President Bola Ahmed Tinubu said on Monday night that Nigeria has overcome significant economic challenges under his administration. He noted that the country’s financial situation has improved to the point where state governors no longer run to banks for loans to pay workers’ salaries.
The President made the remark while speaking at an interfaith breaking of fast with traditional rulers, Christian and Muslim leaders, and other stakeholders at the State House in Abuja. The gathering, held during the holy month of Ramadan, also served as an opportunity to reflect on national progress and discuss the country’s economic direction.
Improved Financial Stability for States
According to President Tinubu, one of the most notable outcomes of the administration’s economic reforms is the improved financial stability of state governments. In the past, many states struggled to meet their wage obligations and often relied on short-term bank loans to pay civil servants.
However, Tinubu explained that ongoing reforms have strengthened government revenues and improved fiscal management. As a result, states now receive allocations that enable them to meet salary commitments without depending on commercial bank borrowing.
He stressed that this development reflects the positive impact of policies introduced to stabilize the economy and increase government revenues.
Economic Reforms Driving Change
The President highlighted several reforms that have contributed to the country’s economic recovery. These include measures aimed at improving revenue generation, strengthening public financial management, and promoting transparency in government spending.
Tinubu said these efforts have helped reposition Nigeria’s economy and created a more stable financial environment for both the federal and state governments. He added that the administration remains focused on policies that encourage investment, expand economic opportunities, and promote sustainable growth.
Support from Religious and Traditional Leaders
The interfaith gathering brought together leaders from different religious and traditional institutions. During the event, participants offered prayers for peace, unity, and continued progress in the country.
President Tinubu thanked the leaders for their support and urged them to continue promoting harmony and understanding among Nigerians. He emphasized that unity remains essential for overcoming national challenges and sustaining development.
Commitment to Sustained Growth
While expressing satisfaction with the progress recorded so far, the President acknowledged that more work remains to be done. He assured Nigerians that his administration would continue to implement policies aimed at strengthening the economy and improving the living standards of citizens.
Tinubu also emphasized the importance of cooperation between the federal government, state governments, and other stakeholders in sustaining economic growth. According to him, collective efforts are necessary to maintain stability and ensure that development reaches all parts of the country.
Looking Ahead
The President concluded by reaffirming his administration’s commitment to overcome the economic challenges and national development. He expressed optimism that Nigeria will continue to build on recent gains and achieve greater economic stability in the years ahead.
Observers say the improved financial capacity of state governments could create new opportunities for development projects, infrastructure investments, and social programmes that benefit citizens across the country.
