President Bola Tinubu has said state governments are now receiving substantially higher allocations to drive development, while renewed investor confidence is attracting fresh investments into Nigeria.
Speaking at the maiden State House Media Dinner in Abuja on Thursday, the president described the development as evidence that his administration’s economic reforms are beginning to deliver positive results.
He defended the reforms introduced by his administration, acknowledging that they were difficult but necessary to reposition the economy for sustainable growth.
According to Mr Tinubu, stronger public revenues have enabled increased allocations to states, while improvements in the investment climate have boosted confidence among domestic and foreign investors.
“The difficult but necessary reforms undertaken by this administration are yielding results. Our economy is stabilising. Public revenues have strengthened significantly,” he said.
“State governments are receiving substantially higher allocations to support development. Investor confidence is returning.
“Our foreign reserves have improved considerably. The oil and gas sector is attracting renewed investment. The stock market has witnessed remarkable growth. Key economic indicators are moving in the right direction,” Mr Tinubu stated.
The president also said the administration was laying the groundwork for long-term prosperity through a combination of tax and fiscal reforms, infrastructure development and improvements to the business environment.
“Through tax reforms, fiscal reforms, infrastructure investments, and improvements in the business environment, we are laying the foundations for a more competitive, productive, and prosperous economy,” he said.
Although acknowledging that more work remains, Mr Tinubu maintained that the country was firmly on the path to sustainable economic growth.
“The journey is not yet complete, but the direction is clear, and the foundations for long-term growth are being firmly established,” he added.
On security, the president said his administration had sustained a multi-dimensional strategy that has produced measurable gains across different parts of the country.
He noted that intensified military operations, improved intelligence gathering, stronger inter-agency coordination, and expanded regional and international cooperation had led to the neutralisation of thousands of terrorists and criminal elements, the rescue of numerous hostages, and the recovery of communities previously under siege.
President Tinubu reiterated his administration’s commitment to ensuring peace and security across the country, saying every Nigerian should be able to live, work and prosper without fear.
The president also commended the media for its contribution to Nigeria’s democratic development while urging journalists to uphold professionalism by reporting accurately and responsibly.
“We are adversaries only in the democratic sense, as the media constantly distrust those in power. In nation-building, we are partners,” he said.
He described government and the media as institutions with complementary responsibilities, noting that while government serves through leadership and public policy, the media serves by holding those in power accountable on behalf of the people.
