FULL TEXT: Tinubu’s speech on third anniversary of his administration

President Bola Ahmed Tinubu addressed the nation on May 29, 2026, marking the third anniversary of his administration, assuring citizens that the sacrifices made during sweeping economic reforms have not been in vain. He highlighted the cessation of significant daily financial drains, stating that reforms have blocked a daily hemorrhage of N18.4 billion previously lost to fuel subsidies and N8 trillion lost over three years to foreign exchange arbitrage.

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Three years ago, you entrusted me with the sacred responsibility of leading our beloved nation at a defining moment in our history.

Tinubu acknowledged the profound economic and structural difficulties the nation faced upon his assumption of office, including mounting fiscal pressures, unsustainable subsidies, declining revenues, exchange rate distortions, and rising debt servicing costs. He pointed out that the N4 trillion spent on fuel subsidies in 2022 alone could have been invested in critical sectors like roads, healthcare, and education. The President argued that the administration chose "reform over ruin and decisiveness over hesitation" to prevent a deeper national crisis.

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At the height of the subsidy regime, Nigeria was spending as much as N18.4bn daily to sustain petrol subsidies, over N4tn in 2022 alone, resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure.

"The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult," Tinubu stated. He recognized the immense pressure the reforms placed on families, workers, and businesses, leading to a rising cost of living and discouragement among young job seekers. "I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain," he pledged.

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Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than N8tn over three years to rent-seeking and speculative practices.

The President expressed confidence that Nigeria has stabilized and is now moving forward, citing improving public finances, increased resources for states and local governments, and growing investor confidence. He noted the stock market's performance, with the All Share Index rising significantly. Tinubu concluded that the foundation for national recovery has been laid, promising a better future despite the recent hardships.

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The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.