In a 7-minute, 5-second speech to pacify angry Nigerians, Tinubu reeled out the achievements of his administration and ongoing efforts to revive the economy.
Here are the economic achievements highlighted in the speech and analysed by TimesNow.com.ng.
At the start of his administration, President Bola Tinubu announced the removal of the fuel subsidy.
This decision led to the price of fuel jumping to as high as N1,500 per litre in the black market and N850 per litre at filling stations in some states.
However, in his speech, Tinubu stressed that removing the fuel subsidy remains necessary despite protests calling for reversal.
Tinubu also spoke on the decision by the CBN to abolish multiple foreign exchange systems, stressing that it had constituted a noose around the economic jugular of Nigeria and impeded economic development and progress.
Also, the president revealed that government revenues more than doubled to over N9.1 trillion in the first half of 2024.
He noted that the achievement was due to his administration’s efforts at blocking leakages, introducing automation, and mobilising creatively without additional burdens on the people.
According to Tinubu, the percentage of revenue spent on debt service has decreased from 97% to 68% in the last 13 months.
He also highlighted that his administration successfully cleared legitimate outstanding foreign exchange obligations of about $5 billion without adverse impact on its programs for Nigerians,
Another achievement Tinubu mentioned is that more funds are now available to spend on essential social services like education and healthcare.
He noted that under his administration, there has been a significant increase in allocations to state and local governments from the federation account.
He also said his government has completed critical inherited projects, including roads, bridges, railways, power, and oil and gas developments.
One major project he highlighted as a significant achievement of his administration is the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects.
He believes these projects can create thousands of jobs and boost economic output.
Tinubu also spoke about the increase in oil production to 1.61 million barrels per day, another significant achievement.
He further noted that his administration has been able to attract investors and sign foreign direct investments worth over half a billion dollars.
The president also mentioned the launch of the CNG initiative, which he believes will help cut down transportation costs by 60% and inflation.
He also noted that his government has begun the distribution of a million kits to assist commercial vehicles with CNG conversion.
