President Bola Tinubu has marked the third anniversary of his administration by defending bold economic reforms, acknowledging public sacrifices, and pointing to visible progress in infrastructure and investor confidence.
In a nationwide address, the President admitted that his government inherited severe challenges, including mounting fiscal deficits, unsustainable fuel subsidies costing up to ₦18.4 billion daily, multiple exchange rates, and declining revenues. He described the decision to remove petrol subsidies and unify exchange rates as necessary, albeit painful, measures to avert fiscal collapse.
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“Had we refused to act, our nation would have drifted toward fiscal breakdown,” President Tinubu said. “We chose reform over ruin.”
Despite the resulting rise in living costs, he insisted the sacrifices were yielding results. The President highlighted strong economic indicators, with the Nigerian Stock Exchange’s All Share Index climbing from 53,000 points and a market capitalisation of ₦30 trillion in 2023 to a record 250,000 points and ₦160 trillion this year. He noted improved public finances, rising investor interest, and record profits by several companies.
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The administration has prioritised infrastructure development. Over 2,700 kilometres of roads are under construction or rehabilitation, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway.
Rail projects are advancing, while reforms in the oil and gas sector have attracted fresh international investment, including progress on the $5 billion NLNG Train 7 project. Domestic refining capacity has increased, reducing reliance on imported fuel.
In the power sector, efforts to clear legacy debts, expand transmission infrastructure, and invest in renewables are underway to support industrial growth.
Agricultural programmes have supported millions of farmers, while the Nigerian Education Loan Fund has disbursed over ₦282 billion to more than 1.5 million students. The Renewed Hope Housing Programme has delivered thousands of units and created over 300,000 jobs.
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President Tinubu addressed young Nigerians directly, emphasising opportunities in technology, creative industries, and entrepreneurship. On security, he reported intensified operations against bandits, terrorists, and oil thieves, with many communities experiencing improved safety.
The President conceded that challenges remain, particularly with food prices and transportation costs, but pledged continued efforts to ease the burden on citizens through CNG and electric vehicle adoption. He called for national unity, urging Nigerians to reject division and maintain hope.
Concluding his address, Tinubu expressed optimism about Nigeria’s future, describing the country as one determined to rise through resilience and collective purpose.
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