Difficult economic reforms undertaken by the Federal Government were aimed at restoring fiscal stability and securing long-term prosperity for Nigerians, President Bola Tinubu has said.
In his Democracy Day address, the President said Nigeria’s economy faced significant challenges when he assumed office, including strained public finances, low investor confidence and widespread economic uncertainty.
Tinubu said his administration responded with decisive reforms aimed at restoring economic stability and advancing what he described as Nigeria’s economic freedom.
According to him, the reforms have improved fiscal discipline, increased federation revenues and enhanced the capacity of state and local governments to fund critical sectors such as infrastructure, education, healthcare and security.
The President also noted that fiscal transparency has improved, with leakages reduced and public resources better aligned with national development priorities.
He said renewed investor confidence has attracted investments into key sectors, including agriculture, energy, manufacturing, technology, mining, transportation and the creative industry. Tinubu further highlighted progress in the energy sector, stating that increased domestic refining capacity has strengthened energy security and reduced reliance on imported petroleum products.
He maintained that the reforms, though difficult, were necessary to reposition the economy and secure a more prosperous future for Nigerians.
