The Secretary to the Government of the Federation, Sen. George Akume, has stated that the far-reaching reforms introduced by President Bola Ahmed Tinubu's administration since 2023 were necessary to save Nigeria from imminent economic collapse. Akume made this statement on Wednesday in Abuja at the 66th Independence Anniversary Lecture. The lecture, themed "Unity and Faith, Peace and Progress," was part of activities marking Nigeria's Independence Anniversary.
According to Akume, Nigeria has survived the civil war, decades of military rule, and several national challenges in its 66 years as an independent nation. He noted that the faith and resilience of Nigerians had sustained the country. The SGF mentioned that the Tinubu administration took difficult decisions at the beginning of its tenure, including the removal of the petrol subsidy, unification of the foreign exchange market, and fiscal reforms, to restore economic stability.
Akume cited World Bank data indicating that Nigeria's real Gross Domestic Product grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent recorded a year earlier. However, he said the challenge before the government was to ensure that economic growth translated into jobs and improved incomes for Nigerians. The SGF emphasized that the administration's goal was to achieve shared prosperity for all Nigerians.
The SGF listed infrastructure development as another area where the administration had recorded progress, citing investments in major road, rail, and port projects. He mentioned the Lagos-Calabar Coastal Highway, Abuja-Kano Highway, East-West Road, rail modernization projects, and port reforms as initiatives expected to improve connectivity, trade, and economic activity. These projects aim to enhance the country's infrastructure and boost economic growth.
On the power sector, Akume said the government was addressing challenges through the clearance of legacy debts, increased investment, improvements in transmission and billing, as well as greater utilization of the country's natural gas resources. He mentioned that more than 120,000 vehicles had been converted to Compressed Natural Gas (CNG), with over 400 conversion centers and 90 fueling stations established nationwide. The CNG initiative is helping to reduce transportation costs.
Akume highlighted youth empowerment as a key component of the administration's development agenda, noting that more than 60 per cent of Nigerians were below the age of 25. He said the government had expanded the Nigeria Education Loan Fund to enable more students to access university and vocational education. Efforts were also being made to strengthen technical and vocational institutions to provide skills required by industry.
The SGF urged Nigerians in the diaspora to invest in the country, stressing that their contribution went beyond remittances to include ideas, investments, and national pride. He also commended the armed forces for their sacrifices and said the government was strengthening security through improved equipment, intelligence, and inter-agency coordination. The administration aims to ensure the safety of its citizens and achieve national development.
Key points
- The Tinubu administration's reforms have started yielding positive results, helping Nigeria avoid economic collapse.
