By Egena Sunday Ode
President Bola Tinubu has insisted that ongoing economic reforms were chosen “for necessity, not ease” as he addressed Nigerians on Democracy Day.
Tinubu said federation revenues have risen since 2023, giving states and local governments more funds for infrastructure, education, healthcare, and security. He pointed to a 21% growth in non-oil exports last year and increased domestic refining capacity as signs of progress.
Over 1,000 SMEs have been certified for export, while the National Agricultural Development Fund is deploying 10,000 tractors over five years to boost food production.
Acknowledging hardship, the president said the focus remains on reducing inflation, creating jobs, and ensuring growth “is felt in every home, every community, and every region.”
In his June 12 broadcast, President Tinubu said the Federal Government has authorised the Presidential Power Sector Task Force to raise a N4 trillion bond to settle verified legacy debts in the electricity sector.
He revealed that he had signed the Electricity Act granting states authority to generate, transmit, and distribute power. He described the sector’s past as one of “chronic generation shortfalls” and a metering deficit of over four million.
The Rural Electrification Agency, backed by the World Bank and AfDB, is now deploying 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 stated.
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