President Bola Tinubu has defended the economic reforms introduced by his administration, saying the policies helped Nigeria stop massive financial leakages linked to fuel subsidies and foreign exchange distortions.
In a statement released to mark his third anniversary in office, Tinubu said the country faced serious economic challenges when he assumed power in 2023, including mounting debt pressures, multiple exchange rate systems, declining revenues and rising subsidy costs.
According to the President, Nigeria was previously spending as much as N18.4bn daily on petrol subsidies, while forex arbitrage and exchange rate distortions also drained trillions of naira from the economy.
Tinubu stated that the reforms introduced by his administration were necessary to prevent the country from sliding into deeper economic instability.
Tinubu Defends Tough Economic Decisions
The President acknowledged that many Nigerians have faced economic hardship due to the government’s policies, especially rising living costs and inflation.
However, he maintained that the decisions were unavoidable and aimed at securing long-term economic recovery.
Tinubu said his administration chose reform over what he described as politically convenient inaction.
According to him, refusing to act would have worsened poverty levels, increased fiscal pressures and created greater uncertainty for businesses and investors.
He noted that the government decided to remove fuel subsidies and unify the foreign exchange market in order to stabilize public finances and restore confidence in the economy.
Stock Market Records Major Growth
Tinubu also highlighted improvements in the Nigerian stock market during the past three years.
He disclosed that the All Share Index rose significantly between 2023 and 2026, while market capitalization recorded major growth within the same period.
According to the President, the growth reflects increasing investor confidence and stronger economic competitiveness.
He further stated that states and local governments now have more resources to fund development projects and social programmes.
Tinubu said several companies operating in the country have also recorded stronger financial performances and improved profitability.
President Speaks on Economic Recovery
The President maintained that Nigeria’s economy is now in a more stable position compared to what his administration inherited in 2023.
He pointed to ongoing reforms across key sectors including infrastructure, oil and gas, power, telecommunications and manufacturing.
Tinubu said signs of recovery are gradually becoming visible across different sectors of the economy.
He also appealed to Nigerians to remain patient and united as the administration continues implementing reforms aimed at improving economic growth and national development.
According to him, the government remains committed to ensuring that the benefits of the reforms are eventually felt more directly by ordinary citizens.
Tinubu Calls for National Unity
The President urged Nigerians to avoid division and remain hopeful despite current economic challenges.
He stated that the country has overcome major difficulties in the past and can still achieve greater progress through collective effort and resilience.
Tinubu described his third anniversary in office as a milestone in an ongoing national recovery process rather than the completion of his administration’s goals.
