President Bola Tinubu has claimed that Nigeria is gradually returning to the path of economic recovery and sustainable growth following difficult but necessary reforms undertaken by his administration over the past three years.
Tinubu made this claim in a countrywide statement on Friday to mark the third anniversary of his government.
“Today, on the occasion of our administration’s third anniversary, I speak to you not only as your president but also as a fellow citizen who shares your aspirations for a better Nigeria and recognises the sacrifices made by many families in recent years.”
The president said that in 2023, his administration inherited significant structural and economic issues, including growing fiscal pressures, unsustainable fuel subsidies, exchange-rate distortions, rising debt-servicing costs, and dwindling public trust in institutions.
“Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies at the height of the subsidy regime, over ₦4 trillion in 2022 alone,” Tinubu said.
He added that multiple exchange-rate windows and forex arbitrage practices also created massive distortions and encouraged speculative activities.
“Massive distortions were caused by multiple exchange rate windows and forex arbitrage, with rent-seeking and speculative activities costing Nigeria more than ₦8 trillion over three years.”
The president claimed that in order to prevent a more serious economic catastrophe and fiscal collapse, swift and brave actions were needed.
It would have been politically advantageous to make the simple decisions. However, leadership necessitates bravery, particularly when making the right choices is challenging.
Together, we opted for decisiveness over indecision and reform over disaster. We decided against short-term comfort in favour of long-term national recovery.
Tinubu admitted that the reforms put pressure on households, employees, and businesses nationwide and increased living expenses.
“Our actions caused the cost of living to rise, which put a great deal of strain on families, employees, and companies. Youths who were looking for work felt discouraged.
However, the president reassured Nigerians that the sacrifices were starting to pay off.
“I promise that your sacrifice has not been in vain, and I continue to be acutely aware of your sacrifices.
Tinubu said, “I can say with confidence that Nigeria has stabilised and is moving forward again today.”
He claimed that while public finances and investor confidence had greatly improved, the economy was becoming more competitive and better positioned for long-term growth.
“With the All Share Index rising from 53,000 and market capitalisation of N30 trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 trillion this year, the stock market is booming.”
Tinubu went on to say that while states and local governments had more money to spend on development initiatives, businesses were now reporting more earnings and dividends.
The president also emphasised the nation’s ongoing infrastructure projects, such as significant rail upgrading and highway development projects.
“More than 2,700 kilometres of major roads and highways are being built, rebuilt, or renovated.”
He listed the projects as the East-West Road, the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, and the Abuja-Kaduna-Zaria-Kano Road.
According to the president, many of the projects are almost completed and will enhance transport, shorten travel times, increase regional trade, and generate employment.
He also disclosed that in order to improve connectivity, logistics, and economic integration across the country, rail modernisation projects were also moving forward. (NAN).
