President Bola Tinubu has said the sacrifices Nigerians have made under his administration’s economic reforms have not been in vain, insisting that the country is beginning to see signs of stability after three years in office.
In a statement marking his May 29, 2026 anniversary, the president reflected on the situation his government inherited in 2023, including heavy fiscal pressure, fuel subsidy obligations, foreign exchange instability, rising debt servicing costs, insecurity, and low economic confidence.
He recalled that at the time, the federal government was spending about ₦18.4 billion daily on fuel subsidy, while inefficiencies in the forex system reportedly cost Nigeria over ₦8 trillion within a three-year period.
Tinubu defended the reforms, saying they were difficult but necessary, warning that failing to act would have pushed the country into deeper crisis. According to him, the administration chose what he described as “reform over ruin” to prevent fiscal breakdown and worsening poverty.
He acknowledged that the policies have brought hardship, including rising living costs and pressure on households and businesses, but maintained that the results are now beginning to show, insisting that Nigeria is “stabilised and moving forward again.”
The president also pointed to improvements in public finances, increased revenue for states, ongoing infrastructure development with over 2,700km of roads under construction, growth in the oil sector with renewed local refining efforts, as well as progress in education and housing. He added that ₦282 billion has been disbursed in student loans benefiting about 1.5 million students, while over 10,000 housing units have been delivered nationwide. Tinubu also said security operations against insurgents and criminal networks are ongoing, urging Nigerians to remain united, patient, and focused on national progress.
Elijah Adeyemi
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