Lagos, Nigeria – Nigeria‘s President, Bola Tinubu, stated on Thursday, May 28, 2026, that his administration’s economic policies have halted financial losses in the fuel and foreign exchange sectors.
Okay News reports that Tinubu announced the cessation of a daily 18.4 billion Naira (approximately $12.2 million) loss previously tied to fuel subsidies, alongside an 8 trillion Naira (approximately $5.3 billion) deficit caused by foreign exchange arbitrage.
The statement was released ahead of his third anniversary in office on Friday, May 29, 2026. “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,” Tinubu said.
Tinubu said the Federal Government of Nigeria has initiated extensive infrastructure developments, citing 2,700 kilometres of highway projects across five corridors. He stated these projects include the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, and the East-West Road.
The President reported that the All Share Index grew from 53,000 in 2023 to 250,000 in 2026, while total market capitalisation expanded from 30 trillion Naira (approximately $20 billion) to 160 trillion Naira (approximately $106.6 billion).
In the energy sector, Tinubu confirmed the $5 billion NLNG Train 7 project is nearing completion. He additionally noted that the Nigerian Education Loan Fund has disbursed over 282 billion Naira (approximately $188 million) to 1.5 million students.
Tinubu said the Renewed Hope Housing Programme and the Federal Housing Authority are constructing over 10,000 housing units across 14 states and the Federal Capital Territory, which he stated has generated 300,000 jobs.
