Tinubu Marks Three Years In Office, Defends Subsidy Removal, Naira Float

President Bola Ahmed Tinubu on Friday defended the economic and political decisions taken by his administration as he marked three years in office, saying the removal of fuel subsidy and changes in the foreign exchange system were necessary to prevent a deeper economic crisis in Nigeria.

In a statement released to commemorate his third anniversary as president, Tinubu said his government met serious economic and structural challenges when it came into office in 2023. According to him, the country was dealing with rising debt costs, low revenue, insecurity, energy problems, exchange rate distortions, and declining confidence in public institutions.

The president explained that Nigeria had been spending huge amounts on petrol subsidy before his administration ended the policy. He said the government also faced losses linked to multiple exchange rate windows and foreign exchange arbitrage, which he claimed weakened the economy over the years.

Tinubu stated that his administration chose difficult reforms instead of delaying action, adding that refusing to make those decisions could have pushed the country into greater economic trouble. He admitted that the policies increased the cost of living and created hardship for many Nigerians, including workers, families, and businesses, but maintained that the sacrifices were beginning to produce results.

Speaking on the economy, the president said Nigeria is now in a more stable position than it was three years ago. He pointed to improvements in public finances, rising investor confidence, growth in the stock market, and increased activities in different sectors of the economy.

Tinubu also listed several infrastructure projects currently under construction across the country, including major highways such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, and the East-West Road. He said the projects are expected to improve transportation, create jobs, and support trade activities.

On the oil and gas sector, the president said reforms introduced by his administration had attracted fresh investments from international oil companies. He added that local refining capacity was improving and helping Nigeria reduce dependence on imported fuel products.

The president also spoke on the power sector, saying his government is working to address old debts, expand electricity transmission infrastructure, and invest in renewable energy projects to improve electricity supply nationwide.

In agriculture, Tinubu said the government had supported farmers with seedlings, fertilisers, irrigation, financing, and mechanisation programmes aimed at increasing food production and reducing pressure on household incomes.

He further stated that the Nigerian Education Loan Fund had already provided access to higher education for over 1.5 million students through loans and financial support.

Tinubu also mentioned housing projects being carried out under the Renewed Hope Housing Programme across several states and the Federal Capital Territory. According to him, the projects are creating jobs while improving access to affordable housing.

On healthcare, the president said many primary healthcare centres are being revived while health insurance coverage is being expanded for vulnerable citizens.
He also spoke about efforts to improve the telecommunications sector, saying operators are gradually increasing investments, expanding networks, and creating more opportunities for digital access across Nigeria.

Addressing young Nigerians, Tinubu said his administration is investing in digital skills, technical education, entrepreneurship, and technology in order to create opportunities for the youth population.

The president also spoke on insecurity, saying security agencies and the armed forces have intensified operations against terrorists, kidnappers, bandits, oil thieves, and other criminal groups. He admitted that security challenges still exist in some parts of the country but insisted that progress has been made in restoring safety in affected communities.

Tinubu called on Nigerians to remain united and patient as the country continues its recovery process. He said the government would continue working to lower food and transportation costs while creating more opportunities for businesses and workers.

The president added that national development requires sacrifice, resilience, and collective effort, urging citizens to continue believing in the country and support ongoing reforms aimed at improving Nigeria’s future.