We Chose Reform Over Ruin, Tinubu Tells Nigerians at Third Anniversary
President Bola Ahmed Tinubu has declared that Nigeria is gradually overcoming its economic and structural challenges following what he described as “difficult but necessary” reforms introduced by his administration over the past three years.
In a nationwide address on Thursday to commemorate the third anniversary of his administration, President Tinubu acknowledged the hardship experienced by Nigerians since the removal of fuel subsidy and the unification of the foreign exchange system but insisted that the measures had rescued the country from a looming fiscal crisis.
According to the President, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidy before his administration ended the regime, while multiple exchange-rate windows encouraged speculative practices that reportedly cost the country over ₦8 trillion within three years.
“The situation demanded urgent and courageous action,” Tinubu said. “Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty.”
He maintained that the sacrifices made by Nigerians were beginning to yield positive outcomes, noting that the economy had become more competitive and better positioned for sustainable growth.
The President pointed to improvements in public finances, increased allocations to states and local governments, growing investor confidence, and gains in the capital market as indicators of recovery.
He disclosed that the Nigerian stock market had witnessed significant growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
Tinubu also highlighted ongoing infrastructure projects across the country, stating that over 2,700 kilometres of highways and major roads were currently under construction, reconstruction, or rehabilitation.
The projects, he said, include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads aimed at improving transportation, stimulating trade, and creating jobs.
He added that rail modernisation projects were progressing nationwide to strengthen connectivity and logistics.
On the oil and gas sector, the President said reforms introduced by his administration had attracted fresh investments from international oil companies, while the $5 billion NLNG Train 7 project was nearing completion.
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He noted that domestic refining capacity had improved with the operation of modular and large-scale refineries, reducing dependence on imported petroleum products and conserving foreign exchange.
Tinubu said his administration was also prioritising reforms in the power sector through expansion of transmission infrastructure, investment in renewable energy, and efforts to stabilise the national grid.
“No modern economy can grow in darkness,” he stated.
The President further outlined interventions in agriculture, education, healthcare, housing, telecommunications, and youth empowerment.
According to him, agricultural programmes had supported millions of farmers with improved seedlings, fertilisers, mechanisation, irrigation, and access to finance.
He revealed that the Nigerian Education Loan Fund had provided over 1.5 million students with loans worth more than ₦282 billion to support access to tertiary education.
Tinubu also said the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory, creating more than 300,000 jobs.
He added that thousands of primary healthcare centres were being revitalised, while investments in telecommunications and digital infrastructure were expanding internet access and creating opportunities for young Nigerians.
On security, the President said the Armed Forces and security agencies had intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal groups.
While admitting that security challenges remained, he said many communities and highways had become safer and more economically active due to ongoing operations and investments in intelligence, surveillance, and logistics.
“We will not relent until every Nigerian can live, work, travel, and dream in safety,” he assured.
Tinubu appealed to Nigerians to remain united and optimistic despite prevailing challenges, stressing that national development required sacrifice, resilience, and collective commitment.
“We must choose hope over despair, unity over division, and nation-building over narrow interests,” the President said.
He assured citizens that his administration would continue working to reduce food and transportation costs, create more jobs, and ensure that the benefits of economic reforms directly impact ordinary Nigerians.
The President reaffirmed Nigeria’s commitment to democratic governance, economic reforms, and inclusive development, while urging citizens to continue believing in the country’s future.
“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,” he said.
