President Bola Tinubu said the reforms his administration undertook were not chosen for ease, but for necessity.
Mr Tinubu disclosed this in a televised broadcast on Friday to mark this year’s Democracy Day.
“The reforms we are undertaking were not chosen for ease, but for necessity. 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.
“Since 2023, our reforms have restored stability and credibility to economic management,” Mr Tinubu said.
The president said the federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare, and security.
He also cited improved fiscal transparency and reduced leakage, which he said have directed public funds toward national priorities.
“Investor confidence has returned, with investments in agriculture, energy, manufacturing, technology, mining, transportation, and the creative industries growing.”
Mr Tinubu said domestic refining capacity has increased, strengthening energy security and reducing our reliance on imported petroleum products.
“By 2023, when we came on board, the electricity sector was characterised by chronic generation shortfalls, an unreliable gas supply, and transmission infrastructure so fragile that it could not evacuate available power.
“Distribution companies were burdened by massive losses and a metering deficit of over four million. Worst of all, the value chain was drowning in legacy debt.
“The result was a sector that generated less than the 13,500 Megawatts installed capacity, a sector that transmitted less than it generated, distributed less than it transmitted and collected revenue far below what it needed to sustain itself,” the president said.
To address the problems besetting the sector, Mr Tinubu said he signed the Electricity Act, which grants states authority to generate, transmit, and distribute power.
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“The Presidential Power Sector Task Force is working hard to reduce the metering deficit. It has also been authorised to raise a N4 trillion bond to settle verified legacy debts. The Rural Electrification Agency, supported by the World Bank and the African Development Bank, has deployed off-grid and mini-grid power to underserved communities, universities, markets, and hospitals. Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” he added.
Across the country, Mr Tinubu said infrastructure projects are connecting producers to markets and creating opportunities for enterprise and employment.
“The National Agricultural Development Fund is deploying 10,000 tractors over five years. Over 1,000 SMEs have been certified for export. Non-oil exports grew by 21 per cent last year.
“Yet, many Nigerians still face economic hardship. We remain focused on reducing inflation, expanding food production, creating jobs, improving living standards, rebuilding confidence in our economy, and creating conditions for sustainable prosperity.
“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,” Mr Tinubu said.
