By Our Reporter
President Bola Ahmed Tinubu has assured Nigerians of imminent improvements in electricity supply, saying that ongoing reforms in the power sector would support the country’s industrialisation drive and broader economic recovery.
President Tinubu gave this assurance while declaring open the 8th National Convention of the All Progressives Congress (APC) in Abuja on Friday evening,
The president, while acknowledging persistent structural challenges in the power sector, including debts owed to generation companies and gas suppliers, as well as ageing transmission infrastructure, said his administration had remained focused on delivering on its mandate to the Nigerian people despite the complex global economic and political environment, among others.
"Fellow compatriots, since assuming office, our government has remained focused on delivering on its mandate to the Nigerian people.
"Despite the complex global economic and political environment and the fact that we are currently experiencing another unanticipated blowout arising from the US-Israeli-Iranian War, we have made notable strides.
"We have made strides in infrastructure development, including the construction of superhighways and concrete-and-steel roads.
"Despite these achievements, we continue to face legacy issues such as electricity supply, debts to GENCOs and gas suppliers, and antiquated transmission infrastructure.
"Recently, we announced plans to address these challenges by establishing the Grid Asset Management Company (GAMCO), which will inject approximately 1,600 megawatts into a new grid corridor," the president stated.
President Tinubu further assured that his administration’s programmes wrre delivering tangible and measurable results, dismissing claims that reforms were merely rhetorical, just as he noted that Nigeria was transitioning from economic survival to stability, with a clear trajectory towards sustained prosperity.
"Apart from roads, we are modernising our seaports and airports.
"We have begun the implementation of historic tax and fiscal policy reforms.
"We are implementing social investment programs and have begun efforts to strengthen our national security,” Tinubu said.
President Tinubu, while highlighting improvements in macroeconomic indicators, said investors' confidence in Nigeria had strengthened significantly, particularly in the oil and gas sector, which is once again attracting foreign investment.
He added that the country’s recent Eurobond issuance was oversubscribed by 400 per cent, while Nigeria’s exit from the Financial Action Task Force (FATF) Grey List signals renewed global financial credibility.
Tinubu, while reviewing progress since 2023, said his government had remained focused despite global economic uncertainties, including emerging geopolitical tensions, citing ongoing investments in infrastructure, including superhighways and reinforced concrete roads, as well as efforts to modernise seaports and airports to boost trade and logistics efficiency.
Speaking further, President Tinubu pointed to the implementation of major tax and fiscal reforms, expansion of social investment programmes, and strengthened national security architecture as part of a coordinated strategy to drive inclusive growth.
He added that foreign exchange buffers had been reinforced to shield the economy from external shocks, while the stock market continues to post strong gains with improved corporate performance.
Besides, he said Nigeria had recorded consistent trade surpluses, with inflation easing for eight consecutive months to 14.45 per cent, alongside a gradual decline in food prices.
Post a Comment