President Bola Tinubu said Nigeria is passing through a difficult phase but will emerge stronger, more united, and more prosperous, in a statement marking the third anniversary of his administration on May 29, 2026.
Tinubu said the country is facing a test common to nations before they attain greater stability. He urged Nigerians to continue supporting the government’s efforts to build a secure, prosperous, and inclusive nation.
The president defended economic reforms introduced by his administration, saying they were necessary to prevent fiscal collapse. He cited high subsidy costs, exchange rate distortions, and declining revenue as challenges inherited in 2023. According to him, Nigeria was spending up to N18.4 billion daily on fuel subsidies at their peak, and multiple exchange rate windows cost the country more than N8 trillion over three years.
He acknowledged that the reforms had increased the cost of living and put pressure on households, businesses, and workers. However, he said the measures had stabilised the economy and created room for growth.
Tinubu pointed to improvements in public finances, higher allocations to states and local governments, and a rise in investor confidence. He said the stock market’s All Share Index had increased from 53,000 in 2023 to 250,000 in 2026, with market capitalisation reaching N160 trillion.
He also listed ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, and noted new investments in the oil and gas, education, housing, health, power, and telecom sectors.
On security, Tinubu said operations against insurgents and criminal groups had intensified, making many communities and highways safer. He said the government would not relent until all Nigerians could live and work without fear.
The president said the foundation for recovery had been laid and that the next task was to ensure that the benefits of reform reach ordinary Nigerians.
