President Bola Tinubu on Thursday defended the economic policies introduced by his administration, saying the tough decisions taken over the last three years rescued Nigeria from looming financial disaster.
In a statement issued to mark his third anniversary in office, the President said the removal of fuel subsidy and reforms in the foreign exchange market ended massive leakages that had crippled the nation’s economy for years.
Tinubu disclosed that Nigeria previously lost about N18.4bn daily to petrol subsidy payments, while unchecked forex speculation and arbitrage drained over N8tn from the economy within three years.
According to him, continuing with the old system would have pushed the country into deeper economic crisis.
“The difficult choices we made were necessary to protect the future of our nation. Though the reforms came with pain and sacrifice, they were steps required to restore stability and rebuild confidence in the economy,” the President stated.
Tinubu admitted that many Nigerians were struggling with the rising cost of living occasioned by the reforms, noting that families, workers and business owners had borne the burden of the government’s policies.
Despite the hardship, he insisted that signs of economic recovery were beginning to emerge across key sectors.
The President said the Nigerian stock market recorded significant growth under his administration, with market capitalisation rising from N30tn in 2023 to N160tn in 2026.
He added that investor confidence had improved while public finances were gradually stabilising.
“Our economy is becoming more competitive and resilient. States and local governments now have more resources to execute projects and invest in their people,” Tinubu said.
On infrastructure, the President disclosed that more than 2,700 kilometres of roads were currently under construction or rehabilitation nationwide.
He listed some of the ongoing projects as the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road, Sokoto-Badagry Super Highway and sections of the East-West Road.
Tinubu also noted that railway modernisation projects were progressing across different parts of the country to boost transportation and economic activities.
Speaking on the oil and gas sector, the President said recent reforms had attracted fresh investments from international oil companies.
He revealed that the $5bn NLNG Train 7 project was nearing completion and would strengthen Nigeria’s gas export capacity.
In the education sector, Tinubu said the Nigerian Education Loan Fund had supported over 1.5 million students with more than N282bn in loans to enable them continue their studies.
The President further stated that over 10,000 housing units were being developed across 14 states and the Federal Capital Territory under the Renewed Hope Housing Programme.
On electricity supply, Tinubu acknowledged the longstanding challenges in the power sector but assured Nigerians that his administration was investing in transmission infrastructure, renewable energy and grid improvement.
He also claimed that the telecommunications sector was witnessing renewed investor confidence, with operators expanding digital infrastructure and creating more opportunities for Nigerians.
Addressing insecurity, Tinubu said security agencies had intensified operations against bandits, terrorists, kidnappers and oil thieves across the country.
While admitting that security threats still existed in some areas, he maintained that progress was being made in restoring safety to affected communities and highways.
The President urged Nigerians not to lose hope, stressing that nation-building required patience, sacrifice and collective determination.
“We may not have achieved all our goals yet, but the journey towards national recovery has begun. Together, we will build a stronger and more prosperous Nigeria,” he added.
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