President Bola Tinubu has said the reforms embarked on by his administration since 2023 have restored stability and credibility to economic management in Nigeria.

According to him, his administration’s task is to secure economic freedom for the masses in order to honour the heroes of June 12, 1993, who secured political freedom for Nigerians.

Delivering his 2026 Democracy Day speech on Friday, Tinubu said 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 highlighted that his reforms were not chosen for ease, but for necessity. He noted that three years ago, public finances were under severe strain, investment was discouraged, and economic uncertainty threatened our future.

“We chose to act, embracing reforms to advance Nigeria’s economic freedom.

“Since 2023, our reforms have restored stability and credibility to economic management. Federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare, and security. Fiscal transparency has improved, leakage has been reduced, and public funds are better directed to national priorities. Investor confidence has returned, with investments in agriculture, energy, manufacturing, technology, mining, transportation, and the creative industries growing,” he said..

Celebrating successes, Tinubu announced that domestic refining capacity has increased, strengthening energy security and reducing Nigeria’s reliance on imported petroleum products.

On electricity, he noted that by 2023, the sector was characterised by chronic generation shortfalls, an unreliable gas supply, and transmission infrastructure so fragile that it could not evacuate available power. He said distribution companies were burdened by massive losses and a metering deficit of over four million.

“Worst of all, the value chain was drowning in legacy debt. The result was a sector that generated less than the 13,500 Megawatts installed capacity, a sector that transmitted less than it generated, distributed less than it transmitted and collected revenue far below what it needed to sustain itself,” he said.

To address the problems besetting the sector, the President said he signed the Electricity Act, which grants states authority to generate, transmit, and distribute power. He noted that the Presidential Power Sector Task Force is working hard to reduce the metering deficit. Authority has also been given to it to raise N4 trillion bond to settle verified legacy debts. He said the Rural Electrification Agency, supported by the World Bank and the African Development Bank, has deployed off-grid and mini-grid power to underserved communities, universities, markets, and hospitals. “Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” Tinubu said.

On Infrastructure, Tinubu stated that across the country, infrastructure projects are connecting producers to markets and creating opportunities for enterprise and employment. He said the National Agricultural Development Fund is deploying 10,000 tractors over five years. He revealed that over 1,000 SMEs have been certified for export, adding that non-oil exports grew by 21 per cent last year.

The President, however, acknowledged that many Nigerians still face economic hardship, but expressed his administration’s focus towards reducing inflation, expanding food production, creating jobs, improving living standards, rebuilding confidence in our economy, and creating conditions for sustainable prosperity.