President Bola Ahmed Tinubu has defended his administration’s economic reforms, declaring that the difficult decisions taken since he assumed office are already creating wealth, restoring macroeconomic stability and positioning Nigeria for sustained economic growth.
The President spoke at the maiden State House Press Corps Annual Dinner held at the State House Conference Centre, Presidential Villa, Abuja, where he also reaffirmed his commitment to responsible governance, press freedom and national security.
In a remark that drew applause and laughter from journalists, Tinubu said many Nigerians had benefited from opportunities created through his leadership and reform agenda.
“I have created wealth for some of your uncles and grandfathers. I can tell you where they are. They know themselves.”
He explained that wealth creation is not limited to direct financial assistance but is achieved through policies that stimulate investment, expand economic opportunities, strengthen institutions and encourage enterprise.
According to the President, his administration inherited an economy burdened by structural distortions, declining revenues, mounting debts, multiple exchange rates, fuel subsidy payments and widespread fiscal leakages, making comprehensive reforms unavoidable.
Tinubu said the removal of fuel subsidy, exchange-rate reforms, improved revenue collection, tax reforms, infrastructure investments and renewed efforts to attract local and foreign investments were all designed to rebuild the economy on a sustainable foundation.
He acknowledged that the reforms initially imposed hardships on many Nigerians but maintained that they were necessary to avert a deeper economic crisis.
The President noted that the country’s economic fundamentals are gradually improving, citing stronger public revenues, increased allocations to state and local governments, renewed investor confidence, improved foreign exchange stability and growing investments across critical sectors of the economy.
According to him, Nigeria is witnessing renewed interest in agriculture, solid minerals, manufacturing, technology, infrastructure, oil and gas and other productive sectors as confidence in the economy continues to improve.
Tinubu assured Nigerians that his administration remains focused on translating economic gains into tangible improvements in the lives of citizens through expanded infrastructure, job creation, enhanced social services and greater support for businesses.
On security, the President said his administration has intensified military and intelligence operations against terrorists, bandits, kidnappers and other criminal groups across the country.
