Key Takeaways from Tinubu’s Third Anniversary Speech

President Bola Tinubu has said his administration’s economic reforms are beginning to stabilise Nigeria, despite the hardship many citizens have faced since he assumed office in 2023.

In his third-anniversary address, Tinubu said the country was already under severe fiscal pressure before his government took office, citing fuel subsidies, foreign-exchange distortions, falling revenues, insecurity, rising debt costs, and weak public confidence as major challenges.

According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies before their removal, and over ₦4 trillion on subsidies in 2022 alone. He also said the country lost more than ₦8 trillion in three years due to multiple exchange rates, speculation, and rent-seeking in the foreign exchange market.

Tinubu defended the removal of petrol subsidy and the unification of exchange rates, describing both decisions as difficult but necessary steps to prevent deeper economic instability.

The president admitted that the reforms increased the cost of living and placed pressure on families, workers, businesses, and young people. However, he insisted that the sacrifices made by Nigerians were not in vain.

He said public finances have improved, investor confidence is returning, and state and local governments now have more resources to spend on development.

Tinubu also pointed to the Nigerian stock market as evidence of renewed confidence, saying the All-Share Index rose from about 53,000 points in 2023 to 250,000 points, while market capitalisation increased from ₦30 trillion to ₦160 trillion.

On infrastructure, he said more than 2,700 kilometres of roads are currently under construction, reconstruction, or rehabilitation across the country. Major projects mentioned include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and rural access roads.

The president also said oil and gas reforms have attracted fresh investment, while local refining capacity is helping Nigeria reduce dependence on imported petroleum products.

In education, Tinubu said the Nigerian Education Loan Fund has supported more than 1.5 million students, with over ₦282 billion disbursed to improve access to higher education.

He also highlighted ongoing housing projects, saying over 10,000 housing units are being delivered across 14 states and the Federal Capital Territory, with the potential to create hundreds of thousands of jobs.

On security, Tinubu said the armed forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal groups. He admitted that challenges remain, but said progress is being made in restoring safety to affected communities.

The president said his administration’s next priority is to ensure that the benefits of reform are felt more directly by ordinary Nigerians through lower food prices, reduced transportation costs, job creation, and business expansion.

He urged Nigerians to remain hopeful and united, saying the country’s recovery requires patience, sacrifice, and collective effort.