Tinubu Defends Tough Reforms, Says Nigeria on Path to Recovery at Third Anniversary

 By Kehinde Awosina 

President Bola Ahmed Tinubu has defended the sweeping economic reforms introduced by his administration, insisting that the difficult decisions taken since assuming office three years ago have rescued Nigeria from a looming fiscal crisis and placed the country on the path to recovery and sustainable growth.

In a nationwide address commemorating the third anniversary of his administration on Thursday, Tinubu acknowledged the economic hardships experienced by Nigerians but maintained that the sacrifices made by citizens were beginning to yield positive results.

The President recalled that his administration inherited a struggling economy plagued by mounting debt obligations, fuel subsidy payments, exchange-rate distortions, dwindling revenues, insecurity, energy challenges, and declining public confidence in institutions.

According to him, the removal of fuel subsidy and the unification of the foreign exchange market were necessary measures to prevent economic collapse and restore fiscal stability.

Tinubu disclosed that the country had previously spent trillions of naira annually on fuel subsidies, funds he said could have been invested in critical sectors such as healthcare, education, infrastructure, and housing. He also blamed multiple exchange-rate windows for encouraging speculation and financial distortions that weakened the economy.

Despite public criticism of the reforms, the President argued that Nigeria had made significant progress in stabilising its economy and restoring investor confidence.

He pointed to growth in the capital market, noting that the Nigerian stock market had witnessed remarkable expansion since 2023, while companies across various sectors were recording improved profitability and returns to shareholders.

On infrastructure development, Tinubu highlighted ongoing construction, rehabilitation, and expansion of major highways across the country, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.

He said thousands of kilometres of roads are currently under construction or rehabilitation, with several sections already completed, creating jobs and improving connectivity for businesses and communities.

The President also outlined progress in the transport sector, citing ongoing railway modernisation projects designed to strengthen logistics and enhance economic integration nationwide.

In the energy sector, Tinubu said reforms had attracted fresh investments into Nigeria's oil and gas industry, while improvements in local refining capacity were helping to reduce the country's reliance on imported petroleum products.

He further stated that efforts were underway to address longstanding challenges in the electricity sector through investments in power transmission infrastructure, renewable energy projects, and national grid improvements.

According to him, the administration remains committed to ensuring stable electricity supply as part of broader efforts to drive industrialisation and economic growth.

The President also highlighted achievements in agriculture, saying government interventions had supported millions of farmers through improved access to farm inputs, mechanisation, irrigation, financing, and market opportunities.

On education, he revealed that more than 1.5 million students had benefited from the Nigerian Education Loan Fund, with over ₦282 billion disbursed to support access to tertiary education.

Tinubu added that the Renewed Hope Housing Programme and initiatives by the Federal Housing Authority were providing thousands of housing units across several states while generating employment opportunities for Nigerians.

In the healthcare sector, he noted that the government was revitalising primary healthcare centres and expanding health insurance coverage for vulnerable citizens.

The President also pointed to developments in telecommunications and digital infrastructure, saying measures taken by the government had helped restore investor confidence in the sector, leading to network expansion, increased investment, and improved digital access.

Addressing young Nigerians, Tinubu described them as the driving force of the nation's future and pledged continued support for innovation, entrepreneurship, technical education, digital skills development, and job creation.

On security, the President said the Armed Forces and security agencies had intensified operations against terrorism, banditry, kidnapping, oil theft, and other criminal activities.

While admitting that security challenges persist in some parts of the country, he maintained that progress was being made through improved intelligence gathering, enhanced operational capacity, and increased coordination among security agencies.

Tinubu assured Nigerians that his administration would continue to prioritise security until citizens can live, work, and travel safely across the country.

Looking ahead, the President pledged to sustain efforts aimed at reducing food prices, lowering transportation costs through the adoption of compressed natural gas (CNG) and electric vehicles, and creating more opportunities for businesses and workers.

He called on Nigerians to remain united and hopeful despite prevailing challenges, stressing that nation-building requires patience, sacrifice, resilience, and collective commitment.

The President reaffirmed his administration's commitment to economic reform, democratic governance, and inclusive development, expressing confidence that Nigeria would emerge stronger, more prosperous, and more united in the years ahead.

"As a nation, we have laid the foundation for recovery. The task before us now is to ensure that the benefits of these reforms are felt more directly in the daily lives of ordinary Nigerians," he said.