‎Tinubu Defends Economic Reforms, Says Nigeria Gradually Recovering After Three Years

‎Tinubu Defends Economic Reforms, Says Nigeria Gradually Recovering After Three Years
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‎By Rita Onuoha
‎E-ISSN: 2354-4481
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‎President Bola Ahmed Tinubu has defended the economic reforms introduced by his administration, stating that Nigeria is gradually regaining stability and moving toward sustainable economic recovery after years of structural challenges.
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‎Speaking on Friday during a nationwide broadcast to commemorate the third anniversary of his administration, the president acknowledged the hardship experienced by Nigerians but insisted that the difficult policy decisions taken since 2023 were necessary to prevent economic collapse.
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‎“Today, on the occasion of the third anniversary of our administration, I speak to you not only as your president but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria,” Tinubu stated.
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‎The president explained that his administration inherited serious fiscal and economic difficulties, including mounting debt pressures, unsustainable fuel subsidy payments, exchange-rate distortions, and declining public confidence in government institutions.
‎According to Tinubu, Nigeria was spending huge amounts to sustain the fuel subsidy regime before its removal.
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‎“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies, amounting to over ₦4 trillion in 2022 alone,” he said.
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‎Tinubu also criticised the former multiple exchange-rate system, describing it as a major source of corruption, speculative activities, and financial leakages.
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‎“Multiple exchange-rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices,” the president added.
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‎He maintained that his administration chose to implement difficult reforms to secure long-term national economic stability, despite the political risks involved.
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‎“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.
‎“Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort,” he said.
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‎The president admitted that the reforms contributed to rising living costs and economic pressure on households, businesses and workers across the country. However, he assured Nigerians that the policies were beginning to produce positive outcomes.
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‎“I remain deeply conscious of those sacrifices, and I assure you your sacrifice has not been in vain,” Tinubu stated.
‎According to him, recent economic indicators suggest that Nigeria’s economy is becoming more competitive, while investor confidence and public finances are improving steadily.
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‎He cited growth in the Nigerian stock market as one of the signs of economic recovery.
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‎“The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of ₦30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of ₦160 trillion this year,” the president said.
‎Tinubu further noted that companies were reporting stronger profits and dividends, while state and local governments now have improved financial capacity to execute development projects.
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‎Highlighting ongoing infrastructure efforts, the president said several strategic road and rail projects were progressing across the country to improve transportation, regional trade, and economic integration.
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‎“Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation,” he stated.
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‎The projects listed by the president include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
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‎Tinubu expressed optimism that many sections of the projects would soon be completed, creating jobs, reducing travel time, and boosting commercial activities nationwide.
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‎He also reaffirmed his administration’s commitment to rail modernisation projects aimed at improving logistics, connectivity, and economic development across Nigeria.
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