Read the full address by President Bola Ahmed Tinubu on the third anniversary of his administration, May 29, 2026.
My fellow compatriots,
Three years ago, you entrusted me with the sacred responsibility of leading our beloved nation at a defining moment in our history. I accepted that responsibility fully aware of the magnitude of the challenges before us, but also deeply confident in the resilience and potential of the Nigerian people.
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.
When this administration assumed office, our nation faced profound economic and structural difficulties—mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and weakening public confidence in institutions—all of which threatened our progress.
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—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. Multiple exchange-rate windows and forex arbitrage created severe distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.
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. The easy choices would have been politically convenient, but leadership demands courage, especially when the right decisions are difficult.
Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.
These decisions came with sacrifice. The rising cost of living triggered by our reforms placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged, and many questioned whether these difficult decisions would lead to a better future.
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. Across the country, visible progress is taking shape.
VISIBLE PROGRESS AND ECONOMIC GROWTH
Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Public finances are improving. States and local governments now have greater resources to invest in their people. Investor confidence is growing. The stock market is booming, with the All Share Index rising from 53,000 and a market capitalisation of ₦30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of ₦160 trillion this year. Companies are declaring record profits and dividends.
Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including 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. Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.
Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.
In the oil and gas sector, our reforms have attracted billions of dollars in fresh investment from international oil companies that had previously shunned our country. The $5 billion NLNG Train 7 project is nearing completion, aimed at boosting LNG production capacity, exports, and national dividends.
Domestic gas utilisation is expanding, while local refining capacity is improving energy security. With large-scale domestic and modular refineries now operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.
For years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth. Today, we are confronting those challenges directly.
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. When power improves, businesses expand, industries grow, jobs are created, and families prosper.
We are determined to power Nigeria into a new era of industrial growth and economic opportunity.
EMPOWERING NIGERIANS: AGRICULTURE, EDUCATION, AND HOUSING
Agricultural interventions have supported millions of farmers by improving access to seedlings, fertilisers, mechanisation, irrigation, finance, and markets. We are also opening new agricultural corridors to create jobs, strengthen supply chains, and reduce pressure on household incomes.
The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than ₦282 billion to ensure that no willing student is denied access due to financial hardship.
Our Renewed Hope Housing Programme, along with that of the Federal Housing Authority (FHA), is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing. Major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily. Our consumer credit initiative, CREDICORP, is also opening new economic opportunities for workers and families.
In healthcare, thousands of primary healthcare centres are being revitalised, while health insurance coverage continues to expand for vulnerable Nigerians.
DEEPENING TELECOMS ACCESS AND INVESTMENT
We also took decisive action to stabilise the telecommunications sector, one of the most important drivers of modern economic growth.
After years of severe operational pressures and declining investment, confidence is gradually returning to the sector. Telecom operators are expanding networks, investing in infrastructure, recruiting Nigerian talent, and widening digital access across the country.
