Tinubu defends reforms, says Nigeria’s economy stabilised after three years

President Bola Tinubu has defended the economic reforms introduced by his administration, declaring that Nigeria has stabilised economically and is now on the path of sustainable growth after three years of difficult but necessary decisions.

Tinubu said this in a nationwide broadcast to mark the third anniversary of his administration on Friday, May 29, 2026.

The president acknowledged the hardship caused by the removal of fuel subsidy and foreign exchange reforms but insisted the measures saved the country from fiscal collapse.

According to him, Nigeria had been spending as much as N18.4 billion daily on petrol subsidies, amounting to over N4 trillion in 2022 alone, while multiple exchange-rate windows led to losses of more than N8 trillion to speculative activities and rent-seeking.

“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.

Tinubu maintained that the reforms have started yielding results, noting that investor confidence is returning while public finances are improving.

He disclosed that the Nigerian stock market witnessed unprecedented growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.

The president also highlighted ongoing infrastructure projects nationwide, revealing that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation.

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Among the projects listed were the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.

Tinubu further stated that reforms in the oil and gas sector had attracted billions of dollars in fresh investments, while local refining capacity had significantly improved with the operation of modular and large-scale refineries.

He assured Nigerians that his administration would continue to focus on reducing food prices, lowering transportation costs, and creating opportunities for businesses and job creation.

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