President Bola Ahmed Tinubu on Friday said Nigeria has begun to recover from economic and structural challenges that confronted the country at the start of his administration, declaring that difficult reforms undertaken over the past three years were necessary to prevent fiscal collapse.

In a nationwide address marking the third anniversary of his administration, Tinubu said his government inherited mounting fiscal pressures, unsustainable fuel subsidies, foreign exchange distortions, rising debt-servicing costs, insecurity and declining public confidence in institutions.

The President said Nigeria was spending as much as ₦18.4 billion daily on petrol subsidy payments before his administration removed the subsidy, while over ₦4 trillion was spent on subsidies in 2022 alone.

According to him, multiple exchange-rate windows and forex arbitrage also caused the country to lose more than ₦8 trillion within three years through speculative practices and rent-seeking activities.

Tinubu said the reforms introduced by his administration were difficult but necessary to stabilise the economy and secure long-term national recovery.

“Together, we chose reform over ruin and decisiveness over hesitation,” he said, while acknowledging the hardship experienced by Nigerians due to rising living costs.

He, however, assured citizens that the sacrifices made were not in vain, adding that visible progress was now being recorded across diferent sectors of the economy.

The President stated that Nigeria’s economy had become more competitive and better positioned for sustainable growth than it was in 2023.

He noted that investor confidence was improving, while the Nigerian stock market had recorded significant growth, with the All Share Index rising from 53,000 in 2023 to 250,000 in 2026 and market capitalisation increasing from ₦30 trillion to ₦160 trillion.

Tinubu also highlighted ongoing infrastructure projects across the country, saying more than 2,700 kilometres of highways and major roads were under construction, reconstruction or rehabilitation.

He listed some of the projects to include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads.

According to him, the projects are expected to improve transportation, reduce travel time, boost regional trade and create jobs.

The President added that rail modernisation projects were also ongoing to strengthen connectivity, logistics and economic integration nationwide.

Speaking on youth development and digital transformation, Tinubu said the government was investing in digital skills, technical education, innovation, student financing and enterprise support to expand opportunities for young Nigerians.

He said the Nigerian Education Loan Fund had already provided more than 1.5 million students access to higher education, with over ₦282 billion disbursed to beneficiaries.

On agriculture, Tinubu said government interventions had supported millions of farmers through improved seedlings, fertilisers, mechanisation, irrigation and expanded access to finance and markets.

He also said the Renewed Hope Housing Programme and the Federal Housing Authority had delivered over 10,000 housing units across 14 states and the Federal Capital Territory, while creating more than 300,000 jobs.

The President further stated that thousands of primary healthcare centres were being revitalised and that health insurance coverage was expanding for vulnerable Nigerians.

On security, Tinubu said security agencies and the armed forces had intensified operations against terrorists, kidnappers, bandits, oil thieves and criminal networks.

He maintained that although security challenges remained, several communities and highways were becoming safer, while government continued investments in intelligence, surveillance, logistics and technology.

Tinubu said his administration would continue efforts to ensure that the benefits of reforms were reflected more directly in the daily lives of Nigerians.