Tinubu: Nigeria’s Economy Is Gradually Rebounding With Our Administration’s Reforms

President Bola Ahmed Tinubu, on Thursday, said Nigeria’s economy was gradually making a rebound, attributing the progress to sustained reforms being implemented by his administration across various sectors.

Tinubu applauded the role of the media in the fight to enthrone democracy and the successes recorded by the country in its uninterrupted 25 years’ democratic journey.

The president spoke during the opening ceremony of the All Nigerian Editors’ Conference (ANEC) in Yenagoa, the Bayelsa State capital.

Tinubu, who was represented by Minister of Information and National Orientation, Alhaji Mohammed Idris, stated, “As we gather to discuss a theme that is both timely and urgent: ‘Economic Growth and Development Strategies in a Resource-Rich Country,’ we find ourselves at a critical juncture in our nation’s journey toward sustainable growth and prosperity.”

The president said the country’s debt service-to-revenue ratio had come down drastically, from 100 per cent to 65 per cent, through the sustained reforms his administration put in place in the past 18 months. He said this was supporting the recovery of the Nigerian economy.

He pointed out that his administration spent the last 18 months laying the foundation for a prosperous Nigeria, saying the vision of his government is aimed at rekindling the faith and hope of all Nigerians in the ability of their country to flourish and provide an environment that allows everyone in it to flourish.

The president explained that while oil remained a significant source of revenue for Nigeria, the country was also investing heavily in other sectors to diversify the economy for sustainable growth.

He said the launch of the Presidential Initiative on CNG was a deliberate strategy to harness the abundant gas resources in the country to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for citizens.

Speaking on the theme of the conference, the president said, “Nigeria is richly endowed with human and natural resources that could place us among the world’s most prosperous nations. The age-old question, however, is: ‘How do we translate these resources into meaningful growth and development?’

“This is the question that I believe Nigerians elected me to answer decisively, 18 months ago. And it is the question that has fuelled my vision for a country that truly lives up to its full potential, that leaves none of its people behind in poverty and disease, and that is overwhelmingly respected on the global stage.”

Tinubu said, “Two of the most significant decisions we have made are very well known to you: a ruinous fuel subsidy regime that deprived us of billions of dollars annually that could be going into investments in critical physical and social infrastructure, and a foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse.

“Like the fuel subsidy, another needless drain on our limited national resources, and a cap on our ability as a nation to reach full potential.

“These and other fiscal and macroeconomic burdens have inspired us to undertake one of the boldest programmes of economic reform in the history of Nigeria, with the goal of shifting from a consumption-based economy to a production-oriented one.

“I am pleased to let you know that through our sustained reforms, we are witnessing our economy gradually making a rebound on the most important foundational level. Today, our debt service to revenue ratio has come down drastically from almost 100 per cent to about 65 per cent.”

Tinubu stated that revenues accruing to the federal, state and local government had grown, with more funds now available for the provision of social services and infrastructure, as well as investment.

He said, “The local government autonomy granted by the Supreme Court based on the suit filed by the federal government was aimed at strengthening the governance structure at the local level as well as promoting grassroots development.”

He highlighted other achievements of his government to include a new minimum wage of N70,000; Nigerian Education Loan Fund across 59 tertiary institutions with a disbursement of over N5 billion, and over 46,000 students already benefiting; and Consumer Credit Scheme, with the release of N100 billion. He said the first batch of 500,000 civil servants was set to benefit from the scheme.

According to the president, “While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth.

“The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for our citizens.

“This initiative has unlocked close to $200 million in private sector investments in the last one year.”

The president also saluted the longstanding legacy of the media and its contributions to nation-building.

He said Nigeria’s democracy would not be possible without the media.

He also saluted media personalities and individuals for their collective efforts, not just in the past, but also today, as the country celebrated a quarter of a century of unbroken democratic experience.

According to Tinubu, someone who was privileged to be in the thick of the pro-democracy struggle, with a front-row view of how it played out, would always acknowledge the important role of the media in the struggle.

He said, “Indeed, in this room are many veteran journalists who played very important roles in ushering in the age of enduring democracy in Nigeria.

“I salute your individual and collective efforts not just at that time, but even right through to today, as we celebrate a quarter of a century of unbroken democratic experience.

“In any thriving democracy, the roles of the government and the media are intertwined, both essential in serving the public interest. And of course, the media has a duty to hold elected and appointed officials accountable and ensure that we are doing our work in a manner that strengthens democracy – not weakens it.

“That important work must be done in a spirit of mutual respect and collaboration, not recrimination and opposition; this alignment enables us to achieve common goals that benefit society at large.

“Indeed, our roles are most effective when they are not adversarial but cooperative.

“By viewing each other as allies in nation-building, we can create an environment where transparency, accountability, and mutual respect thrive.

“Together, the government and the media can empower citizens, strengthen democratic institutions, and build a more informed and resilient society.”

Emmanuel Addeh, Sunday Aborisade, Olawale Ajimotokan and Olusegun Samuel

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