Nigerian President Bola Tinubu has assured Nigerians that the sacrifices they have endured over three years of sweeping economic reforms have not been in vain.
President Tinubu said in a statement to mark his third year in office on May 29, 2026 that his administration’s reforms of the past three years blocked a daily haemorrhage of N18.4bn earlier lost to fuel subsidies and N8tn lost to forex arbitrage.
“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,” he said.
Tinubu thanked Nigerians for bearing the cost of what he described as unavoidable structural adjustments.
While acknowledging the pressures of his reforms on families, workers and young people, the Nigeria leader insisted that the foundation for national recovery had been laid.
“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 N18.4bn daily to sustain petrol subsidies, over N4tn 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 N8tn over three years to rent-seeking and speculative practices,” he said.
He argued that the administration’s decision to act swiftly on both fronts was a choice between national survival and politically convenient inaction.
“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,” he stated.
Acknowledging the heavy cost of the reforms on ordinary Nigerians, Tinubu said: “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.”
Tinubu disclosed that the Nigerian stock market had performed well under his administration.
He said the All Share Index had risen from 53,000 in 2023 to a record 250,000 in 2026, a nearly five-fold increase, while overall market capitalisation had surged from N30tn to N160tn.
According to the President, “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.”
GIK/APA