President Bola Tinubu has disclosed his administraion’s efforts geared at turning around the economy and ensuring democracy adds value to every life in Nigeria
The President who made the disclosure in his broadcast to the nation on the occassion of the 2026 Democracy Day Celebration, stated that the government has been making serious effort to address the intermittent power crisis of the past three years.
While explaining the scale of the challenge he inherited and his response so far, Tinubu said by 2023, the sector was “characterised by chronic generation shortfalls, an unreliable gas supply, and transmission infrastructure so fragile that it could not evacuate available power. Distribution companies were burdened by massive losses and a metering deficit of over four million. The result was a sector that generated less than the 13,500 megawatts installed capacity, a sector that transmitted less than it generated, distributed less than it transmitted, and collected revenue far below what it needed to sustain itself”.
He added; “To address the problems besetting the sector, I signed the Electricity Act, which grants states authority to generate, transmit, and distribute power. The Presidential Power Sector Task Force is working hard to reduce the metering deficit. It has also been authorised to raise N4tn bond to settle verified legacy debts.
“The Rural Electrification Agency, supported by the World Bank and the African Development Bank, has deployed 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.”
On the economy, Tinubu said his government has also made efforts geared at turning it around.
He noted that the federation revenues had risen, providing states and local governments with more resources.
In addition, he stated that fiscal transparency had improved, and investor confidence had returned across agriculture, energy, manufacturing, technology, mining, transportation and the creative industries.
He noted that non-oil exports grew by 21 per cent last year as over 1,000 small and medium enterprises had been certified for export, and the National Agricultural Development Fund deployed 10,000 tractors over five years.
However, he acknowledged that hardship persists, despite those efforts.
“Yet, many Nigerians still face economic hardship. We remain focused on reducing inflation, expanding food production, creating jobs, improving living standards, rebuilding confidence in our economy, and creating conditions for sustainable prosperity.
“We are moving from uncertainty to stability. The next phase is about accelerating growth and ensuring the benefits are felt in every home, every community, and every region. We believe that Democracy must be felt in the pocket,” he stated.
