President Bola Tinubu has defended the economic reforms introduced by his administration, saying Nigeria had avoided fiscal collapse and was now showing signs of recovery after three years of “difficult but necessary decisions”.

In a nationwide address to mark the third anniversary of his administration, Tinubu acknowledged the hardship caused by the removal of fuel subsidy and foreign exchange reforms but maintained that the measures had begun to stabilise the economy and restore investor confidence.

The President said his administration inherited “profound economic and structural difficulties”, including mounting fiscal pressures, unsustainable subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity and weakening public confidence in institutions.