President Bola Ahmed Tinubu, in a nationwide broadcast on Thursday, May 29, 2026, marking his third year in office, reviewed Nigeria’s economic and governance trajectory, highlighting reforms, achievements, and ongoing challenges. Below are the major takeaways from his address:
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1. Nigeria inherited deep structural and economic challenges
President Tinubu said his administration took over at a time of severe economic strain, including mounting fiscal pressures, fuel subsidy obligations, forex distortions, rising debt-servicing costs, insecurity in several regions, and declining public confidence in institutions. He described the situation as one that required urgent and difficult decisions to prevent further deterioration.
2. Fuel subsidy removal freed up trillions for national development
He recalled that Nigeria was spending about N18.4 billion daily on petrol subsidies, amounting to over N4 trillion in 2022 alone. According to him, these resources were previously consumed by consumption subsidies rather than being invested in infrastructure, education, healthcare, and other critical sectors necessary for long-term growth.
3. Reforms triggered short-term economic hardship for citizens
The President acknowledged that the policy decisions, particularly subsidy removal and exchange rate reforms, led to a sharp rise in the cost of living. He noted that households, businesses, and workers faced significant pressure, with many Nigerians experiencing economic discomfort as the reforms took effect.
4. Nigeria’s economy is now showing signs of stabilisation and recovery
Tinubu stated that despite early turbulence, the economy has begun to stabilise, with improvements in public finances and increased allocations to subnational governments. He added that investor confidence is gradually returning, and macroeconomic indicators are beginning to reflect a more stable outlook compared to 2023.
5. Capital market performance reflects renewed investor confidence
According to the President, the Nigerian stock market has recorded significant growth, with the All Share Index rising from about 53,000 points in 2023 to 250,000 points in 2026. Market capitalisation also increased from N30 trillion to N160 trillion, a development he attributed to improved investor sentiment and ongoing economic reforms.
6. Large-scale infrastructure projects are reshaping national connectivity
Tinubu highlighted ongoing infrastructure expansion, noting that over 2,700 kilometres of roads are currently under construction, rehabilitation, or completion across the country. He referenced key projects such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, and Abuja-Kaduna-Zaria-Kano Road, saying they are aimed at boosting trade, mobility, and job creation.
7. Oil and gas reforms are attracting fresh investments into Nigeria
He said reforms in the energy sector have restored investor confidence, leading to renewed inflows of capital from international oil companies. He also pointed to the near completion of the $5 billion NLNG Train 7 project, which is expected to expand Nigeria’s LNG capacity, increase exports, and boost government revenue.
8. Social investment programmes are expanding access to education and housing
The President noted that over 1.5 million students have benefited from the Nigerian Education Loan Fund, with more than N282 billion disbursed to support access to tertiary education. He also said more than 10,000 housing units are under construction across 14 states and the FCT under the Renewed Hope Housing Programme, aimed at improving access to affordable homes.
9. Power, telecoms, and digital sectors are undergoing structural reforms
Tinubu said his administration is addressing long-standing challenges in the power sector through investments in transmission infrastructure, renewable energy, and grid expansion. He also noted that the telecommunications sector is stabilising, with operators expanding networks and increasing digital access, which he described as essential for modern economic growth.
10. Security operations have been intensified, with gradual improvements recorded
The President stated that security agencies have stepped up operations against terrorism, banditry, kidnapping, and oil theft across the country. While acknowledging that challenges remain, he said many communities are becoming safer and more economically active, and reaffirmed his administration’s commitment to restoring lasting peace and stability.
President Tinubu urged Nigerians to remain patient and united, stressing that the reforms, though difficult, are beginning to yield results. He said the foundation for long-term economic recovery has been laid and called on citizens to stay committed to building a more secure, prosperous, and inclusive nation.
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