…Says Nigeria Has Stabilised, Is Moving Forward Again
President Bola Tinubu in his third year anniversary message stated that his government won’t relent until every Nigerian can live, work and travel in safety, stressing that Nigeria has stabilised and is moving forward again.
He also stated that Nigeria belongs to all the citizens, and that no region, faith, group should feel marginalised,, noting that the economy is more competitive and better positioned for sustainable growth than in 2023.
The President also acknowledged that he understands the sacrifices many families have made in recent years and shares their hopes for a better Nigeria, saying that the nation is at a defining moment in our history.
The president outlined some of the notable achievements accomplished by his administration, stressing that the reforms instituted attracted billions of dollars in fresh investment from International Oil Companies, and that the Nigerian Education Loan Fund (NELfund) has provided over 1.5 million students with access to higher education and disbursed over ₦282billion to students across the country.
He said, “Today, on the occasion of the third anniversary of our administration, when this administration assumed office, our nation faced profound economic and structural difficulties. Mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions all threatened our progress.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion in 2022 alone—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.
“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis. The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.
“Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.
“These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. And today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape.
The President stated that there has been visible progress and economic growth since he assumed office. “Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing. The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 Trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 Trillion this year. Companies are declaring record profits and dividends.
“Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and many rural access roads. Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.
“Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.
“In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country. The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.
“Domestic gas utilisation is expanding. Local refining capacity has improved our energy security. With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.
In the area of power, he said, “Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper.
In the education sector, he stated the gains made, especially in access to higher education by students. “The Nigerian Education Loan Fund (NELfund) has provided over 1.5 million students with access to higher education, disbursing more than ₦282 billion to ensure that no willing student is denied access due to financial hardship.”
