Abuja: President Bola Tinubu has clarified the rationale behind his administration's establishment of a N200 billion intervention fund aimed at bolstering micro, small, and medium enterprises (MSMEs) and manufacturers. Speaking at the 31st Nigerian Economic Summit, organized by the Nigerian Economic Summit Group in Abuja, Tinubu, represented by Vice-President Kashim Shettima, highlighted the necessity of this initiative to enhance competitiveness and tackle structural challenges.
According to News Agency of Nigeria, the president emphasized that the economic reforms introduced by his government have started yielding tangible outcomes across various sectors beyond the Gross Domestic Product (GDP) growth of 4.23 percent recorded in September 2025. These outcomes have surpassed projections from both multilateral agencies and indigenous economic experts. Tinubu stressed that his administration's decisions are informed by a balance between economic rationale and public expectations.
Tinubu reiterated his administration's commitment to revitalizing hope for impoverished, vulnerable, and unemployed Nigerians by creating opportunities for them, particularly the youth, to access loans, grants, and equity investments. He stated, "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 dollars to scale their enterprises, innovate, and build sustainable livelihoods."
The Nigerian leader acknowledged the progress made in stabilizing Nigeria's economy and rescuing public finances, attributing it to the patience and sacrifices of Nigerians. Tinubu remarked on the deliberate choices that have led to stability in the foreign exchange market and the removal of subsidies, which have stabilized the economy and reassured investors. He commended Nigerians for their understanding, emphasizing that better days are on the horizon.
Tinubu also highlighted a "resounding consensus" that ongoing reforms have stabilized the nation's macroeconomic environment, with the economy expanding to N372.8 trillion in 2024 from N309.5 trillion in 2023. He noted that total revenue collection rose from N19.9 trillion in 2023 to N25.2 trillion in 2024, reaching N27.8 trillion as of August 2025, surpassing revenue targets.
The president shared optimistic news regarding Nigeria's debt service-to-revenue ratio, which has improved significantly, and acknowledged positive ratings from Fitch and Moody's due to the country's improved economic foresight and clearer policy direction. Tinubu also stated that non-oil revenues grew by 411 percent year on year in August, with the tax-to-GDP ratio increasing to 13.5 percent.
President Tinubu assured that recent Tax Reform Acts would enhance domestic revenue mobilization, reduce oil dependency, and simplify compliance. He emphasized ongoing reforms to ensure fairness in corporate taxation and strengthen digital innovation in tax administration, laying the groundwork for a prosperous Nigeria.
Meanwhile, Mr. Olaniyi Yusuf, Chairman of the NESG, called on stakeholders to address security issues as essential enablers of reforms. He stressed the importance of tackling insecurity to unlock productivity and provide opportunities for Nigerian youths to prosper.