PRESIDENT Bola Tinubu has again defended the sweeping economic reforms introduced since he assumed office in 2023, insisting Nigeria would have drifted into “fiscal breakdown” if his administration had failed to remove fuel subsidy and unify the foreign exchange market.
In a statement marking the third anniversary of his administration on Thursday, May 29, Tinubu acknowledged the severe hardship triggered by the policies but maintained that Nigeria had now “stabilised and is moving forward again.”
The president’s remarks came amid persistent inflation, rising living costs, worsening poverty and lingering insecurity across several parts of the country, despite repeated government assurances that reforms are yielding results.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” Tinubu said.
“Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty,” he added.
Tinubu defended the controversial removal of petrol subsidies shortly after assuming office, saying Nigeria had previously spent as much as ₦18.4 billion daily sustaining the regime, amounting to over ₦4 trillion in 2022.
He also blamed multiple exchange-rate windows for massive distortions in the economy.
He claimed Nigeria lost more than ₦8 trillion over three years to forex arbitrage and speculative activities.
While admitting that the reforms triggered painful sacrifices for Nigerians, Tinubu insisted the decisions had laid the foundation for recovery.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he said.
The president pointed to what he described as signs of economic recovery, including rising investor confidence, improvements in public finances and growth in the capital market.
According to him, the Nigerian stock market capitalisation rose from ₦30 trillion in 2023 to ₦160 trillion in 2026, while the All Share Index climbed from 53,000 to 250,000.
Tinubu also highlighted infrastructure projects being executed nationwide, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
The president further claimed that reforms in the oil and gas sector had attracted billions of dollars in fresh investments and improved local refining capacity, reducing Nigeria’s dependence on imported petroleum products.
He stressed that the Nigerian Education Loan Fund (NELFUND) had provided loans worth over ₦282 billion to more than 1.5 million students, while the Renewed Hope Housing Programme was delivering over 10,000 housing units across 14 states and the Federal Capital Territory.
Tinubu acknowledges persistent insecurity
On insecurity, Tinubu acknowledged that security challenges persisted but said military and security operations against terrorists, kidnappers, bandits and oil thieves were yielding results.
The ICIR reports that Nigeria has continued to battle multiple security threats, including Boko Haram and ISWAP insurgency in the North-East, banditry and mass kidnappings in the North-West, North-Central, and now the South-West
Within Tinubu’s first eight months in office, civil society groups and security trackers reported worsening violence across several parts of the country.
Data by Community of Practice against Mass Atrocities estimated that at least 4,416 people were killed and 2,653 abducted during Tinubu’s first year in 2023.
One of the defining security crises under Tinubu has been the resurgence of mass abductions, particularly kidnappings in schools in northern Nigeria.
In March 2024, armed men abducted at least 137 pupils and students from Kuriga in Kaduna State in one of the largest school kidnappings recorded in recent years.
Before that year ended, no fewer than 5,300 people were killed and more than 5100 abducted across the country.
Although the Federal Government repeatedly announced military successes against insurgents and bandits, attacks persisted through 2025 and 2026.
Banditry expanded across Zamfara, Kaduna, Katsina, Sokoto and Niger states, while attacks increasingly affected parts of the North-Central and South-West.
In February 2026, suspected jihadists reportedly attacked villages in Kwara State, killing more than 160 people in one of the deadliest assaults recorded in the region in recent years.
The period also witnessed controversies over military airstrikes.
The president nevertheless urged Nigerians not to lose faith in the country, insisting that the nation was gradually overcoming its challenges.
“While we continue to confront the challenges head-on, progress is being made. I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety,” he said.
Mustapha Usman is an investigative journalist with the International Centre for Investigative Reporting. You can easily reach him via: musman@icirnigeria.com. He tweets @UsmanMustapha_M