OSAS EMMANUEL
ABUJA, Nigeria – President Bola Tinubu has acknowledged that millions of Nigerians are still grappling with economic hardship despite ongoing reforms of his administration designed to stabilise the economy and laying the foundation for long-term prosperity.
Speaking during his 2026 Democracy Day address on Friday, Tinubu said the economic reforms introduced since 2023 were necessary to rescue the country from fiscal instability and restore investor confidence.
According to the President, the reforms are being undertaken out of necessity rather than convenience, as public finances were under severe strain when his administration assumed office.
“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. We chose to act, embracing reforms to advance Nigeria’s economic freedom,” he said.
Tinubu noted that the reforms have helped restore stability and credibility to economic management, leading to increased federation revenues, improved fiscal transparency, and greater investments across key sectors of the economy.
He listed agriculture, energy, manufacturing, technology, mining, transportation, and the creative industry among sectors that have attracted growing investment since the reforms commenced.
The President also highlighted improvements in Nigeria’s energy sector, noting that domestic refining capacity has increased, thereby strengthening energy security and reducing dependence on imported petroleum products.
On electricity, Tinubu said his administration inherited a sector plagued by chronic generation shortfalls, inadequate gas supply, weak transmission infrastructure, massive distribution losses, and a metering deficit exceeding four million customers.
To address the challenges, he said he signed the Electricity Act, which empowers states to generate, transmit, and distribute electricity.
He added that the Presidential Power Sector Task Force has been mandated to reduce the metering deficit and raise a N4 trillion bond to settle verified legacy debts in the power sector.
According to him, the Rural Electrification Agency, with support from the World Bank and the African Development Bank, has expanded off-grid and mini-grid power projects to underserved communities, universities, markets, and hospitals across the country.
“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” Tinubu stated.
The President further disclosed that infrastructure projects nationwide are improving connectivity, creating jobs, and linking producers to markets.
He revealed that the National Agricultural Development Fund is deploying 10,000 tractors over five years, while more than 1,000 small and medium-scale enterprises have been certified for export.
Tinubu also said non-oil exports recorded a 21 per cent growth last year.
Despite the gains recorded, the President admitted that economic hardship remains a major challenge for many citizens.
“Yet, many Nigerians still face economic hardship. 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.
He expressed optimism that Nigeria is moving from economic uncertainty to stability and pledged that the next phase of his administration’s economic agenda would focus on accelerating growth and ensuring that the benefits of democracy reach every Nigerian.
“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 added.
