Economy Stabilising as Reforms Yield Results, Tinubu Says

President Bola Tinubu has said Nigeria’s economy is stabilising, maintaining that the economic reforms introduced by his administration are beginning to produce positive results, including stronger public revenues and renewed investor confidence.

Tinubu made the statement on Thursday, July 2, 2026, while addressing journalists and media executives at the maiden State House Media Dinner held at the Presidential Villa in Abuja.

The President said the reforms, though difficult, were necessary to reposition the country’s economy after years of structural challenges.

“The difficult but necessary reforms undertaken by this administration are yielding results.”

“Our economy is stabilising.”

“Public revenues have strengthened significantly,” Tinubu said.

He said the improved revenue profile has translated into increased allocations to state governments, enabling them to undertake more development projects.

“State governments are receiving substantially higher allocations to support development.”

“Investor confidence is returning,” he said.

Tinubu noted that the administration is gradually steering Nigeria away from economic uncertainty through policies aimed at strengthening fiscal discipline, encouraging investment and promoting sustainable growth.

According to him, the reforms introduced since he assumed office on May 29, 2023, including the removal of the petrol subsidy, the liberalisation of the foreign exchange market, ongoing tax reforms and increased non-oil revenue mobilisation, are beginning to reshape the economy.

He said the government is also investing heavily in infrastructure, revealing that more than 2,700 kilometres of roads are currently under construction across the country.

Tinubu added that investments in the oil and gas sector are increasing, while domestic refining is reducing Nigeria’s dependence on imported petrol.

While acknowledging that many Nigerians are experiencing hardship as a result of the reforms, the President insisted they were unavoidable and necessary to secure the country’s long-term economic future.

“The difficult but necessary reforms undertaken by this administration are yielding results,” Tinubu said.

He urged Nigerians to remain patient and continue supporting the government’s efforts, expressing confidence that the benefits of the reforms would become more evident over time.

The maiden State House Media Dinner brought together correspondents, editors and media executives covering the Presidency and served as an opportunity for the President to outline his administration’s economic direction and reaffirm its commitment to reforms aimed at restoring stability, strengthening public finances and attracting investment.

Since assuming office in May 2023, Tinubu’s administration has defended its economic policies as essential steps toward correcting longstanding fiscal imbalances, despite widespread concerns over inflation, the rising cost of living and the short-term impact of the reforms on households and businesses.