PRESIDENT Bola Tinubu on Tuesday stated that various sectors of Nigeria’s economy and governance have recorded progress under his administration since he assumed office on May 29, 2023.
He attributed the progress to the policies initiated by his government, including subsidy removal, unification of exchange rates, and other fiscal reforms.
In a statement commemorating his three years in power, Tinubu highlighted key sectors where he said his administration achieved significant achievements, namely the economy, infrastructure, agriculture, education, security, and others.
“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,” he said.
The ICIR presents five key sectors the president identified as having performed well under his administration.
Economy and public finances
Tinubu said Nigeria economy was more stable and competitive after fuel subsidy removal, consequently avoiding a deeper economic crisis and reforming the foreign exchange market. He noted that Nigeria spent over N4 trillion on petrol subsidies in 2022.
The president also claimed the stock market grew from N30 trillion market capitalisation in 2023 to N160 trillion in 2026.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies – over ₦4 trillion in 2022 alone -resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. 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,” he said.
Infrastructure and energy projects
The president listed major roads, rail projects, and energy investments as signs of recovery, citing Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road and Nigeria LNG Limited Train 7 project.
He explained that local refining capacity had improved, and the country continued to reduce fuel import dependence
“In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country. The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends,” he stated.
Agriculture and food security
Tinubu said his administration supported millions of farmers through fertiliser and seedlings. He also listed irrigation, mechanisation, agricultural financing as part of his government’s efforts to make the sector more productive.
“Agricultural interventions have supported millions of farmers by improving seedlings, fertilisers, mechanisation, and irrigation and by expanding access to finance and markets. We are opening new agricultural corridors to create jobs, strengthen supply chains, and reduce pressure on household incomes,” he said.
Education, housing and social programmes
Tinubu said the Nigerian Education Loan Fund supported over 1.5 million students. According to him, over N282 billion has been disbursed in student loans, and more than 10,000 housing units were under construction across 14 states and the FCT.
“Our Renewed Hope Housing Programme, along with that of the Federal Housing Authority (FHA), is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing. Major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily. Our consumer credit initiative, CREDICORP, is opening up new economic opportunities for workers and families,” he added.
Security and national stability
The president said security remained central to his administration and claimed progress was being made against terrorism, banditry, kidnapping, oil theft, and other criminal networks. He noted that more communities and highways were becoming safer, and security agencies were receiving improved technology and logistics, including improvement in inter-agency coordination.
“Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks. While challenges remain, many communities and highways are becoming safer and more economically active. We continue investing in intelligence, surveillance, logistics, technology, and inter-agency coordination,” he said.
Hardship, insecurity, other challenges remain despite president’s claims
Meanwhile, many Nigerians are yet to feel the impact of the administration’s acclaimed reforms, as many households continue to languish in poverty. Many farmers have fled their farms due to insecurity, while thousands of citizens remain in kidnappers’ dens.
Power supply remains epileptic or non-existent in many communities, and basic amenities, including good roads, potable water, schools, and healthcare facilities, are either unavailable or in a dilapidated state across several parts of the country.
Food prices have remained sky-high, leaving many citizens unable to afford decent housing. Building costs and rent have soared since the president assumed office, alongside the prices of other basic necessities. The ICIR further reports that unemployment remains high, while corruption and insecurity continue to persist under the president’s watch.
Nanji is an investigative journalist with the ICIR. She has years of experience in reporting and broadcasting human angle stories, gender inequalities, minority stories, and human rights issues. She has documented sexual war crimes in armed conflict, sex for grades in Nigerian Universities, harmful traditional practices and human trafficking.