Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
President Bola Ahmed Tinubu has declared that Nigeria’s economy has stabilised and is “moving forward again” after three years of sweeping but painful reforms, even as he admitted that the rising cost of living triggered by his policies placed “enormous pressure” on families, workers and businesses. In a nationwide address on Friday, 29 May 2026, to mark the third anniversary of his administration, the President maintained that the sacrifices made by Nigerians had not been in vain and that the country was now on a firmer footing. “Today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape,” Tinubu declared.
Reflecting on the state of the economy when he assumed office on 29 May 2023, the President said his administration inherited “profound economic and structural difficulties”, including mounting fiscal pressures, unsustainable fuel subsidies, exchange‑rate distortions, rising debt‑servicing costs, insecurity, energy supply constraints and declining public confidence in institutions. He disclosed that at the peak of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies – over ₦4 trillion in 2022 alone. He also revealed that multiple exchange‑rate windows and forex arbitrage cost the nation 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,” Tinubu stated.
The President did not shy away from acknowledging the severe hardship that followed the reforms. “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,” he said. However, he insisted that the reforms were already yielding results. He pointed to a booming stock market, with the All Share Index rising from 53,000 in 2023 to a record 250,000 in 2026, and market capitalisation surging from ₦30 trillion to ₦160 trillion. He also highlighted that public finances were improving, investor confidence was growing, and states and local governments now had greater resources to invest in their people.
On infrastructure, the President said over 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation – including the Lagos‑Calabar Coastal Highway, the Sokoto‑Badagry Super Highway, the Abuja‑Kaduna‑Zaria‑Kano Road and the East‑West Road. He noted that significant sections were already completed or nearing completion, adding that rail modernisation projects were ongoing to improve connectivity and boost regional trade. In the oil and gas sector, Tinubu said the reforms had attracted fresh investment, with international oil companies returning to Nigeria, while local refining capacity had improved, cutting fuel imports and easing foreign exchange pressure.
The President also pointed to social interventions such as the Nigerian Education Loan Fund (NELFUND), which he said had disbursed over ₦282 billion to support 1.5 million students. On housing, he stated that more than 10,000 housing units were being delivered nationwide under the Renewed Hope Housing Programme. On security, he acknowledged that terrorism, banditry and kidnappings remained a challenge, but said operations against insurgents and criminal networks had intensified, leading to safer communities and highways.
Concluding his address, Tinubu urged Nigerians to remain united and patient, stressing that national development requires collective sacrifice and resilience. “We chose reform over ruin,” he said, adding that while the country is not yet where it wants to be, “the foundation for recovery has been laid.” He called on citizens to continue believing in the promise of the nation. “Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide,” he said.
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