Tinubu defends economic reforms, says Nigeria moving from uncertainty to stability

President Bola Tinubu on Friday defended his administration’s economic reforms, insisting that Nigeria has moved from uncertainty to stability and is now positioned for accelerated growth.

In his 2026 Democracy Day address, Mr Tinubu said difficult policy decisions taken since 2023 were necessary to rescue the economy from fiscal strain, declining investment and growing uncertainty.

According to the President, the reforms have improved federation revenues, enhanced fiscal transparency and restored investor confidence across critical sectors, including agriculture, manufacturing, technology, mining, transportation and energy.

“We chose to act, embracing reforms to advance Nigeria’s economic freedom,” Tinubu said.

The President noted that domestic refining capacity had increased, reducing dependence on imported petroleum products, while non-oil exports recorded a 21 per cent growth in the past year.

He also highlighted efforts to reform the power sector, citing the Electricity Act, which grants states authority to generate, transmit and distribute electricity.

Mr Tinubu disclosed that the Presidential Power Sector Task Force had been authorised to raise a N4 trillion bond to clear verified legacy debts in the sector, while ongoing interventions were aimed at reducing the country’s metering deficit.

The President said the National Agricultural Development Fund was deploying 10,000 tractors over five years, while more than 1,000 small and medium-scale enterprises had been certified for export.

Despite the gains, Mr 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, 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,” he said.

The President also reiterated his administration’s commitment to financial autonomy for the country’s 774 local government councils, describing grassroots governance as critical to national development and security.