President Bola Tinubu has defended his administration’s sweeping economic reforms, insisting that every policy decision has been guided by ‘a pursuit of balance between economic logic and public expectation,’ even as he acknowledged the pain Nigerians continue to face in the transition period.
Speaking through Vice President Kashim Shettima on Monday at the opening of the 31st Nigerian Economic Summit (NESG) in Abuja, the President said the government’s tough choices were beginning to yield tangible results across key sectors – including improved revenue generation, debt management, and macroeconomic stability.
Tinubu said, ‘There is no single decision we have taken that is not guided by the pursuit of balance between economic logic and public expectation. Every reform we have introduced has emerged from deep reflection, difficult conversations, and the courage to act in the national interest.’
He noted that Nigeria’s economy expanded to $372.8 billion in 2024, up from $309.5 billion in 2023, while total revenue rose from $19.9 billion to $25.2 billion within the same period. The country’s debt-to-GDP ratio, he added, stood at 38.8 per cent, well below the 60 per cent limit prescribed by both the Fiscal Responsibility Act and the ECOWAS threshold.
‘Our tax-to-GDP ratio has now nudged towards 13.5 percent, up from barely 7 percent a few years ago,’ he said.
‘These are not mere statistics; they tell the story of a nation committed to reform and renewal. It shows that our decisions, though tough, are restoring fiscal confidence and investor trust.’
He further disclosed that Nigeria’s fiscal deficit had dropped sharply, with the debt service-to-revenue ratio declining to less than 50 per cent, compared to 97 per cent before the administration came into office.
Despite the improvements, Shettima admitted that the benefits of these reforms had not yet fully translated into jobs or relief for citizens.
‘I admit that this growth has not yet fully translated into enough jobs for our people, but we are closing that gap,’ he said, noting that the administration was prioritising agriculture, solid minerals, and small business financing to create sustainable employment.
Among other initiatives, the government has established a ?200 billion integration fund to support small and medium-scale enterprises (SMEs) and launched the New Hope Local Economy Programme, targeting all 8,809 wards across Nigeria’s 774 local government areas.
Tinubu, through the Minister of Finance and Coordinating Minister of the Economy, also highlighted tax reforms as key to boosting domestic revenue and reducing dependence on oil. He cited the recently enacted Tax Reform Act and new revenue administration laws as major steps in this direction.
‘These reforms will take low-income earners off the tax bracket, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration,’ he said.
‘We are simplifying processes, blocking leakages, and ensuring that every kobo counts.’
On infrastructure, the President said the government was currently constructing over 2,700 kilometres of superhighways and 440 road projects nationwide, alongside new rail lines and bridges.
He described such investments as ‘the axis of national prosperity and a pathway to long-term productivity.’
As he declared the summit open on behalf of the President, Shettima reaffirmed Tinubu’s commitment to an economy that is ‘stable, industrialised, and humanised.’
‘We will stabilise prices and the naira, industrialise our economy, humanise governance, and ensure that every citizen feels respected and served,’ he concluded.
He added, ‘The government is ready to receive and implement recommendations that will align with our deliberations through the relevant ministries, departments, and agencies.
‘My fellow Nigerians, we are not condemned to low growth, high cost, and low cost. We’ll stabilise.
‘We’ll industrialise. We’ll humanise our economy. We’ll stabilise prices and prices.
‘And we will industrialise food, power, logistics, and technology.
‘We’ll humanise governance so that every citizen feels respected and served.
‘On this note, I want to dwell on something that is very dear, a topical issue that is very dear to the hearts of every Nigerian.’
Turning to the ongoing tension between organised labour and the private sector, Tinubu made an emotional appeal for restraint and cooperation.
He also addressed the Dangote Refinery dispute, urging all stakeholders to avoid actions that could jeopardise the country’s economic recovery and investor confidence.
‘If we had invested $10 billion in Microsoft, Amazon, or Google, it would probably be worth $80 billion today. But we chose to invest in this country, and we owe it to future generations to protect that investment from harm,’ he said.
Calling for ‘caution, retrospection, and a deeper sense of reality’ from both labour and the private sector, the President warned that the refinery issue must not be allowed to escalate into a national economic setback.
‘Aliko Dangote is not an individual; he is an institution,’ Tinubu said firmly. ‘How we treat him will determine how outside investors will see us. Nigeria is greater than PENGASSAN.
‘We must protect investments and safeguard our economic stability. The government will not shy away from addressing labour concerns, but we must do so responsibly.’
He confirmed that the Federal Government was engaging the Nigerian Economic Summit Group (NESG) to pilot solutions that promote industrial harmony and protect strategic national investments such as the Dangote Refinery, which he described as a ‘critical national asset.’
‘We cannot call the whole nation to answer because of issues that we can resolve through constructive dialogue,’ he said.
‘The Nigerian Economic Summit Group is taking more than a person’s interest in the matter. The government will expect piloting recommendations from the NESG.
‘In addressing this issue, the government is also taking steps to protect the industry and ensure industrial harmony for the good of the nation.
‘This is a refinery that was financed through a combination of equity investment, debt finance, and loans from local and foreign banks.
‘The refinery has to function. And we cannot call the whole nation to answer because of issues that we can advocate in a certain approach later.’
The 31st Nigerian Economic Summit, themed ‘Building a Prosperous and Inclusive Nigeria by 2030,’ gathered top government officials, diplomats, business leaders, and policymakers to deliberate on strategies for inclusive national growth.