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President Bola Ahmed Tinubu on Friday defended his administration’s economic reforms, declaring that democracy must translate into tangible improvements in the lives of citizens as Nigeria pursues what he described as the next phase of its democratic journey, economic freedom.
Speaking during his nationwide address to mark the 2026 Democracy Day celebration, Tinubu said the struggle that secured political freedom through the June 12 movement must now be matched by efforts to deliver economic prosperity to Nigerians.
“The heroes of June 12 secured political freedom. Our challenge is to secure economic freedom,” the President said.
He argued that democracy would only be meaningful when its benefits are reflected in the daily realities of citizens through jobs, improved incomes, expanded opportunities, and higher living standards.
“Democracy must be felt in the quality of people’s lives—in opportunities for youth, in prosperous farmers, successful entrepreneurs, and the dignity of our workers,” he stated.
Tinubu acknowledged that many Nigerians continue to face economic hardship but maintained that the reforms initiated since 2023 were necessary to stabilise the economy and create the foundation for long-term growth.
According to him, the country’s public finances were under severe strain when his administration assumed office, while investment was discouraged by uncertainty and macroeconomic challenges.
“The reforms we are undertaking were not chosen for ease, but for necessity,” he said.
The President noted that the reforms have begun to yield results, citing increased federation revenues, improved fiscal transparency, reduced leakages, and stronger confidence among domestic and foreign investors.
He said higher revenues have enabled states and local governments to access more resources for critical sectors such as infrastructure, education, healthcare, and security.
Tinubu also reported growing investments across key sectors of the economy, including agriculture, energy, manufacturing, technology, mining, transportation, and the creative industry.
In a key indicator of economic diversification, the President revealed that non-oil exports grew by 21 per cent over the past year, while more than 1,000 Small and Medium Enterprises (SMEs) have been certified for export.
He further disclosed that the National Agricultural Development Fund is deploying 10,000 tractors over a five-year period to boost agricultural productivity, improve food production, and strengthen food security.
On energy, Tinubu said domestic refining capacity has increased significantly, reducing Nigeria’s dependence on imported petroleum products and enhancing national energy security.
The President also highlighted ongoing reforms in the electricity sector, describing it as one of the most challenging areas inherited by his administration.
According to him, the sector was characterised by chronic generation shortfalls, weak transmission infrastructure, a metering deficit of more than four million customers, and huge legacy debts across the value chain.
To address the challenges, he pointed to the implementation of the Electricity Act, which grants states greater authority to generate, transmit, and distribute electricity.
He added that the Presidential Power Sector Task Force has been authorised to raise a N4 trillion bond to settle verified legacy debts in the sector, while efforts are underway to close the metering gap and expand electricity access through off-grid and mini-grid projects supported by development partners.
“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” Tinubu said.
Despite outlining the gains recorded so far, the President conceded that economic recovery remains a work in progress and pledged continued efforts to tackle inflation, increase food production, create jobs, and improve living conditions.
“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,” he said.
Expressing optimism about the country’s economic outlook, Tinubu said Nigeria was transitioning from instability to a more stable economic environment and would now focus on accelerating growth and ensuring that the benefits of reforms reach citizens across all regions.
“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,” he said.
The President stressed that the success of democracy should ultimately be measured by its impact on the welfare of ordinary Nigerians.
“We believe that democracy must be felt in the pocket,” he added
