President Bola Tinubu says the economic reforms undertaken by his administration since 2023 have restored stability, improved fiscal management and renewed investor confidence in Nigeria.
The president stated this on Friday in his Democracy Day address to the nation.
While stating that the reforms were driven by necessity rather than convenience, he noted that Nigeria’s public finances were under severe strain before his administration embarked on major economic adjustments.
“The reforms we are undertaking were not chosen for ease, but for necessity.
“Three years ago, our public finances were under severe strain, investment was discouraged and economic uncertainty threatened our future,” he said.
According to the president, the reforms have strengthened economic management and increased revenues available to states and local governments for development projects.
“Since 2023, our reforms have restored stability and credibility to economic management.
“Federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare and security,” he said.
Tinubu added that fiscal transparency had improved, leakages reduced and public funds better aligned with national priorities.
He said that investor confidence had returned, resulting in increased investments in agriculture, energy, manufacturing, technology, mining, transportation and the creative industry.
The president further stated that domestic refining capacity had expanded, this enhancing energy security and reducing dependence on imported petroleum products.
On electricity, Tinubu said his administration inherited a sector plagued by generation shortfalls, unreliable gas supply, weak transmission infrastructure, huge distribution losses and a metering deficit exceeding four million.
He said the sector was further constrained by substantial legacy debts across the electricity value chain.
To address the challenges, Tinubu said he signed the Electricity Act, which empowered states to generate, transmit and distribute electricity.
He added that the Presidential Power Sector Task Force had been mandated to tackle the metering deficit and raise a N4 trillion bond to settle verified legacy debts.
According to him, the Rural Electrification Agency, with support from the World Bank and African Development Bank, has expanded off-grid and mini-grid power solutions to underserved communities, universities, markets and hospitals.
“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” he assured.
Tinubu said the ongoing infrastructure projects across the country were connecting producers to markets, while creating employment and business opportunities.
He disclosed that the National Agricultural Development Fund would deploy 10,000 tractors over a five-year period, while more than 1,000 small and medium enterprises (SMEs) had been certified for export.
The president added that non-oil exports grew by 21 per cent in the past year.
He, however, acknowledged that many Nigerians still faced economic hardship, assuring that the administration remained focused on reducing inflation, boosting food production, creating jobs and improving living standards.
“We are moving from uncertainty to stability. The next phase is about accelerating growth and ensuring the benefits are felt in every home, every community and every region.
“We believe that democracy must be felt in the pocket,” Tinubu said. (NAN)