As Nigeria celebrates its 66th Independence Anniversary, the Federal Government says the economic measures implemented by President Bola Tinubu’s administration since 2023 are beginning to produce positive outcomes, pointing to a 4.2 per cent real GDP growth recorded in the first half of 2026.
The Secretary to the Government of the Federation, George Akume, disclosed this on Wednesday in Abuja while speaking at the 66th Independence Anniversary Lecture.
Akume said the country avoided an impending economic crisis through a series of reforms, including the removal of the petrol subsidy, changes to the foreign exchange market and fiscal reforms.
According to the SGF, the measures have started improving economic stability, while government investments in areas such as infrastructure, agriculture, electricity, transportation and security are also recording progress.
He said, “This administration took office in 2023 and immediately took bold decisions needed to save the nation from imminent collapse.
“Such decisions include the removal of the petrol subsidy, unification of the foreign-exchange market, tax and other fiscal reforms. These were difficult decisions, but necessary to rebuild stability, and we have started enjoying the results.”
Referencing World Bank figures, Akume noted that Nigeria’s real GDP increased by 4.2 per cent during the first half of 2026, compared with 3.9 per cent recorded during the same period the previous year.
He said, “According to the World Bank, Nigeria’s real GDP grew by 4.2 per cent in the first half of 2026, up from 3.9 per cent a year earlier, as business activity expanded. The task before us now is to ensure that growth translates into jobs and higher incomes for all Nigerians.”
The SGF also highlighted what he described as significant progress by the Tinubu administration in youth employment, security, healthcare, education, infrastructure and agriculture.
Speaking on youth development, Akume said the government, considering that over 60 per cent of the Nigerian population is below the age of 25, had expanded the Education Loan Fund to enable millions of students to access university and vocational education.
“We are strengthening technical and vocational institutes to teach the skills that industry needs. Our young people are not just leaders of tomorrow – they are partners in building Nigeria today,” he said.
Akume also appealed to Nigerians living abroad to channel investments into the country, stressing that they contribute “not just remittances, but ideas, investments and pride.”
On healthcare and social welfare, he said the government was upgrading thousands of primary healthcare centres through the IMPACT initiative while broadening social intervention schemes, including NG-CARES Additional Financing, SOLID and HOPE.
He explained that the programmes, supported by funding from the World Bank and the Federal Government, were designed to provide cash assistance and basic services to vulnerable households.
Addressing security, Akume praised the nation’s armed forces and said efforts were underway to strengthen equipment, intelligence gathering and coordination through a new National Threat Assessment and a five-year Strategic Defence Plan.
“Security and welfare of the people is the responsibility of government. Nothing matters more than the safety of our people. When communities have opportunities and trust in justice, crime and violence decline. In that sense, development and security go hand in hand,” he stated.
The SGF called on political leaders and citizens to support the current administration, expressing confidence in the possibility of achieving broad-based prosperity across the country.
“We as leaders envision a Nigeria where a young graduate becomes an employer of labour; where a farmer can feed his family and sell surplus at market; where an entrepreneur can turn a small shop into a thriving enterprise; and where every child goes to a good school and sees a doctor when sick.
“We know the path will not be easy, but our goal is clear: shared prosperity for all Nigerians,” he added.
On infrastructure development, Akume said the Federal Government had committed substantial resources to improving transportation links and connectivity, mentioning projects such as the Lagos-Calabar Coastal Highway, Abuja-Kano Highway, East-West Road, railway modernisation and port reforms.
“The country has, over the past three and a half years, witnessed massive investment in infrastructure and improvement in connectivity,” he stated.
According to Akume, the projects would strengthen trade corridors and support economic expansion, while the government was also increasing access to mortgage financing to promote housing development and create employment.
On electricity and alternative energy sources, he said the administration had addressed inherited debts, boosted investment and taken steps to improve power transmission and billing systems.
He said, “We have tackled the power sector’s problems by clearing legacy debts, increasing investment, and improving transmission and billing. We are also harnessing Nigeria’s abundant natural gas. Over 120,000 vehicles have been converted to Compressed Natural Gas, with more than 400 conversion centres and 90 fuelling stations nationwide.”
“This shift is cutting fuel costs for motorists and commuters. CNG buses now carry millions of passengers at fares far below those of petrol buses. We will not return to the ruinous petroleum subsidy regime of the past.”
On food production and agricultural development, Akume reiterated the administration’s commitment to enabling Nigerians to “eat what we grow” through investments in mechanisation, irrigation, improved seeds, fertiliser, storage facilities and local processing.
He disclosed that the World Bank had approved a $500 million credit facility for the Nigeria Sustainable Agricultural Value-Chains for Growth project.
“I am pleased that the World Bank has approved a $500 million credit for the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project. This initiative will raise smallholder productivity, strengthen value chains, and improve food and nutrition security,” Akume announced.
