President Bola Ahmed Tinubu has said upon his assumption of office, himself and his team have made efforts to reform the ailing economy of the nation by introducing fundamental reforms to correct structural imbalances that prevented maximum growth.
While delivering his keynote address at the joint session of National Assembly in commemoration of Democracy Day on June 12, 2025, he said the efforts are yielding results as GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade.
He stated that Inflation is easing gradually, steadying the price of food staples like rice and beans while the nation’s net foreign reserves have increased fivefold, and the Naira exchange rate has stabilised. He said our balance of payments position is positive, our sovereign credit rating is improving as we continue to promote oil and non-oil exports as states now do not need to go about borrowing to pay salaries.
Speaking further, President Tinubu said in less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes and purchase life essentials and in July, a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit will be launched.
He affirmed that his administration is committed to giving more opportunities to young people through job creation and skills development .He referred to programs like NELFUND, which is used as an initiative to invest in education, vocational training, apprenticeships, and internships to ensure the youths are job-ready and future-ready.
The President revealed that an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity has been embarked on .He informed that the initiative promises not only to enhance the speed and reliability of internet access but also to revolutionize how businesses operate, how students learn, and how communities stay connected. By extending this critical infrastructure, entrepreneurs will be empowered, digital education will be enabled, and providing the tools for youths to compete in a globalized
world.
He noted that the “Nigeria First” policy will further enhance progress as consolidate market-driven growth will be consolidated. He requested that the legislature join him in the second half of his administration term to put forth innovative legislation that further encourages industrial development and job creation in urban centres while also drafting laws that improve food security and production.
To further underpin the economic vision, he said he introduced a comprehensive Tax Reform Package, a vital component of economic re- engineering. He appreciated both chambers for thorough consideration and deliberation of the bills, as he disclosed that he looks forward to signing them into law soon.
According to Tinubu, in line with his promise during his New Year address to the nation, he recently appointed the board of directors of the newly established National Credit Guarantee Company. The company backed with 100 billion naira in initial capital; with BOI, which is performing very well in supporting SMEs, NSIA, CreditCorp, and MOFI as stakeholders, will play a significant role in transforming the nation’s industrial landscape and reducing corruption.
Furthermore, he assured that security operations have been intensified to reclaim communities from criminals and terrorists.
He acknowledged dedicated efforts of past and present heroes in Nigeria for their efforts in nation building and the fight for democracy. He also commended the lawmakers’ role oversight, and constituency representation as he thanked the men and women of the Armed Forces for their bravery in service to the nation.
The President decorated the presiding officers of the National Assembly with the National Honours earlier conferred upon them last year.
” The improved economic performance is encouraging and validates the soundness of our policy measures. Our medium-term growth target remains an economy growing at a 7 per cent clip with a stronger manufacturing base. We must learn to produce and grow most of our food and we are on the path to achieving food sovereignty.
These and other reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made.
“As elected leaders, we must continue to do more to make real the dream of Nigeria’s political and economic democracy.We must be vigilant in expanding the political space. We must always value dialogue over dictatorship, persuasion over suppression and rights over might. Be tolerant and broad-minded in your legislative action regarding speech and civil liberties.
“Our administration is fully committed to boosting the economy’s productive base. Through investment in critical infrastructure, roads, expansion of port operations, rail, and power we are creating a new environment in which industry and manufacturing can thrive. Our tax and fiscal policy reforms will streamline tax administration and eliminate burdensome and multiple taxes enabling our industrialists and entrepreneurs to operate in a more conducive environment.
“We are better at coordinating intelligence, and inter-agency cooperation has improved. Our highways are safer, and we invest in technology and training to secure every inch of this country.
“Governance must work and deliver value to the people. As part of our tax reforms, we have provided small businesses with an exemption and established the Office of the Tax Ombudsman to ensure transparency and protect taxpayer rights. Digital tools now help us track performance and reduce waste. The Diaspora Bond and Non-Resident BVN are bringing Nigerians abroad into the national development fold.”, he said.
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