President Bola Ahmed Tinubu on Friday defended his administration’s economic reforms, saying they were necessary to rescue Nigeria from fiscal strain and lay the foundation for long-term prosperity.
In his Democracy Day address, the President linked the legacy of June 12, 1993, to the ongoing effort to achieve economic transformation, declaring that while the nation’s democratic heroes secured political freedom, the present generation must secure economic freedom.
“June 12, 1993, revealed the possibility of a true Nigerian nation. The heroes of June 12 secured political freedom. Our challenge is to secure economic freedom,” Tinubu said.
He stressed that democratic governance must translate into tangible improvements in the lives of citizens, adding that “democracy must be felt in the quality of people’s lives – in opportunities for youth, in prosperous farmers, successful entrepreneurs and the dignity of our workers.”
The President said the reforms introduced by his administration since taking office in 2023 were driven by necessity rather than convenience.
“The reforms we are undertaking were not chosen for ease, but for necessity,” he said, recalling that three years ago “our public finances were under severe strain, investment was discouraged and economic uncertainty threatened our future.”
According to Tinubu, the government’s policies have “restored stability and credibility to economic management,” resulting in higher federation revenues, improved fiscal transparency, reduced leakages and increased resources for infrastructure, education, healthcare and security.
He also said investor confidence had returned, with investments growing across agriculture, energy, manufacturing, technology, mining, transportation and the creative industries.
The President highlighted developments in the energy sector, noting that “domestic refining capacity has increased, strengthening energy security and reducing our reliance on imported petroleum products.”
Democracy Day: Tinubu Says Economic Reforms Restoring Stability, Pledges Greater Prosperity for Nigerians
