President Bola Tinubu says Nigeria has stabilised and is gradually returning to the path of economic recovery and sustainable growth following difficult but necessary reforms undertaken by his administration over the past three years.

Mr Tinubu stated this on Friday in a nationwide message commemorating the third anniversary of his administration.

He said, “Today, on the occasion of the third anniversary of our administration, 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.”

The president said his administration inherited severe economic and structural challenges in 2023, including mounting fiscal pressures, unsustainable fuel subsidies, exchange rate distortions, rising debt-servicing costs and declining public confidence in institutions.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies, over ₦4 trillion in 2022 alone,” Mr Tinubu stated.

He added that multiple exchange-rate windows and forex arbitrage practices also created massive distortions and encouraged speculative activities.

“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices,” he added.

According to the president, the situation required urgent and courageous decisions to avert deeper economic crisis and fiscal collapse.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he explained. “Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.”

Mr Tinubu acknowledged that the reforms triggered rising living costs and placed pressure on households, workers and businesses across the country.

“The rising cost of living triggered by our measures placed enormous pressure on families, workers and businesses,” he said. “Young people searching for jobs felt discouraged.”

The president, however, assured Nigerians that the sacrifices made were beginning to yield positive results.

“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. Today, I can say with confidence that Nigeria has stabilised and is moving forward again,” Mr Tinubu declared.

He said the economy was becoming more competitive and better positioned for long-term growth, while public finances and investor confidence had improved significantly.

Mr Tinubu added, “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.”

Mr Tinubu stated that companies were now declaring stronger profits and dividends, while states and local governments had more resources to invest in development projects.

The president also highlighted ongoing infrastructure projects across the country, including major highway construction and rail modernisation initiatives.

“Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation,” he noted.

The projects, according to him, include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.

Mr Tinubu said many sections of the projects were nearing completion and would improve transportation, reduce travel time, boost regional trade and create jobs. He added that rail modernisation projects were also progressing to strengthen connectivity, logistics and economic integration nationwide.

(NAN)