—Reaffirms resolve to uplift poor, vulnerable, unemployed
By Johnbosco Agbakwuru
ABUJA — PRESIDENT Bola Tinubu on Monday in Abuja, stated that the N200 billion intervention fund recently set up by his administration for micro, small and medium enterprises (MSMEs) and manufacturers is aimed at boosting competitiveness, tackling structural challenges, and unlocking Nigeria’s productive potential.
The President made the explanation while speaking at the opening of the 31st Nigerian Economic Summit.
He said the fund reflects his government’s commitment to inclusive growth, particularly for young entrepreneurs and vulnerable groups.
Represented by Vice President Kashim Shettima, the President noted that the reforms introduced since he assumed office are delivering tangible results across multiple sectors, with Nigeria recording a GDP growth of 4.23 per cent in September 2025, surpassing projections by both multilateral institutions and local economic experts.
“All our decisions have been guided by the pursuit of balance between economic logic and public expectation,” he said. “As a people-oriented government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable.
“We have created pathways for young Nigerians to access grants, loans, and equity investments of up to $100,000 to scale their enterprises, innovate, and build sustainable livelihoods.
“We established a N200 billion intervention fund to support MSMEs and manufacturers, helping them overcome structural challenges and enhance competitiveness. Our expansion of digital micro-loan access has improved financial inclusion, empowered small businesses, and stimulated community-level productivity.”
The President attributed the progress recorded so far in stabilising the economy and rescuing public finances to the patience and sacrifices of Nigerians.
“As experts in the economy, you know that the stability in our foreign exchange market is not accidental. It reflects deliberate choices guided by the same economic wisdom that gatherings such as this embody.
“Along with subsidy removal, these decisions have rescued our public finances, stabilised the economy, and reassured investors at home and abroad. We owe this progress to the sacrifices of Nigerians, whose patience and understanding have been the bedrock of our endurance. To them, I say: the better days we promised are already within sight,” he stated.
President Tinubu pointed to a “resounding consensus” that ongoing reforms have stabilised the macroeconomic environment, with the economy expanding from N309.5 trillion in 2023 to N372.8 trillion in 2024.
He said total revenue collection rose from N19.9 trillion in 2023 to N25.2 trillion in 2024 and had already reached N27.8 trillion as of August 2025, surpassing the target of N18.32 trillion.
“These triumphs and projections are guided by the promise we made to the nation, to reduce Nigeria’s debt service-to-revenue ratio from 97 per cent, where we met it, to a sustainable level,” he said.
“Aside from the good news that this ratio has now reduced to less than 50 per cent, Fitch has upgraded Nigeria’s sovereign rating to B with a stable outlook, while Moody’s raised our issuer rating to B3. Both cited improved economic foresight and clearer policy direction.”
On fiscal performance, the President said non-oil revenues grew by 411 per cent year-on-year in August, with the tax-to-GDP ratio now at 13.5 per cent, up from 7 per cent a few years ago. He also noted that the debt-to-GDP ratio stands at 38.8 per cent, well below statutory and international thresholds.
Explaining the rationale for increased monthly allocations to states, President Tinubu said: “I came to office fully aware that the secret to a successful federation lies in empowering each federating unit with the resources and autonomy to pursue development peculiar to its needs.”
He thanked economic experts and policy stakeholders for their support, stressing that every reform was guided by deep reflection and courage to act in the national interest.
The President assured that the four Tax Reform Acts he recently signed into law will strengthen domestic revenue mobilisation, reduce dependence on oil, and simplify compliance, while protecting low-income earners and fostering fairness in corporate taxation.
Earlier, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, commended the long-standing partnership between the ministry and the Nigerian Economic Summit Group (NESG), noting that reforms introduced since May 2023 are gradually easing the cost of living and boosting domestic production.
NESG Chairman, Mr Olaniyi Yusuf, urged government and stakeholders to prioritise security as a critical enabler of reforms, while Vice Chairman Mr Boye Olusanya praised the administration’s bold economic steps, including forex market stabilisation, tax reforms and fuel subsidy removal, as essential for achieving the trillion-dollar economy target by 2030.
Dignitaries at the summit included Coordinating Minister of Finance and the Economy, Mr Wale Edun; Minister of Trade, Industry and Investment, Dr Jumoke Oduwole; Minister of Agriculture and Food Security, Senator Abubakar Kyari; and Minister of Communications and Digital Economy, Mr Bosun Tijjani.
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