President Bola Tinubu has assured Nigerians that the economic hardships and sacrifices endured since the start of his administration will not be in vain, saying the country is gradually stabilising and moving toward recovery.
In a statement marking the third anniversary of his administration, Bola Ahmed Tinubu acknowledged the difficulties faced by citizens following key economic reforms introduced by his government, including the removal of fuel subsidies and exchange rate reforms.
According to the President, Nigeria was facing severe fiscal and structural challenges when he assumed office in 2023, including mounting debt, declining revenues, insecurity, and economic distortions caused by multiple exchange rate systems and fuel subsidies.
Tinubu said the government had to make “difficult but necessary” decisions to prevent a deeper economic crisis, noting that maintaining petrol subsidies alone cost the country about N18.4 billion daily and over N4 trillion in 2022.
He admitted that the reforms triggered a sharp rise in the cost of living and placed pressure on households and businesses, but insisted the measures were beginning to yield results. “I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he said.
The President pointed to signs of economic recovery, including increased investor confidence, improvements in public finances, and growth in the Nigerian stock market. He also highlighted ongoing infrastructure projects such as the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road, and several rail modernisation initiatives.
Tinubu said reforms in the oil and gas sector had attracted fresh investments, while local refining and gas projects were improving Nigeria’s energy security and reducing dependence on imported petroleum products.
He added that the administration was investing in agriculture, housing, healthcare, education, and digital infrastructure. According to him, the Nigerian Education Loan Fund has provided over 1.5 million students with financial support for higher education.
On security, the President said the government had intensified operations against terrorists, bandits, kidnappers, and oil thieves, while improving intelligence gathering and the capabilities of security agencies. He assured Nigerians that the administration would continue efforts to restore peace and safety across the country.
Tinubu also appealed for unity and patience, urging citizens to remain hopeful and committed to national development. He said Nigeria’s diversity should remain a source of strength and stressed that no group or region should feel excluded.
“The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people,” the President said.
