President Bola Tinubu on Thursday said his administration introduced fundamental reforms to correct structural imbalances and reform the country’s ailing economy.
The President said this in his address at the Joint Session of the National Assembly in commemoration of Democracy Day 2025 on Thursday.
He said the results of the reforms were already visible as the Gross Domestic Product (GDP) grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade.
“Inflation is easing gradually, steadying the price of food staples like rice and beans. Our net foreign reserves have increased fivefold, and the Naira exchange rate has stabilised.
“Our balance of payments position is positive. Our sovereign credit rating is improving as we continue to promote oil and non-oil exports. States now do not need to go about borrowing to pay salaries,” he stated.
Tinubu said that in less than one year, over 100,000 Nigerians, including 35,000 civil servants, benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP).
He said this enabled them to purchase vehicles, light up and improve their homes and purchase life essentials.
“This July, we will launch a bold new initiative to empower 400,000 young Nigerians, including youth corp members with consumer credit.
“We are committed to giving more opportunities to young people through job creation and skills development.
“Through such programmes as NELFUND, we are investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready and future-ready,” he said.
Tinubu said his administration embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected.
“By extending this critical infrastructure, we are empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world,” said the President.
He also said the recently introduced “Nigeria First” policy would further enhance progress as his administration consolidated market-driven growth.
He said the improved economic performance was encouraging and validated the soundness of administration’s policy measures.
“Our medium-term growth target remains an economy growing at a 7 per cent clip with a stronger manufacturing base. We must learn to produce and grow most of our food and we are on the path to achieving food sovereignty.
“These and other reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made,” he said.
The President said to further underpin his administration’s economic vision, he introduced a comprehensive Tax Reform Package, a vital component of the economic re-engineering.
He added that his administration was fully committed to boosting the economy’s productive base.
“Through investment in critical infrastructure, roads, expansion of port operations, rail, and power we are creating a new environment in which industry and manufacturing can thrive.
“Our tax and fiscal policy reforms will streamline tax administration and eliminate burdensome and multiple taxes enabling our industrialists and entrepreneurs to operate in a more conducive environment.
“Governance must work and deliver value to the people. As part of our tax reforms, we have provided small businesses with an exemption and established the Office of the Tax Ombudsman to ensure transparency and protect taxpayer rights,” he said.
Tinubu said in line with his promise during his New Year address to the nation, he recently appointed the board of directors of the newly established National Credit Guarantee Company.
He said the company backed with N100 billion in initial capital, with BOI, NSIA, CreditCorp, and finance ministry as stakeholders, would play a significant role in transforming the nation’s industrial landscape and reducing corruption.
