President on Thursday defended the sweeping economic reforms introduced by his administration over the past three years, insisting that the difficult measures were necessary to rescue Nigeria from fiscal collapse and set the nation on the path of long-term recovery and prosperity.
In a nationwide address commemorating the third anniversary of his administration on May 29, 2026, the President acknowledged the economic hardship experienced by millions of Nigerians but maintained that his government inherited a country facing severe structural and economic challenges that required urgent intervention.
Addressing citizens as “fellow compatriots,” Tinubu reflected on the moment he assumed office in 2023, describing it as one of the most difficult periods in Nigeria’s modern history.
According to him, the nation was burdened by mounting fiscal pressures, unsustainable fuel subsidies, declining government revenues, worsening debt obligations, exchange-rate distortions, insecurity and widespread public distrust in institutions.
“Three years ago, you entrusted me with the sacred responsibility of leading our beloved nation at a defining moment in our history,” the President stated. “I accepted that responsibility fully aware of the magnitude of the challenges before us, but also deeply confident in the resilience and potential of the Nigerian people.”
Tinubu said his administration was confronted with a fragile economy that could no longer sustain the costly fuel subsidy regime. He revealed that at the peak of the subsidy programme, Nigeria spent as much as ₦18.4 billion daily subsidising petrol consumption, amounting to over ₦4 trillion in 2022 alone.
He argued that such expenditure deprived critical sectors of much-needed funding and hindered national development.
According to him, resources consumed by subsidies could have been channelled into infrastructure development, healthcare, education, housing and social welfare programmes.
The President also criticised the former multiple exchange-rate system, describing it as a major source of corruption and economic distortion. He disclosed that Nigeria lost more than ₦8 trillion over three years through forex arbitrage, rent-seeking and speculative activities enabled by the existence of different exchange-rate windows.
“The situation demanded urgent and courageous action,” Tinubu declared. “Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis.”
The President said although the decisions taken by his administration were painful, they were aimed at laying a solid foundation for economic growth and stability.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he added.
Tinubu’s speech comes amid continued public debate over the impact of key economic policies introduced shortly after he assumed office, particularly the removal of petrol subsidy and the floating of the naira.
While government officials argue that the reforms were unavoidable and essential for long-term economic sustainability, many Nigerians continue to grapple with rising inflation, high transportation costs, increased food prices and declining purchasing power.
Despite these concerns, the President insisted that signs of recovery were beginning to emerge, noting that the administration’s reforms were designed not for immediate political gains but for the future stability of the nation.
He praised Nigerians for their patience and resilience during what he described as a difficult transition period, saying the sacrifices made by citizens would eventually yield positive results.
“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 said.
Political observers say the anniversary address was one of the administration’s strongest attempts yet to justify its economic agenda ahead of the 2027 general elections, as opposition parties continue to criticise the government over the rising cost of living and worsening poverty levels.
Supporters of the administration, however, argue that previous governments postponed difficult reforms for political reasons, thereby deepening the country’s economic vulnerabilities.
The President’s remarks are expected to reignite national conversations around economic reforms, governance, social welfare and the future direction of the country as Nigeria approaches another crucial electoral cycle.
Tinubu concluded his message by reaffirming his commitment to national development, unity and economic transformation, assuring Nigerians that his administration would continue implementing policies aimed at building a more stable, secure and prosperous nation.
He called on citizens to remain hopeful and united despite current challenges, stressing that the country possesses the strength and potential to overcome adversity and achieve lasting progress.
“As a nation, we have faced difficult moments before and emerged stronger,” the President said. “Together, with faith, discipline and collective determination, we will build the Nigeria of our dreams.”
