Nigeria Has Stabilised and Is Moving Forward Again,” Tinubu Declares in Third Anniversary Address
ABUJA, Nigeria — President Bola Ahmed Tinubu has declared that “Nigeria has stabilised and is moving forward again,” as he defended his administration’s economic reforms in a nationwide address marking his third year in office.
In the anniversary statement released on May 29, 2026, Tinubu said difficult decisions such as the removal of fuel subsidies and the unification of foreign exchange rates were necessary to prevent fiscal collapse and long-term economic decline.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily… resources that could have been invested in critical infrastructure,” the president said.
He acknowledged that the reforms triggered a rise in the cost of living, placing pressure on households and businesses, but insisted the sacrifices were already yielding results, with improved public finances and growing investor confidence.
Tinubu highlighted a surge in Nigeria’s stock market, noting that the All Share Index rose from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.
The president also pointed to ongoing infrastructure development, including over 2,700 kilometres of highways under construction or rehabilitation, alongside rail modernisation projects aimed at boosting connectivity and trade.
In the energy sector, he said reforms have attracted fresh investments, with the $5 billion NLNG Train 7 project nearing completion and domestic refining capacity expanding to reduce reliance on imports.
Tinubu further outlined efforts to address long-standing challenges in the power sector, including clearing legacy debts, expanding transmission infrastructure, and investing in renewable energy.
On social development, the president said agricultural interventions are supporting millions of farmers, while the Nigerian Education Loan Fund has provided over 1.5 million students access to higher education.
He added that the Renewed Hope Housing Programme is delivering over 10,000 housing units nationwide, creating more than 300,000 jobs.
Addressing security, Tinubu stated that operations against terrorists, bandits, and criminal networks have intensified, with some improvements recorded across affected regions, though challenges persist.
The president also emphasised the role of technology and youth development, noting increased investments in digital skills, innovation, and telecommunications infrastructure.
Calling for unity, Tinubu urged Nigerians to remain patient and committed to nation-building.
“We have not solved every problem… but the foundation for recovery has been laid,” he said.
He reaffirmed his administration’s commitment to reducing food and transportation costs, including a shift toward compressed natural gas (CNG) and electric vehicles.
Tinubu concluded by appealing to citizens and investors to maintain confidence in Nigeria’s future, describing the country as “a nation determined to rise.”
