in vain

President Bola Ahmed Tinubu has said that the sacrifices made by Nigerians over the past years under his administration’s economic reforms have not been in vain, insisting that the country has now achieved stability and is on a path of sustained recovery.

In a detailed message marking the third anniversary of his administration, the President acknowledged the hardship faced by households, workers, and businesses following major policy decisions such as subsidy removal and foreign exchange reforms.

According to him, the reforms were difficult but necessary to prevent a deeper national economic crisis, adding that leadership sometimes requires “courage over convenience.”

Tinubu said Nigerians entrusted him with the responsibility of steering the nation at a critical moment, noting that the administration inherited mounting fiscal pressures, exchange-rate distortions, declining revenues, rising debt servicing costs, and insecurity challenges.

He explained that the removal of petrol subsidy alone had previously cost Nigeria about ₦18.4 billion daily, translating to over ₦4 trillion in 2022, funds he said could have been channelled into infrastructure, education, and healthcare.

The President also pointed to foreign exchange inefficiencies, claiming the country lost over ₦8 trillion in three years due to speculative practices and multiple exchange rate windows.

While acknowledging that these reforms initially triggered rising living costs and economic pressure on citizens, Tinubu insisted that the difficult phase was beginning to yield positive results.

He stated that Nigeria’s economy has become more competitive, with improved public finances, increased revenue for states and local governments, and growing investor confidence.

Tinubu further highlighted the performance of the stock market, noting that the All Share Index had risen significantly from about 53,000 in 2023 to 250,000, while market capitalisation increased from ₦30 trillion to ₦160 trillion.

On infrastructure, he said over 2,700 kilometres of roads are currently under construction or rehabilitation across the country, including major federal highways and rural access roads, aimed at improving connectivity and economic activity.

The President also referenced ongoing rail modernisation projects, expansion in oil and gas investments, and improvements in local refining capacity as signs of recovery in the energy sector.

In agriculture, he said government interventions had supported millions of farmers through improved inputs, irrigation, financing, and market access, while efforts were underway to strengthen food security.

He also highlighted the Nigerian Education Loan Fund, which he said has supported over 1.5 million students with more than ₦282 billion in disbursements.

In housing, Tinubu said over 10,000 housing units are being delivered across 14 states and the Federal Capital Territory, creating jobs and expanding access to affordable accommodation.

On security, the President admitted that challenges remain but said ongoing military and intelligence operations have led to improved safety in several communities, adding that his administration will not relent until every Nigerian can live and move freely in safety.

Tinubu urged citizens to remain united and hopeful, stressing that national development is a gradual process that requires collective effort and resilience.

He said Nigeria’s journey of renewal is still ongoing but maintained that the foundation for long-term recovery has already been laid.

“We have not solved every problem, but we are moving in the right direction,” the President said, adding that future gains would be more visible in the daily lives of Nigerians.

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