By Our reporter
President Bola Tinubu has reaffirmed his administration’s unwavering commitment to transitioning Nigeria into a post-reform era of accelerated growth.
According to the President, the next phase of his agenda will focus on ensuring these economic benefits are felt in every home, community, and region.
‘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.
“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,” the president said in a nationwide broadcast to mark this year’s June 12 Democracy Day.
Tinubu restated that reforms introduced by his administration were of necessity following the country’s economic uncertainty.
He said:’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. Federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare, and security.
“Fiscal transparency has improved, leakage has been reduced, and public funds are better directed to national priorities. Investor confidence has returned, with investments in agriculture, energy, manufacturing, technology, mining, transportation, and the creative industries growing.
“Domestic refining capacity has increased, strengthening energy security and reducing our reliance on imported petroleum products.’
On poor power supply, the president recalled that by 2023, when the administration 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, he noted, 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.
“To address the problems besetting the sector, I signed the Electricity Act, which grants states authority to generate, transmit, and distribute power.
“The Presidential Power Sector Task Force is working hard to reduce the metering deficit. It has also been authorised to raise 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.”
Tinubu said scross the country, infrastructure projects are connecting producers to markets and creating opportunities for enterprise and employment.
He announced that the National Agricultural Development Fund is deploying 10,000 tractors over the next five years across the states.
“Over 1,000 SMEs have been certified for export. Non-oil exports grew by 21% last year.”
On local government autonomy, Tinubu said:”Recognising that democracy is undermined when people do not feel its impact, my administration has sought financial autonomy for our 774 local councils.
“A fundamental challenge to our nation’s advancement has been ineffective local government administration. The insecurity we are addressing is partly due to the collapse of grassroots governance. The Renewed Hope Agenda is about ensuring that all Nigerians benefit from governance.
“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.
“Let us move forward together—rejecting division, cynicism, and despair; embracing unity, hope, and confidence.
“Let us build a Nigeria united by a common purpose, strengthened by diversity, where justice is accessible, liberty is secure, and opportunity is abundant.”
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