Tinubu marks 3 years, defends subsidy removal amid ₦4 trillion fuel costs
President Bola Tinubu marked his third anniversary in office Friday, defending tough economic policies that removed fuel subsidies and unified exchange rates, insisting these measures saved Nigeria from fiscal breakdown. The president revealed Nigeria spent ₦18.4 billion daily on fuel subsidies—₦4 trillion in 2022 alone—while losing ₦8 trillion to forex arbitrage over three years.
Tinubu pointed to economic stabilization as evidence of success, noting the stock market rose from 53,000 to 250,000 with market capitalization growing from ₦30 trillion to ₦160 trillion. Over 2,700 kilometers of highways are under construction nationwide, including the Lagos-Calabar Coastal Highway and Abuja-Kaduna-Kano Road. The Nigerian Education Loan Fund has disbursed ₦282 billion to 1.5 million students, while the Renewed Hope Housing Programme delivers 10,000+ units across 14 states.
Despite acknowledging rising living costs caused by reforms, the president emphasized progress in security, power sector investments, and oil & gas reforms attracting billions in fresh investment. As fuel prices remain high despite subsidy removal, will you support continued economic reforms that promise long-term stability but require short-term sacrifice, or prioritize immediate relief measures despite potential long-term costs?