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President Bola Ahmed Tinubu has declared that Nigeria is gradually recovering from years of economic distortions and structural challenges, saying the sacrifices Nigerians endured since the removal of fuel subsidy and exchange-rate reforms were not in vain.

In a nationwide statement marking the third anniversary of his administration on May 29, 2026, Tinubu said his government inherited a nation weighed down by unsustainable fuel subsidies, rising debt-servicing costs, declining revenues, insecurity and weakened public confidence in institutions.

According to the President, Nigeria spent as much as ₦18.4 billion daily on petrol subsidy at the peak of the regime, amounting to over ₦4 trillion in 2022 alone, while multiple exchange-rate windows encouraged massive forex arbitrage that cost the country more than ₦8 trillion in three years.

“The situation demanded urgent and courageous action,” Tinubu said, stressing that his administration chose “reform over ruin and decisiveness over hesitation.”

The President acknowledged that the policies triggered severe hardship, rising cost of living and frustration among Nigerians, especially youths searching for jobs, but maintained that the reforms had started yielding results.

“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he stated.

Tinubu said Nigeria’s economy had become more competitive and better positioned for sustainable growth, pointing to improved public finances, increased revenues for states and local governments, and growing investor confidence.

He also highlighted gains in the capital market, noting that the Nigerian Stock Exchange All Share Index rose from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.

The President further listed major infrastructure projects currently under construction or rehabilitation, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.

He said ongoing rail modernisation projects were aimed at improving connectivity, logistics and economic integration across the federation.

On the oil and gas sector, Tinubu said reforms introduced by his administration had attracted fresh foreign investments, while the $5 billion NLNG Train 7 project was nearing completion.

He added that improved domestic refining capacity and expansion of modular refineries were reducing Nigeria’s dependence on imported petroleum products and conserving foreign exchange.

Speaking on power supply, Tinubu said his administration was confronting longstanding challenges in the sector through investment in transmission infrastructure, renewable energy and national grid expansion.

“No modern economy can grow in darkness,” the President said.

Tinubu also highlighted interventions in agriculture, housing, education and healthcare, saying millions of farmers had benefited from improved access to seedlings, fertilisers, mechanisation and finance.

According to him, the Nigerian Education Loan Fund has supported over 1.5 million students with more than ₦282 billion disbursed for higher education access.

He said the Renewed Hope Housing Programme and projects by the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the FCT, while creating more than 300,000 jobs.

The President further disclosed that telecom operators were returning to expansion and investment after years of operational pressure, while government was investing heavily in digital infrastructure, innovation and youth empowerment.

On security, Tinubu said the Armed Forces and security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves, adding that many communities and highways were becoming safer.

While admitting that the country still faced enormous challenges, the President insisted that the foundation for recovery had been laid.

“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” he said.

Tinubu urged Nigerians to remain united and hopeful, saying national renewal required sacrifice, resilience and collective purpose.

“History tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before,” he stated.