Nigeria: Nigeria Undergoing Historic Test - Tinubu

President Bola Tinubu Friday morning defended the sweeping economic reforms implemented by his administration over the last three years, declaring that Nigeria is passing through a historic national test that requires sacrifice, courage and difficult decisions to prevent economic collapse.

In a nationwide address to commemorate the third anniversary of his administration, Tinubu said he inherited a nation weighed down by profound structural and economic distortions, including crippling fuel subsidies, exchange-rate manipulation, rising debt service obligations, declining revenues and worsening insecurity.

The president maintained that without the decisive policies introduced since he assumed office on May 29, 2023, Nigeria would have drifted into fiscal breakdown, deeper poverty and severe economic uncertainty.

However, the president acknowledged the pain triggered by the reforms, especially the sharp rise in the cost of living, but insisted that the sacrifices Nigerians had made were already yielding results across critical sectors of the economy.

"My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before," Tinubu stated.

Addressing Nigerians in a speech heavy on economic data, infrastructure projections and reform milestones, the president said the country is now more competitive and fiscally stable than it was three years ago.

"When this administration assumed office, our nation faced profound economic and structural difficulties. Mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions all threatened our progress," he said.

Tinubu disclosed that at the peak of the subsidy regime, Nigeria was spending as much as N18.4 billion daily on petrol subsidies, amounting to over N4 trillion in 2022 alone. According to him, the continuation of the subsidy programme would have crippled public finances and denied the country resources needed for infrastructure, healthcare, housing and education.

The president further revealed that the multiple exchange-rate system inherited by his administration created widespread distortions and encouraged speculative activities that cost Nigeria more than N8 trillion within three years.

The Nigerian leader said his administration was forced to take "difficult