Posted by Chinenye on Fri 29th May, 2026 - tori.ng
President Bola Tinubu has defended his administration’s controversial economic reforms while admitting that many Nigerians are facing painful hardship under his government.
(President Bola Tinubu. Photo Credit: Daily Post)
President Bola Tinubu marked his administration's third anniversary on Friday, May 29, with a wide-ranging address in which he defended the bold policy decisions taken since he assumed office, while acknowledging the hardship those decisions have caused ordinary Nigerians.
Tinubu argued that the country he inherited was in serious trouble burdened by costly fuel subsidies that were consuming as much as ₦18.4 billion daily, distorted foreign exchange practices that cost Nigeria over ₦8 trillion across three years, mounting debts, energy shortfalls, and a crisis of public confidence.
He maintained that doing nothing would have pushed the country toward fiscal collapse, and that the painful reforms were both necessary and unavoidable.
On the economy, he pointed to a recovering stock market, growing investor confidence, and improving public finances as signs that the reforms are bearing fruit.
He also highlighted ongoing infrastructure work, including over 2,700 kilometres of roads under various stages of construction, rail modernisation efforts, and progress in the oil and gas sector including the near-completion of the $5 billion NLNG Train 7 project.
He credited domestic refining with reducing Nigeria's dependence on imported fuel.
In the social sector, Tinubu cited the disbursement of over ₦282 billion in student loans to more than 1.5 million beneficiaries, the delivery of over 10,000 housing units across 14 states and the FCT, agricultural support for millions of farmers, and the revitalisation of primary healthcare centres nationwide.
On security, he acknowledged that challenges persist but insisted that progress is being made, with security forces intensifying operations against terrorist groups, bandits, and criminal networks across the country.
Tinubu closed with a call for national unity, urging Nigerians to set aside cynicism and division, and reassuring citizens particularly young people that their sacrifices would not be wasted.
He also reached out to international investors, reaffirming Nigeria's commitment to democratic governance and economic reform, and expressed optimism that the country is on a path toward a more secure and prosperous future.