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Tinubu Defends Painful Reforms as Economy Shows Early Signs of Stabilising

He said subsidy removals and foreign‑exchange changes were needed to avert fiscal collapse and promised new steps to lower food and transport costs.

Overview

  • In a nationwide address on Friday, May 29, 2026, President Bola Tinubu said three years of reforms have stabilised public finances and restored investor confidence.
  • Tinubu pointed to a near fivefold rise in the stock market and a jump in market value from about N30 trillion to N160 trillion as evidence that capital is returning to Nigeria.
  • The administration highlighted large projects under way, including more than 2,700 km of roads, rail upgrades and the near‑completion of the $5 billion NLNG Train 7 gas project.
  • Officials acknowledged the reforms triggered a sharp cost‑of‑living squeeze and promised targeted moves to reduce food prices, cut transport costs through CNG and electric conversions, and clear about N4 trillion in power debts.
  • Tinubu said security operations against bandits, insurgents and criminal networks have intensified with some gains, but he warned that violence and other governance challenges still risk slowing the recovery.