Abuja: President Bola Tinubu asserts that the economic reforms initiated by his administration since 2023 have successfully restored stability, enhanced fiscal management, and revitalized investor confidence in Nigeria. The president conveyed this in his Democracy Day address to the nation, highlighting the necessity of these reforms given the severe strain on Nigeria’s public finances prior to his administration’s economic adjustments.
According to News Agency of Nigeria, President Tinubu emphasized that these reforms were driven by necessity rather than convenience. He highlighted the challenges faced three years ago, when investment was discouraged, and economic uncertainty loomed over the country’s future. The reforms have since fortified economic management and increased revenues for states and local governments, enabling them to fund development projects in infrastructure, education, healthcare, and security.
The president also noted that fiscal transparency has improved, reducing leakages and ensuring public funds are better aligned with national priorities. Investor confidence has returned, leading to increased investments across various sectors, including agriculture, energy, manufacturing, technology, mining, transportation, and the creative industry.
Tinubu further mentioned the expansion of domestic refining capacity, which has enhanced energy security and reduced reliance on imported petroleum products. Addressing challenges in the electricity sector, he noted that his administration inherited significant issues such as generation shortfalls and unreliable gas supply. To tackle these, he signed the Electricity Act, empowering states to generate, transmit, and distribute electricity, and mandated the Presidential Power Sector Task Force to address the metering deficit and legacy debts.
The Rural Electrification Agency, with support from international banks, has expanded off-grid and mini-grid power solutions to underserved areas. Tinubu assured that electricity is a democratic dividend owed to every Nigerian and pledged to deliver it. He also highlighted ongoing infrastructure projects that connect producers to markets, while creating employment and business opportunities.
The president revealed that the National Agricultural Development Fund would deploy 10,000 tractors over five years, and more than 1,000 SMEs had been certified for export. Additionally, non-oil exports grew by 21% in the past year. Despite acknowledging ongoing economic hardships faced by many Nigerians, Tinubu assured the administration’s focus on reducing inflation, boosting food production, creating jobs, and improving living standards.
In conclusion, Tinubu stated that the nation is transitioning from uncertainty to stability, with the next phase aimed at accelerating growth and ensuring the benefits reach every home and community. He emphasized the belief that democracy should manifest in tangible economic improvements for citizens.