President Bola Tinubu says his administration’s economic reforms are beginning to deliver positive results, citing improved macroeconomic stability and increased federal allocations to states and local governments.
Tinubu spoke while declaring open the two-day National
Economic Council (NEC) conference held in Abuja on Monday.
The conference is themed ‘Delivering Inclusive Growth and
Sustainable Development: The Renewed Hope National Development Plan’.
Addressing stakeholders at the conference on Monday, the
president said Nigeria continues to grapple with macroeconomic imbalances,
infrastructure deficits, unemployment, poverty, climate vulnerabilities, and
limited fiscal space, but noted that the resilience and creativity of Nigerians
remain a key strength.
“Since the inception of this administration, we have
undertaken bold and necessary reforms to stabilise the economy, restore
confidence and lay the foundation for long-term growth,” Tinubu said.
“These reforms are instruments for delivering prosperity,
dignity and opportunity to all Nigerians.
“We have recorded notable achievements that reflect our
commitment to cooperative federalism and inclusive development.”
Tinubu said monetary policy reforms introduced under his
administration have started to yield positive outcomes, adding that the
progress has been recognised internationally.
He said one of the most significant achievements so far is
the improvement in federal revenue distribution, noting that states and local
governments now receive higher and more predictable allocations.
“States and local governments now receive increase and more
predictable federal allocations, improving their capacity to pay salaries,
invest in infrastructure and deliver social services,” he said.
Tinubu also said the administration has taken steps to
strengthen macroeconomic stability through improved revenue performance,
stronger public financial management, and enhanced fiscal coordination.
He added that infrastructure development has been
prioritised across key sectors, including transportation, power, digital
connectivity, housing, and irrigation, describing infrastructure as a catalyst
for inclusive economic growth.
The president said his government has also expanded social
investment and human capital programmes targeted at vulnerable households,
youths, women, and small businesses.
He added that the combined impact of the measures reflects
his administration’s commitment to cooperative federalism and inclusive
national development.
Tinubu also said the reforms were necessary to reposition
the economy and ensure sustainable growth in the long term.
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