KEY POINTS

• President Bola Tinubu says Nigeria is undergoing difficult but necessary reforms that have stabilised the economy and laid the foundation for growth.
• He highlighted improvements in public finances, investor confidence, infrastructure development, and security operations across the country.
• Tinubu urged Nigerians to remain patient and supportive, assuring that the benefits of ongoing reforms would soon reach ordinary citizens.

President Bola Ahmed Tinubu has acknowledged the economic and social challenges facing Nigeria but expressed confidence that the country will emerge stronger, more united, and more prosperous.

Speaking in a statement to commemorate the third anniversary of his administration on May 29, 2026, the President said Nigeria is currently navigating a difficult phase that many nations experience before achieving long-term stability and growth.

He called on citizens to remain steadfast and continue supporting government efforts aimed at building a secure, inclusive, and economically prosperous nation.

President Defends Economic Reforms

Tinubu defended the sweeping economic reforms introduced since assuming office in 2023, insisting that they were necessary to prevent fiscal collapse and restore economic stability.

According to him, his administration inherited major economic challenges, including unsustainable fuel subsidy payments, foreign exchange distortions, and declining government revenues.

He revealed that fuel subsidy payments had reached as much as N18.4 billion daily at their peak, while the multiple exchange rate system reportedly cost the nation over N8 trillion within three years.

The President admitted that the reforms had resulted in increased living costs and placed significant pressure on households, businesses, and workers.

However, he maintained that the policies have helped stabilise the economy and positioned the country for future growth.

Highlighting achievements recorded under his administration, Tinubu pointed to improvements in public finances and increased allocations to state and local governments.

He also cited a significant rise in investor confidence, noting that the Nigerian stock market had witnessed substantial growth.

According to him, the All Share Index rose from about 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased to N160 trillion.

The President said these indicators reflect growing confidence in Nigeria’s economic direction and reform agenda.