Abuja: President Bola Tinubu has explained why his administration established the ?200 billion intervention fund to support micro, small, and medium enterprises (MSMEs) and manufacturers, saying it became necessary to assist them in boosting competitiveness and addressing structural challenges. He said beyond the GDP growth of 4.23 per cent recorded in September 2025, the economic reforms spearheaded by his administration have started yielding tangible results across sectors, surpassing projections from multilateral agencies and indigenous economic experts.
According to Voice of Nigeria, President Tinubu, who stated this in Abuja on Monday when he officially declared open the 31st Nigerian Economic Summit, noted that the belief in the nation’s economic experts had been the magic wand behind his administration’s ongoing reforms. Represented by Vice President Kashim Shettima, the President maintained that all decisions taken by his administration had been ‘guided by the pursuit of balance between economic logic and public expectation.’
President Tinubu restated his administration’s resolve to rekindle hope for the poor, vulnerable, and jobless Nigerians by creating corridors for them, especially the youth, to access loans, grants, and equity investments. He emphasized the government’s priority of restoring hope to the unemployed and underscored the implementation of pathways for young Nigerians to access financial support up to $100,000 to scale their enterprises and build sustainable livelihoods.
The Nigerian leader attributed the significant progress his administration has made so far in stabilizing Nigeria’s economy and rescuing public finance to the patience and sacrifices made by Nigerians. He highlighted that choices such as the removal of subsidies and the stabilization of the foreign exchange market have been fundamental in rescuing public finances and reassuring investors.
The President acknowledged a ‘resounding consensus’ that ongoing reforms have stabilized the nation’s macroeconomic environment, with the economy expanding to ?372.8 trillion in 2024, up from ?309.5 trillion in 2023. He outlined that total revenue collection rose from ?19.9 trillion in 2023 to ?25.2 trillion in 2024, reaching ?27.8 trillion by August 2025, surpassing the revenue target of ?18.32 trillion.
Discussing non-oil revenues, President Tinubu noted a 411 per cent year-on-year growth in August, with the tax-to-GDP ratio now at 13.5 per cent, compared to 7 per cent a few years ago. On federal allocations to states, he expressed the importance of empowering each federating unit with resources and autonomy to pursue development relevant to their needs.
President Tinubu thanked economic experts for their continued support and emphasized that recent tax reforms would boost domestic revenue mobilization and reduce dependence on oil. The Minister of Budget and Economic Planning, Atiku Bagudu, highlighted the successful partnership between his ministry and the NESG, which has fostered public and private cooperation for economic development.
Chairman of the NESG, Mr. Olaniyi Yusuf, addressed the need for security as a crucial enabler of reforms, while Vice Chairman Mr. Boye Olusanya commended the strategic reforms of the Tinubu administration as essential for achieving the goal of a trillion-dollar economy by 2030, warning against reversing key policy decisions.