President Bola Tinubu has defended the economic reforms introduced since assuming office in May 2023, saying the measures were necessary to prevent a deeper fiscal crisis and place Nigeria on a path toward long-term stability and growth. Speaking while reflecting on the third anniversary of his administration, the President acknowledged the hardships experienced by Nigerians but maintained that the decisions were aimed at addressing structural weaknesses that had weighed on the economy for years.
Tinubu assumed office on May 29, 2023, amid mounting fiscal pressures, rising debt obligations, exchange rate distortions, insecurity, energy challenges and declining public confidence in public institutions.
According to the President, one of the major challenges inherited by the administration was the cost of fuel subsidies. He said Nigeria spent as much as N18.4 billion daily on petrol subsidies at the peak of the programme, with total subsidy costs exceeding N4 trillion in 2022. He also cited multiple foreign exchange windows and arbitrage activities that, according to the government, contributed to significant financial losses and market distortions.
Tinubu said the administration’s economic reforms have begun producing positive results across key sectors of the economy.
He pointed to improvements in public finances, increased investor confidence and significant growth in the capital market. According to him, the Nigerian stock market expanded from an All Share Index of about 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from N30 trillion to N160 trillion. The President also highlighted ongoing infrastructure projects, including major highway rehabilitation programmes, rail modernisation efforts and investments in the oil and gas sector.
The administration said its economic reforms are being complemented by social intervention programmes designed to improve living standards.
Tinubu noted that more than 1.5 million students have benefited from the Nigerian Education Loan Fund, while housing projects under the Renewed Hope Housing Programme are creating jobs and expanding access to affordable homes. The government also reported ongoing investments in power generation, transmission infrastructure, renewable energy and telecommunications aimed at supporting economic expansion and digital development.
Despite the progress outlined, the President acknowledged that insecurity remains a major challenge. He said security agencies have intensified operations against terrorists, kidnappers, bandits and other criminal groups.
Tinubu maintained that the economic reforms were difficult but necessary, stressing that the next phase of governance would focus on ensuring that the benefits of growth are felt more directly by ordinary Nigerians. He called for national unity, urging citizens to remain hopeful and work collectively toward a stronger and more prosperous Nigeria.
