ENUGU, Nigeria (VOICE OF NAIJA)- President Bola Ahmed Tinubu on Friday defended his administration’s economic reforms, saying they have begun to stabilise public finances and restore investor confidence, even as Nigerians continue to face inflation and rising cost of living.
He stated this in his 2026 Democracy Day address, where he reviewed developments across fiscal policy, energy, and infrastructure reforms.
Tinubu said revenues accruing to the federation have increased, allowing more funds to be shared to states and local governments for development projects, while investor confidence has improved across key sectors including agriculture, energy, manufacturing and technology.
He said the administration’s reforms were necessary to correct long-standing structural challenges in the economy.
The President also highlighted reforms in the power sector, including the Electricity Act, which allows states to generate, transmit and distribute electricity independently.
He said government was addressing metering gaps, legacy debts and transmission constraints, while rural electrification projects were expanding access to underserved communities.
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Tinubu noted that Nigeria’s domestic refining capacity has improved, reducing dependence on imported petroleum products.
He said the government was also supporting infrastructure development and agricultural mechanisation, including the deployment of tractors and expansion of export certification for small and medium enterprises.
However, he acknowledged that many Nigerians are still facing economic hardship, stressing that government remains focused on reducing inflation, improving food production, and creating jobs.
He said the next phase of reforms would focus on ensuring that economic gains are reflected in households across the country.
Tinubu also linked governance to local government autonomy, saying stronger grassroots administration is necessary for development and service delivery.
He added that democracy must translate into improved living standards, while urging Nigerians to remain patient as reforms continue.