Tinubu Appeal for Patience: Signs Of Recovery After Three Years Of Hardship

President Bola Ahmed Tinubu has declared that Nigeria has overcome crucial economic and structural challenges and is now on the path to stability and sustainable growth, as his administration marked its third anniversary on Friday.
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‎In a nationwide address commemorating three years in office, President Tinubu acknowledged the hardship Nigerians have endured since the introduction of key economic reforms but insisted that the difficult decisions taken by his government were necessary to prevent a deeper national crisis.
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‎According to the President, his administration inherited a fragile economy plagued by mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, foreign exchange distortions, rising debt-servicing costs, insecurity, and weakening public confidence in institutions.
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‎”The former fuel subsidy regime had become unsustainable, revealing that Nigeria spent as much as ₦18.4 billion daily on petrol subsidies, amounting to over ₦4 trillion in 2022 alone.” Tinubu said
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‎He also blamed multiple exchange rate windows and forex arbitrage for creating economic distortions that allegedly cost the country more than ₦8 trillion in losses over three years through rent-seeking and speculative activities.
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‎“The situation demanded urgent and courageous action,” the President said, adding that his administration chose “reform over ruin and decisiveness over hesitation.”
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‎While admitting that the reforms triggered a sharp rise in the cost of living and placed pressure on households, businesses, and young job seekers, Tinubu assured Nigerians that their sacrifices “have not been in vain.”
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‎He expressed confidence that the economy had now stabilised and was showing signs of recovery and growth.
‎Highlighting what he described as “visible progress,” Tinubu said Nigeria’s economy is now more competitive and better positioned for long-term development than it was in 2023.
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‎He noted that public finances have improved, while states and local governments now have more resources to invest in development projects and social services.
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‎The President further claimed that investor confidence in the country is increasing, pointing to significant growth in the Nigerian stock market.
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‎According to him, the Nigerian Exchange All Share Index rose from 53,000 points and a market capitalisation of ₦30 trillion in 2023 to a record 250,000 points and ₦160 trillion market capitalisation in 2026.
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‎Tinubu also highlighted ongoing infrastructure projects across the country, stating that over 2,700 kilometres of highways and major roads are currently under construction, reconstruction, or rehabilitation.
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‎The projects listed by the President include the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and several rural access roads.
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‎He said many sections of the projects have either been completed or are nearing completion, adding that they are expected to improve transportation, reduce travel time, boost regional trade, and create jobs.
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‎The President also disclosed that rail modernisation projects are ongoing nationwide to strengthen connectivity, logistics, and economic integration across the federation.
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‎Tinubu reaffirmed his administration’s commitment to rebuilding the economy and improving the lives of Nigerians, urging citizens to remain patient and hopeful as reforms continue to take effect.
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