RismadarVoice Reporters, May 29, 2026
President Bola Tinubu has defended the removal of fuel subsidy and the unification of the foreign exchange market, describing the policies as necessary steps taken to rescue Nigeria from economic collapse.
In a statement issued on Friday to mark the third anniversary of his administration, Tinubu said the fuel subsidy regime and multiple exchange rate windows had crippled the nation’s economy before he assumed office in 2023.
According to the President, Nigeria spent as much as ₦18.4bn daily on petrol subsidy at the peak of the regime, amounting to over ₦4tn in 2022 alone.
He added that multiple exchange rates and forex arbitrage led to the loss of more than ₦8tn within three years through speculative and rent-seeking activities.
“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,” Tinubu stated.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.”
Tinubu acknowledged that the reforms triggered hardship and increased the cost of living for millions of Nigerians but insisted the sacrifices were beginning to yield results.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he said.
The President claimed that Nigeria’s economy had stabilised and was now on the path of recovery, citing improvements in public finances, increased investor confidence and growth in the capital market.
He noted that the Nigerian stock market had witnessed significant expansion, with the All Share Index rising from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from ₦30tn to ₦160tn.
Tinubu also highlighted ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
According to him, over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation nationwide.
The President further disclosed that reforms in the oil and gas sector had attracted fresh investments from international oil companies, while domestic refining capacity had improved Nigeria’s energy security.
He said the $5bn NLNG Train 7 project was nearing completion and would boost the country’s liquefied natural gas production and exports.
On power supply, Tinubu said his administration was tackling longstanding challenges in the sector through investments in transmission infrastructure, renewable energy and the national grid.
“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,” he said.
The President also outlined interventions in agriculture, education, housing and healthcare.
He revealed that the Nigerian Education Loan Fund had provided over 1.5 million students with access to higher education, with more than ₦282bn disbursed so far.
Tinubu added that the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the FCT, creating more than 300,000 jobs.
On security, the President said his administration had intensified operations against terrorists, bandits, kidnappers and oil thieves, stressing that several communities and highways had become safer.
“Security remains central to our national mission and to the creation of a virile and prosperous society,” he stated.
“While challenges remain, many communities and highways are becoming safer and more economically active.”
Tinubu urged Nigerians to remain hopeful and united, saying the country was gradually overcoming its economic and structural challenges.
“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.
The President also appealed to citizens to reject division and continue supporting his administration’s reform agenda.
“History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose,” Tinubu added.
“Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide.”
TINUBU DEFENDS SUBSIDY REMOVAL, NAIRA REFORMS AS HE MARKS THREE YEARS IN OFFICE
President Bola Tinubu has defended the removal of fuel subsidy and the unification of the foreign exchange market, describing the policies as necessary steps taken to rescue Nigeria from economic collapse.
In a statement issued on Friday to mark the third anniversary of his administration, Tinubu said the fuel subsidy regime and multiple exchange rate windows had crippled the nation’s economy before he assumed office in 2023.
According to the President, Nigeria spent as much as ₦18.4bn daily on petrol subsidy at the peak of the regime, amounting to over ₦4tn in 2022 alone.
He added that multiple exchange rates and forex arbitrage led to the loss of more than ₦8tn within three years through speculative and rent-seeking activities.
“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,” Tinubu stated.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.”
Tinubu acknowledged that the reforms triggered hardship and increased the cost of living for millions of Nigerians but insisted the sacrifices were beginning to yield results.
“I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain,” he said.
The President claimed that Nigeria’s economy had stabilised and was now on the path of recovery, citing improvements in public finances, increased investor confidence and growth in the capital market.
He noted that the Nigerian stock market had witnessed significant expansion, with the All Share Index rising from 53,000 points in 2023 to 250,000 points in 2026, while market capitalisation increased from ₦30tn to ₦160tn.
Tinubu also highlighted ongoing infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road and the East-West Road.
According to him, over 2,700 kilometres of highways and major roads are currently under construction, reconstruction or rehabilitation nationwide.
The President further disclosed that reforms in the oil and gas sector had attracted fresh investments from international oil companies, while domestic refining capacity had improved Nigeria’s energy security.
He said the $5bn NLNG Train 7 project was nearing completion and would boost the country’s liquefied natural gas production and exports.
On power supply, Tinubu said his administration was tackling longstanding challenges in the sector through investments in transmission infrastructure, renewable energy and the national grid.
“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,” he said.
The President also outlined interventions in agriculture, education, housing and healthcare.
He revealed that the Nigerian Education Loan Fund had provided over 1.5 million students with access to higher education, with more than ₦282bn disbursed so far.
Tinubu added that the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the FCT, creating more than 300,000 jobs.
On security, the President said his administration had intensified operations against terrorists, bandits, kidnappers and oil thieves, stressing that several communities and highways had become safer.
“Security remains central to our national mission and to the creation of a virile and prosperous society,” he stated.
“While challenges remain, many communities and highways are becoming safer and more economically active.”
Tinubu urged Nigerians to remain hopeful and united, saying the country was gradually overcoming its economic and structural challenges.
“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.
The President also appealed to citizens to reject division and continue supporting his administration’s reform agenda.
“History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose,” Tinubu added.
“Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide.”
