President Bola Tinubu, on Friday, May 29 issued a statement where he defended some tough policies of his government while marking his 3rd year in the Presidential Villa.

Tinubu said the fuel subsidy and multiple exchange rate windows and forex arbitrage were sabotaging the growth of the nation’s economy prior to his administration.

The president also addressed other issues including the ravaging security crisis, saying that his administration has made tremendous progress in the fight against insurgency.

Read the full statement:

Three years ago, you entrusted me with the sacred responsibility of leading our beloved nation at a defining moment in our history. I accepted that responsibility, fully aware of the magnitude of the challenges before us, but also deeply confident in the resilience and potential of the Nigerian people.

Today, on the occasion of the third anniversary of our administration, I speak to you not only as your President but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria.

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 ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion 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 ₦8 trillion over three years to rent-seeking and speculative practices.

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.

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.

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. Across the country, visible progress is taking shape.

VISIBLE PROGRESS AND ECONOMIC GROWTH

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. The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 Trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 Trillion this year. Companies are declaring record profits and dividends.

Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and many rural access roads. Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.

Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.

In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country. The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.

Domestic gas utilisation is expanding. Local refining capacity has improved our energy security. With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.

For years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth. Today, we are confronting those challenges directly.

Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper.

We are determined to power Nigeria into a new era of industrial growth and economic opportunity.

EMPOWERING NIGERIANS: AGRICULTURE, EDUCATION, AND HOUSING

Agricultural interventions have supported millions of farmers by improving seedlings, fertilisers, mechanisation, and irrigation and by expanding access to finance and markets. We are opening new agricultural corridors to create jobs, strengthen supply chains, and reduce pressure on household incomes.

The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than ₦282 billion to ensure that no willing student is denied access due to financial hardship.

Our Renewed Hope Housing Programme, along with that of the Federal Housing Authority (FHA), is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing. Major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily. Our consumer credit initiative, CREDICORP, is opening up new economic opportunities for workers and families.

In healthcare, thousands of primary healthcare centres are being revitalised, while health insurance coverage is expanding for vulnerable Nigerians.

DEEPENING TELECOMS ACCESS AND INVESTMENT

We also took decisive action to stabilise the telecommunications sector, which remains one of the most important drivers of modern economic growth.

After years of severe operational pressures and declining investment, confidence is gradually returning to the sector. Telecom operators are expanding networks, investing in infrastructure, recruiting Nigerian talent, and widening digital access across the country.

A connected Nigeria is a more competitive Nigeria. Digital infrastructure is now essential to commerce, education, innovation, and national productivity.

YOUTH, TECHNOLOGY AND DIGITAL TRANSFORMATION

To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future. Across technology, manufacturing, creative industries, agriculture, sports, and entrepreneurship, we are expanding opportunities for you to compete and succeed. We are investing in digital skills, technical education, innovation, student financing, and enterprise support because the future must be driven by Nigerian talent, creativity, and productivity.

SECURITY AND NATIONAL UNITY

Security remains central to our national mission and to the creation of a virile and prosperous society. Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks. While challenges remain, many communities and highways are becoming safer and more economically active. We continue investing in intelligence, surveillance, logistics, technology, and inter-agency coordination. We are improving the capabilities of our armed forces and security agencies, and reclaiming the authority of the Nigerian state wherever criminality threatens peace and order. While we continue to confront the challenges head-on, progress is being made. I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety.

My fellow Nigerians,

A nation develops when its people can see and touch progress. From highways under construction to rail modernisation and expanded energy investments, our goal remains clear: to build a Nigeria that works for Nigerians.

We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid. The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.

We shall achieve this task by continuing to ensure that food prices, which have largely come down from their peak in 2023/2024, remain low.

We are also working to reduce transportation costs as operators of commercial trucks, buses, and taxis convert their petrol engines to CNG and switch to electric vehicles. We have also set our sights on creating more opportunities for decent work and enabling enterprise expansion.

A CALL TO NATIONAL PURPOSE

The journey of national renewal is not completed in a single year or a single administration’s tenure. Nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future.

We must choose hope over despair, unity over division, and nation-building over narrow interests.

But true security and prosperity require that every Nigerian feel included and valued. Nigeria belongs to all of us—no region, faith, or group should feel marginalised or forgotten. Our diversity is a source of strength. Whether Christian or Muslim, North or South, urban or rural, we rise or fall together as one nation under God.

To our youth, workers, entrepreneurs, farmers, professionals, security personnel, students, and diaspora: your sacrifices sustain our nation, and they will not be in vain. To the international community and investors: Nigeria remains committed to democratic stability, economic reform, responsible governance, and mutually beneficial partnerships.

My fellow Nigerians,

History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose.

Ours is a nation of extraordinary people. We survived civil war and rebuilt.

We overcame dictatorship and restored democracy. We endured hardship and remain bearers of hope. The Nigerian spirit remains strong and unbroken.

Today, the world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise. Across agriculture, infrastructure, power, technology, manufacturing, and industry, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding.

LOOKING FORWARD

The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people.

I ask you to keep faith with Nigeria. Let us reject cynicism and division. Let us move forward together, united in purpose, disciplined in effort, compassionate toward one another, and confident in the greatness that lies ahead.

My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before.

Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide. Let us continue to believe in the promise of our nation.

May God bless you all.

May God bless the Federal Republic of Nigeria.

Thank you.