President Bola Ahmed Tinubu has said Nigeria is gradually overcoming its economic and structural challenges, declaring that the difficult reforms introduced by his administration are beginning to yield positive results across key sectors of the economy.

In a nationwide address on Thursday to mark the third anniversary of his administration, the President acknowledged the hardship faced by Nigerians following the removal of fuel subsidy and other economic reforms but insisted that the measures were necessary to prevent fiscal collapse and place the country on a path of long-term recovery.

Tinubu said his administration inherited mounting fiscal pressures, unsustainable fuel subsidies, exchange-rate distortions, rising debt servicing costs, insecurity and declining public confidence in institutions when it assumed office in 2023.

According to him, Nigeria was spending as much as ₦18.4 billion daily on petrol subsidy at the peak of the regime, while multiple exchange rate windows encouraged rent-seeking and speculative activities that cost the country over ₦8 trillion within three years.

“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis,” the President said.

He noted that despite the economic pains associated with the reforms, the economy has now stabilised and is showing signs of recovery, with improving public finances, increased investor confidence and rising activity in the capital market.

Tinubu disclosed that the Nigerian stock market had grown significantly under his administration, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from ₦30 trillion to ₦160 trillion.

The President also highlighted ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road, saying over 2,700 kilometres of roads are currently under construction, rehabilitation or reconstruction.

He added that rail modernisation projects were progressing to improve logistics and economic integration nationwide.

On the oil and gas sector, Tinubu said reforms introduced by his administration had attracted billions of dollars in fresh investments, with the NLNG Train 7 project nearing completion and local refining capacity improving Nigeria’s energy security.

The President further said his government was addressing longstanding challenges in the power sector through investments in transmission infrastructure, renewable energy and grid expansion.

He stated that agricultural interventions had supported millions of farmers through improved access to seedlings, fertilisers, mechanisation and irrigation, while the Nigerian Education Loan Fund had disbursed over ₦282 billion to more than 1.5 million students.

Tinubu also said the Renewed Hope Housing Programme and Federal Housing Authority projects were delivering over 10,000 housing units across 14 states and the FCT, creating more than 300,000 jobs.

In the telecommunications sector, the President said measures introduced by the government were restoring investor confidence, leading to network expansion and wider digital access across the country.

Speaking on security, Tinubu said security agencies had intensified operations against terrorists, kidnappers, bandits and oil thieves, noting that many communities and highways were becoming safer.

He assured Nigerians that the government would continue investing in intelligence, surveillance and logistics to strengthen national security.

The President urged Nigerians to remain united and hopeful, saying the country was gradually laying a solid foundation for long-term prosperity and national renewal.

“We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid,” he said.

Tinubu called on citizens to reject division and remain committed to nation-building, expressing optimism that Nigeria would emerge stronger, more united and more prosperous in the years ahead.