Secretary to the Government of the Federation, George Akume, has defended the tough economic reforms of the President Bola Tinubu administration, stating that the measures were necessary to save Nigeria from imminent collapse. Speaking at the 66th Independence Anniversary Public Lecture in Abuja, Akume cited the removal of petrol subsidy, unification of the foreign exchange market, and fiscal reforms as difficult but unavoidable decisions needed to restore economic stability.
As Nigeria marks its 66th independence anniversary, opposition leaders, elder statesmen, lawyers, and other stakeholders have offered sharply contrasting assessments of the state of the nation. Many have lamented worsening hardship, insecurity, weak institutions, and leadership failure. Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, said Nigerians were trapped in a cost-of-living crisis, while Accord Party presidential candidate, Dr. Gbenga Hashim, challenged citizens to reject Nigeria's continued status as a "third-class nation."
Akume maintained that the reforms had begun to produce measurable gains in economic growth, infrastructure development, agriculture, and energy, although he acknowledged that the challenge was to translate the improvements into jobs and higher incomes. He cited World Bank figures showing 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 in the corresponding period of the previous year.
The SGF listed several projects expected to improve connectivity, stimulate trade, and reduce the cost of doing business, including the Lagos-Calabar Coastal Highway, Abuja-Kano Highway, East-West Road, railway modernisation, and port reforms. He also highlighted progress in the power sector, including the clearing of legacy debts, increased investment, and steps to improve electricity transmission and billing while harnessing the country's gas resources.
On food security, Akume said the government was prioritising agricultural mechanisation, irrigation, improved seeds, fertiliser distribution, storage, and local processing. He mentioned a $500 million World Bank credit for the Nigeria Sustainable Agricultural Value-Chains for Growth project, which would support smallholder productivity, strengthen value chains, and improve food and nutrition security.
Minister of Information and National Orientation, Mohammed Idris, also defended the reforms, stating that they had begun correcting longstanding structural weaknesses in the economy despite the sacrifices imposed on Nigerians. He cited 4.43 per cent GDP growth in the second quarter of 2026, expanding domestic refining capacity, renewed investments, and infrastructure development as encouraging indicators.
Key points
- The Nigerian government is taking steps to address food security, including prioritising agricultural mechanisation and irrigation.
- The country's GDP growth has been positive, with 4.2 per cent growth in the first half of 2026.
- Opposition leaders have expressed concerns about the state of the nation, citing worsening hardship and insecurity.
