President Bola Tinubu has said Nigeria is undergoing a difficult phase but expressed optimism that the country would emerge stronger, more united and prosperous.

Tinubu stated this on Thursday in a statement marking the third anniversary of his administration on May 29, 2026.

The President said nations are often tested before attaining greatness, noting that Nigeria is currently facing such a moment in its history.

“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,” Tinubu said.

He maintained that the hardship experienced by Nigerians following major economic reforms undertaken by his administration would ultimately produce positive outcomes.

“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,” the President said.

Tinubu said his administration inherited severe economic and structural challenges, including fiscal pressures, subsidy payments, declining revenues, exchange rate distortions, rising debt-servicing obligations, insecurity and weak public confidence in institutions.

According to him, Nigeria spent as much as N18.4bn daily on fuel subsidies at the peak of the regime, amounting to over N4tn in 2022 alone, while multiple exchange rate windows and forex arbitrage cost the country more than N8tn in three years.

“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 N18.4bn daily to sustain petrol subsidies, over N4tn 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 N8tn over three years to rent-seeking and speculative practices.”

The President defended the policy decisions taken by his administration, insisting they were necessary to prevent economic collapse.

“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,” he stated.

While acknowledging the effect of the reforms on ordinary Nigerians, Tinubu said the rising cost of living had placed pressure on households, businesses and workers, while many youths had become discouraged over job opportunities.

“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.”

The President highlighted what he described as improvements in the economy, saying the Nigerian stock market had recorded significant growth since 2023.

“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 N30tn in 2023 to a record All Share Index of 250,000 and market capitalisation of N160tn this year. Companies are declaring record profits and dividends.”

Tinubu also pointed to infrastructure development across the country, noting that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation.

He listed some of the projects to include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road and several rural access roads.

“Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation.

“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.”

On the oil and gas sector, Tinubu said reforms introduced by his administration had attracted fresh investments and revived confidence among international oil companies.

“The reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country.

“The $5bn 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,” he stated.

The President said the Nigerian Education Loan Fund had enabled more than 1.5 million students to access higher education, with over N282bn disbursed.

“The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than N282bn to ensure that no willing student is denied access due to financial hardship.”

On housing, Tinubu said the Renewed Hope Housing Programme and the Federal Housing Authority were delivering more than 10,000 housing units across 14 states and the FCT.

“Our Renewed Hope Housing Programme, along with that of the Federal Housing Authority, is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing,” Tinubu explained.

He added that the administration was revitalising primary healthcare centres and expanding health insurance coverage for vulnerable Nigerians.

Speaking on the power sector, Tinubu said his administration was addressing long-standing challenges affecting electricity generation and distribution.

“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,” said the President.

Tinubu also said the telecommunications sector was witnessing renewed investment and expansion following government interventions.

“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.”

On security, the President said military and security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves and other criminal elements.

“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.

“I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety.”

Tinubu said his administration had not yet achieved all its goals but insisted that the groundwork for national recovery had been established.

“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.(Channels)

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