President Bola Tinubu announced on Thursday that Nigeria’s economy is on a gradual recovery path, attributing recent improvements to a series of strategic reforms led by his administration.
Speaking at the opening of the All Nigerian Editors Conference, Tinubu’s keynote address was delivered by the Minister of Information and National Orientation, Mohammed Idris.
Tinubu emphasized that over the past 18 months, his administration has been laying the groundwork to achieve a vision of a prosperous Nigeria, aligning with his Renewed Hope Agenda.
“Through sustained reforms, we are seeing early signs of economic recovery. Our debt service to revenue ratio has significantly reduced from nearly 100% to around 65%,” Tinubu stated, expressing confidence in the country’s direction.
Addressing major obstacles, Tinubu pointed to the elimination of the fuel subsidy, which previously drained billions of dollars from potential investments in critical infrastructure, and reforming a foreign exchange regime prone to exploitation.
He stressed that these changes are intended to free up resources and unlock Nigeria’s economic potential.
The President reported that, as a result, revenue has increased across all levels of government—federal, state, and local—enabling enhanced investment in social services, infrastructure, and security.
He further noted the Supreme Court’s decision to uphold local government autonomy following a federal lawsuit as a significant step in strengthening grassroots governance.
Focusing on the conference theme, “Economic Growth and Development Strategies in a Resource-Rich Country,” Tinubu explained that his administration is deeply committed to translating Nigeria’s resources into sustainable development and inclusive growth.
He highlighted ongoing efforts to improve the lives of all Nigerians, stating, “Our vision is for a Nigeria where no citizen is left behind, where poverty and disease are diminished, and where we stand respected globally.”
Several initiatives aimed at bolstering the economy were also outlined by the President. The government has introduced a new minimum wage of N70,000 across federal establishments, with numerous states following suit.
He cited the recent implementation of the Nigerian Education Loan Fund, which has provided over N5 billion in loans to students at 59 institutions. Additionally, the Consumer Credit Scheme is set to benefit 500,000 civil servants through N100 billion in released funds.
Tinubu highlighted his administration’s commitment to diversifying Nigeria’s economy beyond oil.
The Presidential Initiative on Compressed Natural Gas (CNG), he said, is an effort to leverage Nigeria’s gas reserves to reduce transportation costs by up to 60% and promote a cleaner environment. This initiative alone has attracted close to $200 million in private investment in the past year.
Additional measures include the Presidential Loans and Grants Scheme, the Consumer Credit Corporation Initiative, and the Renewed Hope Infrastructure Development Fund.
Each program, according to Tinubu, is designed to provide targeted economic relief and uplift the livelihoods of millions of Nigerians.
In his address to the media, Tinubu praised the press for its role in nation-building, emphasizing its crucial function in holding officials accountable.
He urged the media to continue its work with a spirit of mutual respect and cooperation, stating, “The media and government share a common goal of serving the public interest. Our roles are most impactful when we work collaboratively rather than in opposition.”
The President concluded with an assurance of his administration’s commitment to making Nigeria secure and prosperous for all its citizens.