Tinubu Says Reforms Stabilising Nigeria’s Economy, Defends Tough Policy Choices

President Bola Tinubu says Nigeria has stabilised and is gradually returning to the path of economic recovery and sustainable growth following what he described as difficult but necessary reforms introduced by his administration over the past three years.

Speaking on Friday in a nationwide address marking the third anniversary of his administration, Tinubu said: “Today, on the occasion of the third anniversary of our administration, I speak to you not only as your President but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria.”

He said his government inherited severe economic and structural challenges in 2023, including rising fiscal pressures, unsustainable fuel subsidies, exchange-rate distortions, high debt-servicing costs and declining public confidence in key institutions. He noted that at the peak of the subsidy regime, Nigeria was spending about ₦18.4 billion daily, amounting to over ₦4 trillion in 2022 alone, adding that multiple exchange-rate windows and forex arbitrage led to distortions and losses of over ₦8 trillion within three years.

According to him, the situation demanded urgent and courageous intervention to prevent economic collapse. “The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he said. “Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.”

Tinubu acknowledged that the reforms triggered hardship, including rising living costs and pressure on households, workers and businesses, but insisted the sacrifices 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. “Today, I can say with confidence that Nigeria has stabilised and is moving forward again.”

He said key economic indicators were improving, including a stronger stock market, with the All Share Index rising from about 53,000 points in 2023 to 250,000 this year, while market capitalisation grew from ₦30 trillion to ₦160 trillion. He also noted that companies were posting improved profits and dividends, while states and local governments now had increased fiscal space for development.

On infrastructure, the president said over 2,700 kilometres of highways were currently under construction, rehabilitation or reconstruction, including major projects such as the Lagos–Calabar Coastal Highway, Sokoto–Badagry Super Highway, Abuja–Kaduna–Zaria–Kano Road and the East–West Road.

He added that rail modernisation projects were also progressing, aimed at improving connectivity, boosting logistics efficiency and supporting broader economic integration across the country.