Tinubu Defends Painful Reforms, Says Nigeria Has Avoided Economic Collapse After Three Years

President Bola Ahmed Tinubu has defended his administration’s sweeping economic reforms, insisting that Nigeria has escaped a looming fiscal crisis and is now on the path to recovery after three years of difficult but “necessary” decisions.

In a nationwide address marking the third anniversary of his administration on Friday, Tinubu acknowledged the severe hardship caused by the removal of fuel subsidies and foreign exchange reforms but maintained that the sacrifices Nigerians have endured were unavoidable to prevent economic breakdown.

The President said his government inherited a fragile economy burdened by unsustainable fuel subsidies, multiple exchange rate windows, mounting debt obligations, insecurity, and declining public confidence in state institutions.

According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies before his administration ended the regime, while the country also lost more than ₦8 trillion within three years to forex arbitrage and speculative practices.

Tinubu argued that refusing to act would have plunged the nation deeper into economic uncertainty, worsening poverty and fiscal instability.

“We chose reform over ruin and decisiveness over hesitation,” the President said, while admitting that the rising cost of living had placed enormous pressure on families, workers, businesses, and young job seekers across the country.

Despite widespread criticism of his policies, Tinubu insisted that visible progress is emerging across critical sectors of the economy.

He pointed to what he described as improvements in public finances, growing investor confidence, and a significant rise in stock market performance, noting that market capitalisation had increased from about ₦30 trillion in 2023 to ₦160 trillion in 2026.

The President also highlighted ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road, saying over 2,700 kilometres of highways are currently under construction, rehabilitation, or reconstruction nationwide.

On the energy front, Tinubu said reforms in the oil and gas sector had attracted fresh investments from international oil companies, while improved domestic refining capacity was helping Nigeria reduce dependence on imported petroleum products.

He added that the government was working to stabilise the power sector by clearing legacy debts, strengthening the national grid, expanding transmission infrastructure, and investing in renewable energy.

Addressing social interventions, the President disclosed that the Nigerian Education Loan Fund had supported over 1.5 million students with more than ₦282 billion in disbursements, while the Renewed Hope Housing Programme is delivering thousands of housing units across several states and the Federal Capital Territory.

Tinubu further stated that agricultural interventions were supporting farmers through improved access to seedlings, fertilisers, mechanisation, irrigation, and finance, with the aim of reducing food inflation and strengthening supply chains.

On security, the President said security agencies had intensified operations against terrorists, kidnappers, oil thieves, and bandits, adding that several communities and highways were becoming safer despite ongoing challenges.

He reassured Nigerians that his administration would continue investing in intelligence gathering, surveillance technology, logistics, and inter-agency coordination to restore peace and stability nationwide.

Tinubu also appealed for national unity, urging Nigerians to reject division and remain hopeful despite economic difficulties.

“Nigeria belongs to all of us no region, faith, or group should feel marginalised or forgotten,” he said.

The President maintained that although the country has not solved all its problems, the foundation for long-term recovery has been laid, expressing optimism that Nigeria would emerge “stronger, fairer, more united, and more prosperous than ever before.”