“Your Sacrifice Has Not Been In Vain,” Tinubu Tells Nigerians at Year Three
President Bola Tinubu has declared that the sweeping economic reforms of his administration have shielded Nigeria from fiscal breakdown, stating that decisions taken since May 2023 blocked a daily haemorrhage of N18.4bn previously lost to fuel subsidies and over N8tn drained through foreign exchange arbitrage.
The President made the disclosure on Thursday in a nationwide statement marking his third anniversary in office on May 29, 2026, framing the period as one defined by painful but necessary structural adjustments.
“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,” Tinubu said.
Recounting the conditions inherited in 2023, the President cited mounting fiscal pressures, unsustainable petrol subsidies, multiple exchange rate windows, rising debt servicing costs, energy supply constraints, and waning public confidence in institutions. According to him, Nigeria spent over N4tn on petrol subsidies in 2022 alone, with daily outflows reaching N18.4bn at the peak of the subsidy regime.
“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than N8tn over three years to rent seeking and speculative practices,” he stated.
Tinubu argued that inaction would have triggered a deeper crisis. “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,” he said.
On capital market performance, the President said the Nigerian Exchange All Share Index has climbed from 53,000 points in 2023 to a record 250,000 in 2026, a nearly fivefold rise, while market capitalisation expanded from N30tn to N160tn within the same window.
He also pointed to infrastructure activity, citing more than 2,700 kilometres of highways under construction, reconstruction, or rehabilitation across five major corridors. These include the Lagos to Calabar Coastal Highway, the Sokoto to Badagry Super Highway, the Abuja, Kaduna, Zaria, Kano Road, the East West Road, and several rural access projects.
In the oil and gas sector, Tinubu disclosed that the long delayed $5bn NLNG Train 7 project was nearing completion, adding that international oil companies that previously exited the country were returning with fresh capital.
On human capital investment, the President said the Nigerian Education Loan Fund had reached 1.5 million beneficiaries, disbursing over N282bn. He also cited the Renewed Hope Housing Programme, which together with the Federal Housing Authority is delivering more than 10,000 housing units across 14 states and the Federal Capital Territory, creating an estimated 300,000 jobs.
Acknowledging that legacy challenges persist in the power sector, Tinubu said his government was clearing inherited debts, expanding transmission infrastructure, and investing in renewable energy. He also conceded that insecurity remained a concern, but maintained that operations against terrorists, bandits, kidnappers, and oil thieves had been intensified.
The President framed the anniversary as a milestone rather than a destination. “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, urging Nigerians to reject cynicism and division.