President Bola Ahmed Tinubu has defended his administration’s economic reforms, saying the difficult decisions taken since 2023 were necessary to rescue Nigeria from fiscal instability and put the economy on the path of sustainable growth.
Speaking during his Democracy Day broadcast, the President said his government inherited severe economic challenges that threatened the nation’s future.
“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.
He said reforms introduced by his administration have restored credibility and stability to economic management.
“Since 2023, our reforms have restored stability and credibility to economic management,” he said.
The President said that federation revenues have increased significantly, allowing states and local governments to receive greater allocations for development projects.
“Federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare and security,” he said.
He stated that investor confidence has returned to the Nigerian economy.
“Investor confidence has returned, with investments in agriculture, energy, manufacturing, technology, mining, transportation and the creative industries growing,” he said.
The President also cited improvements in domestic refining capacity and energy security.
“Domestic refining capacity has increased, strengthening energy security and reducing our reliance on imported petroleum products,” he said.
The President acknowledged the hardship many Nigerians continue to face. He assured citizens that the government remains focused on reducing inflation, creating jobs and improving living standards.
“We remain focused on reducing inflation, expanding food production, creating jobs, improving living standards, rebuilding confidence in our economy, and creating conditions for sustainable prosperity,” he said.
The President expressed confidence that the country’s economic outlook is improving.
“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. Democracy must be felt in the pocket,” he said.
