President Tinubu, on democracy day, lauded socio-economic achievements recorded so far in his administration, seeks legislative backing to sustain reforms
President Bola Tinubu on Thursday outlined a series of socioeconomic achievements recorded under his administration over the past two years, as Nigeria marked 26 years of uninterrupted democratic rule.
Addressing a joint sitting of the National Assembly in Abuja as part of activities to commemorate Democracy Day, the President praised the sustained cooperation among the executive, legislature, and judiciary, which he said has been instrumental in driving the reforms.
He said: “Upon assuming office, my team and I moved to reform our ailing economy. We introduced fundamental reforms to correct structural imbalances that prevented maximum growth.
“We are already seeing results. 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.
“In less than one year, over one hundred thousand Nigerians, including 35,000 civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling 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 four hundred thousand young Nigerians, including youth corpers, with consumer credit.
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“We are committed to giving more opportunities to young people through job creation and skills development. Through such programs as NELFUND, we are investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready and future-ready.
“In addition, we have 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 revolutionize 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 globalized world.
“Our ‘Nigeria First’ policy will further enhance progress as we consolidate market-driven growth. The improved economic performance is encouraging and validates the soundness of our 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.”
While reaffirming his commitment to sustain the momentum, President Tinubu urged lawmakers to introduce innovative legislation to support ongoing reforms.
He said: “I ask you, the legislature, to join me as we enter the second half of our term to put forth innovative legislation that further encourages industrial development and job creation in our urban centres while also drafting laws that improve food security and production.
“To further underpin our economic vision, we introduced a comprehensive Tax Reform Package, a vital component of our economic re- engineering. I am deeply grateful to both chambers for your thorough consideration and deliberation of these bills, and I look forward to signing them into law soon.
“Again, your collaboration across party lines on these bills has been a model of democratic partnership.
“As elected leaders, we must continue to do more to make real the dream of Nigeria’s political and economic democracy.
“We must be vigilant in expanding the political space. We must always value dialogue over dictatorship, persuasion over suppression and rights over might. Be tolerant and broad-minded in your legislative action regarding speech and civil liberties.
“Do not be afraid to hear an unkind word spoken against you. Some of the best advice a politician gets sometimes comes from his most ferocious opponents. We dare not seek silence because the imposed silence of repressed voices breeds chaos and ill will, not the harmonics of democracy in the long term.
“While malicious slander and libel should not go unattended, no one should bear the brunt of injustice for merely writing a bad report about me or calling me names.
“Democracy requires a fair degree of tolerance for harsh words and stinging insults. Call me names, call me whatever you will, and I will still call upon democracy to defend your right to do so. Mr. Senate President, Mr. Speaker, Distinguished Senators and Honourable Members.
“Our nation is not perfect, but it is strong. Our democracy is not invincible, but it is alive. And this means our dream of a prosperous, happy nation is still within reach and worth fighting for.
“Mr. Chairman, Nigeria is at an inflexion point, undergoing structural and fundamental change toward a secure future.
“Our administration is 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. Digital tools now help us track performance and reduce waste. The Diaspora Bond and Non-Resident BVN are bringing Nigerians abroad into the national development fold.
“In line with my promise during my New Year address to the nation, I recently appointed the board of directors of the newly established National Credit Guarantee Company. The company backed with N100 billion in initial capital; with BOI, which, by the way, is performing very well in supporting SMEs, NSIA, CreditCorp, and MOFI as stakeholders, will play a significant role in transforming the nation’s industrial landscape and reducing corruption.
“National Security is the foundation of peace and progress. We have intensified security operations to reclaim communities from criminals and terrorists. We are better at coordinating intelligence, and inter-agency cooperation has improved. Our highways are safer, and we invest in technology and training to secure every inch of this country.
“Let us take this opportunity to thank the men and women of our Armed Forces for their bravery in service of the nation. Their selfless dedication to protecting our sovereignty and ensuring the safety of citizens should serve as an inspiration to us all.
“As we celebrate the progress of our democracy, we must not forget the pivotal role they play in safeguarding our freedoms. For their courage and commitment, they deserve not only our gratitude but also our continued support, prayers and recognition.
“Fellow compatriots, our achievements are not the work of one man. They are the result of a collective effort to make possible the Nigerian Dream. Yet, the journey is not over. We must work even harder to translate broad macroeconomic gains into tangible improvements in the lives of ordinary Nigerians. We must stay the course, reject cynicism, and believe Nigeria can and will rise again.
“As we mark a twenty-sixth year of unbroken democracy, it is right to honour those who have made sacrifices in the past, braving all the odds and the guns to ensure we have a regime of democracy in our country,” President Tinubu noted.
