KEY POINTS
- Tinubu marked three years in office on May 29, 2026.
- He said his reforms ended a N18.4bn daily fuel subsidy bleed.
- He claimed an N8tn loss to forex arbitrage was halted.
Marking his third year in office, President Bola Tinubu said his reforms ended a daily N18.4 billion fuel-subsidy hemorrhage and stopped an N8 trillion three-year leak through foreign-exchange rackets. The president released the statement on May 29, 2026. Moreover, he pressed Nigerians to keep faith with the painful overhaul.
What the Tinubu reforms targeted
Tinubu said the country was bleeding cash before his administration acted. Specifically, he put the petrol subsidy bill at N18.4 billion a day and more than N4 trillion in 2022 alone. Additionally, he claimed multiple foreign-exchange windows had cost Nigeria over N8 trillion in three years to rent-seeking and speculation.
He framed the choice as stark. “We chose reform over ruin and decisiveness over hesitation,” Tinubu said, defending the speed of the changes. Therefore, he argued, the alternative would have been fiscal breakdown and deeper poverty.
The president pointed to markets as proof of progress. According to Tinubu, the Nigerian Exchange All Share Index has climbed from 53,000 in 2023 to a record 250,000 in 2026, while market capitalization has jumped from N30 trillion to N160 trillion. Meanwhile, he said companies were posting record profits and dividends.
He also touted infrastructure. Specifically, he cited more than 2,700 kilometers of highways under construction, reconstruction or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway and the Abuja-Kaduna-Zaria-Kano Road. Rail modernization, he added, is also under way.
Other sectors and the hardship caveat
Tinubu ran through a longer list. Indeed, he said the NELFUND student loan scheme had reached 1.5 million beneficiaries and disbursed more than N282 billion. The Renewed Hope Housing program, together with the Federal Housing Authority, is delivering more than 10,000 units across 14 states and the FCT, he added. He also highlighted the $5 billion NLNG Train 7, near completion, and fresh investment from oil majors that had previously pulled back.
However, the president acknowledged the bills paid for those moves. Rising prices have squeezed households, jobs feel scarce, and young Nigerians remain uneasy. Cooking gas, petrol and food costs have surged since 2023, and many families say the pain still outweighs the gains. Independent analysts have not yet confirmed every figure in the address.
Tinubu insisted the “foundation for recovery” is now laid. “We have not solved every problem, and we are not yet where we want to be,” he said. The speech also lands as opposition figures rally around rival coalitions ahead of the 2027 vote, sharpening the political stakes of the Tinubu reforms. Together, the address served less as a victory lap than as a plea for more patience.
