President Bola Ahmed Tinubu on Thursday delivered a national address to mark the third anniversary of his administration, defending the bold economic reforms implemented over the past three years while highlighting key achievements in infrastructure, agriculture, education, and investor confidence.
In the speech, the President acknowledged that he inherited an economy burdened by unsustainable fuel subsidies, multiple exchange rate windows, declining government revenues, and serious security challenges.
He noted that fuel subsidy payments alone reached as high as ₦18.4 billion per day, costing the country over ₦4 trillion in 2022, while forex distortions resulted in losses exceeding ₦8 trillion.
"Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis," Tinubu said.
"We chose reform over ruin and decisiveness over hesitation."The President admitted the reforms have caused significant hardship for many Nigerians due to rising costs of living, but assured citizens that their sacrifices are beginning to produce positive results.
"Your sacrifice has not been in vain. Nigeria has stabilised and is moving forward again," he declared.
Major Highlights in the Speech
Capital Market Surge: The Nigerian All-Share Index has climbed from 53,000 points (₦30 trillion market capitalisation) in 2023 to over 250,000 points and ₦160 trillion currently, with companies posting record profits and dividends.
Infrastructure Development: Over 2,700 kilometres of roads are currently under construction or rehabilitation, including landmark projects such as the Lagos-Calabar Coastal Highway and Sokoto-Badagry Super Highway. Rail projects, power sector reforms, and transmission infrastructure expansion are also progressing.
Energy Sector: Fresh investments worth billions of dollars have been attracted into oil and gas. The $5 billion NLNG Train 7 project is nearing completion, while efforts to boost domestic refining capacity continue.
Agriculture & Social Programmes: Support for farmers through improved seedlings, fertilisers and market access. The Nigerian Education Loan Fund has disbursed over ₦282 billion to more than 1.5 million students. The Renewed Hope Housing Programme has delivered thousands of housing units and created over 300,000 jobs.
Youth and Digital Economy: Stabilisation in the telecommunications sector is driving new investments and digital inclusion. The President urged Nigerian youths to position themselves as the engine of the country’s future through skills, innovation and entrepreneurship.
On security, President Tinubu said intensified military and intelligence operations have improved safety in many communities, though more work remains to be done.
The President admitted that not every problem has been solved, but maintained that a solid foundation for sustainable recovery has been established.
He pledged continued efforts to reduce the cost of living, especially food and transportation, while ensuring the dividends of reforms reach ordinary Nigerians.
The address was delivered amid mixed public reactions to the government’s economic policies, with the administration pointing to improving macroeconomic indicators while many citizens continue to grapple with high inflation and living costs.
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