President Bola Tinubu on Friday defended his administration’s economic reforms, insisting that the measures introduced since 2023 were necessary to stabilise Nigeria’s economy and lay the foundation for long-term prosperity.
Speaking during his Democracy Day address to Nigerians, Tinubu said his government inherited an economy burdened by fiscal pressures, weak investor confidence and structural challenges that threatened national development.
According to the President, the reforms were not implemented for political convenience but out of necessity to prevent deeper economic difficulties.
He stated that federation revenues had increased significantly since the reforms were introduced, providing state and local governments with more resources for infrastructure, healthcare, education and security.
Tinubu also said fiscal transparency had improved, leakages in public finance had been reduced and investor confidence had returned across key sectors of the economy, including agriculture, manufacturing, technology, mining, transportation and energy.
The President noted that domestic refining capacity had expanded under his administration, reducing dependence on imported petroleum products and strengthening energy security.
He further highlighted interventions in the electricity sector, including the implementation of the Electricity Act, which grants states authority to generate, transmit and distribute power.
According to him, the government has also taken steps to address the sector’s longstanding challenges through efforts to close the metering gap and settle legacy debts.
Tinubu said ongoing infrastructure projects and agricultural initiatives were designed to stimulate economic growth, create jobs and improve productivity.
He disclosed that the National Agricultural Development Fund was deploying 10,000 tractors over a five-year period, while more than 1,000 small and medium-scale enterprises had been certified for export.
The President added that non-oil exports recorded a 21 per cent increase in the last year.
Despite the reported gains, Tinubu acknowledged that many Nigerians continued to face economic hardship.
He, however, assured citizens that his administration remained focused on reducing inflation, boosting food production, improving living standards and ensuring that the benefits of economic growth reached ordinary Nigerians.
“Democracy must be felt in the pocket,” the President said, adding that the next phase of his administration would focus on accelerating growth and spreading prosperity across all regions of the country.
