President Bola Ahmed Tinubu on Friday said Nigeria has overcome its most difficult economic challenges and is now on the path of recovery and sustainable growth following a series of reforms implemented since the inception of his administration in May 2023.
In a nationwide address to mark the third anniversary of his administration, the President acknowledged the hardships experienced by Nigerians following the removal of fuel subsidy and foreign exchange reforms but insisted that the measures were necessary to prevent a fiscal crisis.
According to him, the country inherited significant economic and structural challenges, including unsustainable fuel subsidies, exchange-rate distortions, rising debt servicing obligations, declining revenues, insecurity, and weakening public confidence in government institutions.
Tinubu noted that the removal of fuel subsidy and unification of the foreign exchange market were difficult but strategic decisions aimed at stabilising the economy and laying the foundation for long-term prosperity.
The President said the reforms were already producing positive results, citing improved public finances, increased investor confidence, growth in the capital market, and renewed investments in critical sectors of the economy.
He disclosed that major infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road, were progressing across the country, while rail modernisation efforts were also ongoing to improve connectivity and economic integration.
Tinubu further highlighted achievements in the oil and gas sector, power supply, agriculture, housing, healthcare, telecommunications, and education, revealing that more than 1.5 million students had benefited from the Nigerian Education Loan Fund.
On security, the President said security agencies had intensified operations against terrorists, bandits, kidnappers, and other criminal elements, adding that many communities and highways were becoming safer despite existing challenges.
He assured Nigerians that his administration would continue to work towards reducing food and transportation costs, expanding employment opportunities, and ensuring that the benefits of economic reforms translate into improved living conditions for citizens.
The President called on Nigerians to remain united and hopeful, stressing that national development requires sacrifice, resilience, and collective commitment.
“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” Tinubu said, expressing optimism that Nigeria would emerge stronger, more prosperous, and more united in the years ahead.
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