Democracy Day: Tinubu Highlights Reform Gains Since 2023, Unveils Next Phase of Economic Agenda

ABUJA — President Bola Tinubu has highlighted key achievements recorded by his administration since assuming office in 2023, saying Nigeria has moved from economic uncertainty to greater stability while outlining plans to accelerate growth, expand infrastructure, strengthen local governance and improve living standards.

In his Democracy Day address on Thursday, Tinubu said the reforms implemented over the past three years were necessary to restore confidence in the economy, improve public finances and create a foundation for long-term prosperity.

According to the president, his administration inherited severe fiscal pressures, weak investor confidence and structural challenges across critical sectors of the economy.

“The reforms we are undertaking were not chosen for ease, but for necessity,” Tinubu said.

“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.”

Economic Reforms Yielding Results

Tinubu said the government’s reform programme has improved fiscal stability and boosted revenues available to states and local governments.

According to him, federation revenues have increased significantly, enabling subnational governments to invest more in infrastructure, education, healthcare and security.

He added that fiscal transparency has improved while leakages in public finance have been reduced.

The president also said investor confidence has returned, with increased investments recorded across agriculture, energy, manufacturing, technology, mining, transportation and the creative sector.

“Since 2023, our reforms have restored stability and credibility to economic management,” he said.

“Investor confidence has returned, with investments in agriculture, energy, manufacturing, technology, mining, transportation, and the creative industries growing.”

Progress in Energy Sector

Tinubu said his administration has made progress in addressing longstanding challenges in the power sector.

He noted that before 2023, Nigeria’s electricity sector was plagued by inadequate generation, weak transmission infrastructure, poor revenue collection, a metering deficit exceeding four million customers and significant legacy debts.

To tackle the challenges, Tinubu said he signed the Electricity Act, which allows states to generate, transmit and distribute electricity independently.

The president added that the Presidential Power Sector Task Force is working to reduce the metering gap and has been authorised to raise N4 trillion through bonds to settle verified legacy debts in the sector.

He also highlighted efforts by the Rural Electrification Agency, supported by the World Bank and the African Development Bank, to deploy off-grid and mini-grid power solutions to underserved communities, universities, hospitals and markets.

“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” Tinubu said.

Agriculture, Exports and Infrastructure

The president said ongoing infrastructure projects are helping connect producers to markets while creating jobs and business opportunities across the country.

He disclosed that the National Agricultural Development Fund is deploying 10,000 tractors over a five-year period to boost food production and agricultural productivity.

Tinubu further revealed that more than 1,000 small and medium-sized enterprises (SMEs) have been certified for export, while non-oil exports grew by 21 percent in the last year.

He also pointed to increased domestic refining capacity, which he said is strengthening Nigeria’s energy security and reducing dependence on imported petroleum products.

Local Government Autonomy

Tinubu said his administration remains committed to ensuring financial autonomy for Nigeria’s 774 local government councils.

According to him, weak grassroots governance has contributed to insecurity and underdevelopment across many communities.

“Recognising that democracy is undermined when people do not feel its impact, my administration has sought financial autonomy for our 774 local councils,” he said.

“A fundamental challenge to our nation’s advancement has been ineffective local government administration.”

Next Phase of Administration’s Agenda

Looking ahead, Tinubu said the next stage of his administration will focus on accelerating economic growth and ensuring that the benefits of reforms are felt by ordinary Nigerians.

He acknowledged that many citizens continue to face economic hardship despite improvements in macroeconomic indicators.

The president said government efforts would prioritise reducing inflation, boosting food production, creating jobs, improving living standards and expanding economic opportunities nationwide.

“We are moving from uncertainty to stability,” he said.

“The next phase is about accelerating growth and ensuring the benefits are felt in every home, every community, and every region.”

He added that the ultimate goal of the administration is to secure economic prosperity for Nigerians, describing it as the defining challenge of the current generation.

“Every generation has a defining responsibility. The generation of our founding fathers secured independence. The generation of June 12 secured democracy. Our generation must secure prosperity,” Tinubu said.

The president urged Nigerians to remain united and optimistic about the country’s future, stressing that ongoing reforms are designed to create a more prosperous, inclusive and economically resilient nation.

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A Lagos-based journalist with a passion for disseminating factual information and a deep appreciation for good music, good food, movies, and beautiful cars. He hopes to travel the world someday, documenting its beauty and diverse cultures through his storytelling.