Distinguished guests, leaders, youth, elders and fellow Nigerians, today, we are living through a defining chapter in our national history. A chapter where difficult choices are being made, not for politics, but for posterity. A chapter where leadership is choosing courage over convenience. And at the centre of this moment is a man — a leader who took office and chose reform over rhetoric.
Let us speak plainly. For decades, Nigeria postponed hard decisions. We postponed serious reforms. We lived on borrowed stability. We subsidised consumption. We rewarded inefficiency. We borrowed to survive. And the result? Mounting debt. Weak revenues. A fragile and near-comatose economy. But in May 2023, a line was drawn. A leader stepped forward — not to complain, not to postpone but to act. And a new direction began.
That leader was President Bola Ahmed Tinubu. The first bold decision was the removal of the fuel subsidy.For years, this single policy drained trillions of naira — money that should have gone into schools, roads, and hospitals. It went largely into private pockets. It was politically risky. It was emotionally difficult. But then, it was economically necessary. It took a man with the guts. A man ready to dawn the consequences. When others would have waited and played politics as usual, he removed the fuel subsidy pronto! When others would have hesitated, he unified the foreign exchange market. When others would have looked for popularity, he chose posterity! It was not about personal gains after all. It was for prosperity, for generations yet unborn.
Today, those resources are being redirected into the federation — strengthening federal, state, and local governments. That is not theory. That is structural change. The second major reform was foreign exchange unification. For too long, multiple exchange rates created confusion, corruption, and economic catastrophe. Many emergency billionaires were created through arbitrage. The reforms brought transparency. They brought clarity. And most importantly — they restored credibility. You cannot build a strong economy on artificial numbers. You build it on truth. Third, we are witnessing the most ambitious tax and revenue reform in decades. A modern tax system that gives back to the common man on the streets. Forget the propaganda outside. The tax law is pro-masses with simplified processes and digital transparency.
This is how serious nations build serious economies. Because no country rises when revenue is weak and leakages are strong. But then, let anyone tell me — has any nation become great through comfort? Has any country risen by avoiding reform? The answer is No!!! Look around the world – Singapore, Malaysia, Brazil, Japan, South Korea, China and the list is on.
Now let us talk about the people because reforms must make sense at the grassroots. The reforms have come with its concomitant teething bottlenecks. But what are the temporary measures put in place in the interim to cushion the effects? Do we talk about the new national minimum wage of ₦70,000 — a significant step to cushion the transition? How about the CNG transport initiative designed to permanently reduce transport costs? No one seems to see the power sector restructuring — to fix liquidity and attract real investment. These are not slogans. They are structural interventions!
At the macro level, the signs of correction are already emerging. External balances improving. Foreign reserves stabilising. Non-oil exports expanding. These are early signals — the kind that economists call foundational shifts. And let us be clear. No nation reforms its economy without a transition phase – without a teething effect. Every serious country that is prosperous today — went through a season of sacrifice.
Now, let me speak honestly. Reforms are not comfortable. They test patience. They stretch resilience. They demand understanding. And yes — Nigerians are feeling the pressure. But the question before us is simple: Do we want temporary comfort or permanent progress? Do we want cosmetic stability or generational transformation? History teaches us something powerful. Nations do not rise because leaders make easy decisions. Nations rise because leaders make right decisions. And this administration has chosen the path of responsibility. Not populism. Not delay. Not denial. Just responsibility. What we are witnessing today is not just policy change. It is a philosophical shift. From consumption to productivity. From shortcuts to structure. From survival to sustainability. That is the difference.
To the youth listening to me today, whether in this hall or elsewhere, this is your decade. The reforms happening now are laying the foundation for a stronger naira, a more competitive economy, and a future where opportunity is not imported — but created here at home.
To our elders and leaders, your patience matters. Your understanding matters. Your voice of stability matters. Because nation-building is not a sprint. It is a relay across generations. And to every Nigerian here today, let us not judge transformation too early. Reforms are like planting trees. You do not plant today and demand shade tomorrow. But if you nurture it, if you protect it, and if you stay the course, the harvest will come. So let us calm down and stand firm. Let us stay informed. Let us stay hopeful. Let us stay committed to the journey of national renewal. Because the Nigeria we desire will not be built by comfort — it will be built by courage. And history will remember this season as the moment Nigeria chose reform over retreat, structure over sentiment, and future over fear.
As I drop the microphone in a jiffy, let me also speak to some milestones of the Tinubu administration with conservative figures as of December 2025. Let’s look at 4 key areas of fiscal policies, monetary policies, macroeconomic variables as well as the microeconomic variables that affect you and I.
FISCAL POLICIES
• 2026 Budget: N58.18 trillion, with N15.52 trillion for debt servicing and N26.08 trillion for capital projects.
• Revenue Projections: N34.33 trillion in 2026, based on a crude oil price of $64.85 per barrel and production of 1.84 million barrels per day.
• Tax Reforms: Aims to harmonize tax system, reduce multiple taxation, and increase revenue.
MONETARY POLICIES
• Interest Rate: Central Bank of Nigeria’s Monetary Policy Rate is 26.50%, with a 50 basis point cut in February 2026.
• Inflation: Declined to 15.10% year-on-year in January 2026 from 33-34% in 2024 fiscal year, with expectations of further reduction.
MICROECONOMIC POLICIES
• Student Loan Fund: Supported over 900,000 students with over N99.5 billion disbursed so far.
• Agricultural Initiatives: Focus on input financing, mechanization, irrigation, and climate-resilient agriculture.
MACROECONOMIC POLICIES
• GDP Growth: 3.98% in Q3 2025, with projections above 4% for 2026.
• Foreign Reserves: $45.4 billion as of December 29, 2025, providing a buffer against external shocks.
• Exchange Rate: N1,512 to the dollar for the 2026 budget. However, today’s rate leaves at below N1,430 per 1 dollar.
THE HEALTH SECTOR
The government has prioritized healthcare, allocating ₦2.48 trillion in the 2026 budget. However, the last 2 years have witnessed over 40 million Nigerians accessed Primary Healthcare Centres with over 1,000 PHCs revitalized and 5,000 undergoing upgrades.
• Cancer Treatment: Six Cancer Centres are under development, with three ready for commissioning.
• Free Maternal Health Services: Over 4,000 women have undergone free cesarean sections.
• Health Insurance: The health insurance scheme is now extended to cover 20 million Nigerians, with ongoing reforms to widen coverage and affordability.
THE SECURITY INFRASTRUCTURE
Security is a top priority, with ₦5.41 trillion allocated in the 2026 budget. However, the Federal Government has introduced Nationwide Security Emergency where 20,000 and 50,000 Nigerians will be recruited into the Armed Forces and Police respectively in phases, with deployment of Forest Guards.
It is expected that armed groups kidnapping children or terrorizing communities will be classified as terrorists while in the maritime sector, the focus is on port reform, maritime expansion, and combating oil theft and piracy.
THE AVIATION SECTOR
Today, the government has focused on infrastructure development, including airport expansion and upgrades to improve connectivity and boost economic activity.
THE AGRICULTURAL RENEWAL
Agriculture is crucial for food security and economic growth. The Tinubu administration is keen on making food affordable for the common man. It has procured 2,000 tractors and 10 combined harvesters deployed to boost productivity while deploying, in the area of financing ₦200 billion in loans to farmers and agro-processors. The aim is food security, targeting 10 metric tonnes of fish production within two years.
TERTIARY EDUCATION
The government has prioritized education, allocating ₦3.52 trillion in the 2026 budget. With over 800,000 students benefiting from interest-free loans so far and still counting, the sum of ₦50 billion has been released to end strikes by university lecturers, ensuring academic stability.
MSMEs
MSMEs are vital for job creation and economic growth. The Tinubu administration has so far created over 240,000 jobs through 10 Micro, Small and Medium Enterprises while it has also given nano-grants to over 600,000 nano-businesses as government support.
Nigeria is undergoing one of the most far-reaching economic restructurings in its modern history — a deliberate shift from consumption and subsidies to productivity, investment, and long-term stability.
Let us all believe in the administration. Tinubu is reworking the entire governance architecture in the country. And he requires everyone’s support to consolidate on his reforms come 2027
My name is Omogbolahan L.A. Babawale. I stand in here for Dr. Daniel Hassan Bwala, Special Adviser/Spokesperson to President Bola Ahmed Tinubu, GCFR on Media and Policy Communications.
Thank you.
God bless you!
God bless President Bola Ahmed Tinubu, GCFR!
And God bless the Federal Republic of Nigeria!