By Our Correspondent
National News – President Bola Tinubu has defended the economic reforms introduced by his administration, saying the difficult measures taken over the past three years have helped stabilise Nigeria’s economy and end long-standing financial leakages.
Speaking in a statement marking his third anniversary in office on May 29, 2026, the President assured Nigerians that the sacrifices made since he assumed office have not been in vain.
Tinubu said his government inherited major economic challenges, including rising debt obligations, fuel subsidy payments, foreign exchange distortions, declining revenues, insecurity and weak public confidence.
According to him, the administration decided to remove fuel subsidies and reform the foreign exchange market to prevent a deeper economic crisis.
The President disclosed that Nigeria previously spent as much as N18.4 billion daily on petrol subsidies, while forex arbitrage reportedly cost the country more than N8 trillion over three years.
He explained that ending these practices was necessary to protect public finances and create a stronger foundation for economic growth.
Highlighting achievements recorded since 2023, Tinubu noted that the Nigerian stock market experienced significant growth, with market capitalisation increasing from N30 trillion to N160 trillion.
He also said investor confidence has improved, while state and local governments now have more resources to fund development projects.
On infrastructure, the President revealed that over 2,700 kilometres of major roads are currently under construction, reconstruction or rehabilitation across key transport corridors.
He added that rail modernisation projects are ongoing to improve connectivity and support economic integration nationwide.
Tinubu also pointed to progress in the oil and gas sector, noting that the NLNG Train 7 project is nearing completion.
In education, he said the Nigerian Education Loan Fund has supported more than 1.5 million students with over N282 billion in loans.
The President further highlighted investments in housing, healthcare, electricity and telecommunications.
While acknowledging that many Nigerians continue to face economic hardship, he expressed confidence that the benefits of the reforms would become more visible in the coming years and urged citizens to remain united and patient as the country pursues long-term recovery.
