Third anniversary: Tough reforms ended forex, subsidy rackets, says Tinubu

President Bola Tinubu marked the third anniversary of his administration by assuring Nigerians that the sacrifices endured during extensive economic reforms have yielded significant results, stabilizing the nation and paving the way for recovery. He stated that these reforms have successfully halted substantial financial hemorrhages that plagued the country.

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I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain. And today, I can say with confidence that Nigeria has stabilised and is moving forward again.

In a statement released on Thursday, May 29, 2026, Tinubu detailed the impact of the reforms, noting they stopped a daily loss of N18.4 billion previously allocated to fuel subsidies. Furthermore, he revealed that over three years, Nigeria lost approximately N8 trillion due to foreign exchange arbitrage, a practice now curtailed by the administration's policies. The President highlighted that the resources saved could have been channeled into crucial sectors like infrastructure, healthcare, and education.

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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.

Tinubu acknowledged the considerable cost these reforms imposed on citizens, leading to increased living expenses and pressure on families, workers, and businesses. He recognized the discouragement felt by young people seeking employment and the questions raised about the future benefits of these difficult decisions. "I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain," the President stated, emphasizing that Nigeria is now on a path to recovery.

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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 framed the administration's actions as a necessary choice between national survival and politically expedient inaction. He argued that failing to act would have led to fiscal breakdown, increased 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," Tinubu declared, asserting that the foundation for sustainable growth has been established.

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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.