Nigeria Has Stabilised, Moving Forward Again, Says Tinubu – Independent Newspaper Nigeria

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LAGOS – President Bola Tinubu has stat­ed that Nigeria has stabilised and is moving forward again, noting that the economy is more competitive and better po­sitioned for sustainable growth than in 2023.

President Tinubu in his third anniversary broadcast also noted that he understands the sacrifices many families have made in recent years and shares their hopes for a better Nigeria.

He stated that three years ago, Nigerians entrusted him with the sacred responsibility of leading our beloved nation at a defining moment in our history.

He, however, explained that he’s determined that his government won’t relent until every Nigerian can live, work and travel in safety.

He said, “Today, on the occa­sion of the third anniversary of our administration, when this administration assumed office, our nation faced pro­found economic and structur­al difficulties. Mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply con­straints, and declining public confidence in institutions all threatened our progress.

“At the height of the subsidy regime, Nigeria was spending as much as N18.4 billion daily to sustain petrol subsidies—over N4 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 N8 trillion over three years to rent-seeking and speculative practices.

“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 easy choices would have been politically convenient. But lead­ership demands courage, espe­cially when the right decisions are difficult.

“Had we refused to act, our nation would have drifted to­ward fiscal breakdown, wors­ening poverty, and severe eco­nomic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term com­fort.

“These decisions came with sacrifice. The rising cost of liv­ing triggered by our measures placed enormous pressure on families, workers, and busi­nesses. Young people searching for jobs felt discouraged. Many questioned whether these dif­ficult decisions would lead to a better future.

“I remain deeply conscious of those sacrifices, and I as­sure you: your sacrifice has not been in vain. And today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape.”

The president stated that there has been visible progress and economic growth since he assumed office.

“Our economy is now more competitive and better posi­tioned for sustainable growth than it was in 2023. Public fi­nances are improving. States and local governments have greater resources to invest in their people. Investor confi­dence is growing. The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 trillion this year. Companies are declaring record profits and dividends.

“Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Ka­duna-Zaria-Kano Road, the East-West Road, and many rural access roads. Significant sections are already completed or nearing completion, improv­ing transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.

“Rail modernisation proj­ects are ongoing to improve connectivity, logistics, and eco­nomic integration across the federation.

“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.

“Domestic gas utilisation is expanding. Local refining capacity has improved our en­ergy security. With large-scale domestic and modular refin­eries operational, Nigeria is reducing its dependence on im­ported petroleum products and conserving foreign exchange.”

In the area of power, Presi­dent Tinubu made bold to iden­tify noticeable achievements.

“Our administration is clearing legacy obligations, expanding transmission in­frastructure, investing in re­newable energy, and strength­ening the national grid because no modern economy can grow in darkness. When power im­proves, businesses expand, in­dustries grow, jobs are created, and families prosper.”

He also expressed confi­dence in the progress made in the agriculture sector. “Ag­ricultural interventions have supported millions of farmers by improving seedlings, fer­tilisers, mechanisation, and irrigation and by expanding access to finance and markets. We’re opening new agricul­tural corridors to create jobs, strengthen supply chains, and reduce pressure on household incomes.”

In the education sector, he stated the gains made, especial­ly in access to higher education by students. “The Nigerian Ed­ucation Loan Fund (NELfund) has provided over 1.5 million students with access to higher education, disbursing more than N282 billion to ensure that no willing student is denied ac­cess due to financial hardship.

“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”, Tinubu said.

According to the president, progress was also made in health sector. “Thousands of primary healthcare centres are being revitalised, while health insurance coverage is expand­ing for vulnerable Nigerians.”

He also enumerated the huge achievements in the telecom sector. “After years of severe operational pressures and declining investment, con­fidence is gradually returning to the sector. Telecom opera­tors are expanding networks, investing in infrastructure, re­cruiting Nigerian talent, and widening digital access across the country.

“A connected Nigeria is a more competitive Nigeria. Digital infrastructure is now essential to commerce, educa­tion, innovation, and national productivity.”

The president appreciated the resilience of young people, describing them as the engine of Nigeria’s future.

“Across technology, manu­facturing, creative industries, agriculture, sports, and entre­preneurship, we’re expanding opportunities for you to com­pete and succeed. We’re invest­ing in digital skills, technical education, innovation, student financing, and enterprise sup­port because the future must be driven by Nigerian talent, creativity, and productivity”, he said.

He also assured that he won’t rest on his oars until ev­ery Nigerian is safe. “Security remains central to our national mission and to the creation of a virile and prosperous society. 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.

“We’re improving the ca­pabilities of our armed forces and security agencies, and reclaiming the authority of the Nigerian state wherever criminality threatens peace and order. While we continue to confront the challenges head-on, progress is being made. I want to assure you that this government won’t relent until every Nigerian can live, work, travel, and dream in safety.

“A nation develops when its people can see and touch prog­ress. From highways under construction to rail moderni­sation and expanded energy investments, our goal remains clear: to build a Nigeria that works for Nigerians.

“We haven’t solved every problem, and we’re not yet where we want to be. But the foundation for recovery has been laid. The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.

“We shall achieve this task by continuing to ensure that food prices, which have largely come down from their peak in 2023/2024, remain low.

“We’re also working to reduce transportation costs as operators of commercial trucks, buses, and taxis convert their petrol engines to CNG and switch to electric vehicles. We have also set our sights on creating more opportunities for decent work and enabling enterprise expansion.”

He assured Nigerians that nobody or group is going to be marginalisd under his govern­ment.

“Nigeria belongs to all of us—no region, faith, or group should feel marginalised or forgotten. Our diversity is a source of strength. Whether Christian or Muslim, North or South, urban or rural, we rise or fall together as one nation under God.

“To our youth, workers, entrepreneurs, farmers, pro­fessionals, security personnel, students, and diaspora: your sacrifices sustain our nation, and they will not be in vain. To the international community and investors: Nigeria remains committed to democratic sta­bility, economic reform, respon­sible governance, and mutually beneficial partnerships.

“The journey of national renewal is not completed in a single year or a single admin­istration’s tenure. Nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future.

“We must choose hope over despair, unity over division, and nation-building over nar­row interests,” President Tinu­bu added.