Tinubu Marks Third Anniversary with Reform Defense and Price Pledges

President Bola Tinubu defended the economic reforms introduced by his administration in a nationwide broadcast marking the third anniversary of his government. He said the measures were taken to rescue Nigeria from fiscal collapse and long-term economic decline.

Tinubu acknowledged that the removal of the fuel subsidy and foreign exchange reforms caused hardship. He stated that the next phase of his administration would focus on making the benefits of the reforms more directly felt in daily life.

The President promised continued efforts to keep food prices low. He noted that prices had already dropped from their peak levels in 2023 and 2024. Tinubu also pledged lower transportation costs as commercial vehicle operators convert from petrol engines to compressed natural gas and electric vehicles.

Tinubu said that when his administration assumed office in 2023, Nigeria faced severe economic and structural challenges. These included mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity, energy constraints and weakening public confidence in institutions.

4 billion daily on petrol subsidy payments at the peak of the regime, with over N4 trillion spent on subsidy in 2022 alone. He also said multiple exchange-rate windows and forex arbitrage led to massive distortions, with the country losing more than N8 trillion within three years to speculative activities and rent-seeking.

"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," he said.

Tinubu admitted that the reforms triggered a sharp rise in the cost of living and placed enormous pressure on families, workers and businesses. He stated that the economy had now stabilised and was gradually recovering. He noted that the Nigerian stock market had witnessed growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30 trillion to N160 trillion.

The President highlighted ongoing infrastructure projects, saying over 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation. He added that rail modernisation projects were ongoing and that reforms in the oil and gas sector had attracted billions of dollars in fresh investments.

Tinubu said the $5 billion NLNG Train 7 project was nearing completion and would boost Nigeria's LNG production capacity, exports and dividends. He also said the government is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy and strengthening the national grid in the power sector.