May 29: Tinubu marks two years in office, says ‘our economic reforms are working for Nigeria’

In his message to Nigerians on the two year anniversary of his administration, President Tinubu insisted that his reforms were necessary to keep the country afloat, saying the only alternative would have been a fiscal crisis.

The President dismissed recent concerns over fluctuating crude oil prices, which recently hit $58/barrel, despite a $75/barrel budget benchmark, pointing out that Nigeria’s fiscal targets for 2025 remain on track.

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On the second anniversary of the administration, the President also declared zero Value Added Tax (VAT) on key commodities like food, education, healthcare, rent, among other essential commodities, in a bid to reduce the taxation burden on households.

Tinubu, who took office in May 2023 has embarked on a broad range of economic reforms, which though seen as harsh on Nigerians, are largely acknowledged as necessary.

The President agreed that in the process of implementing the reforms necessary to strengthen the economy and deliver shared prosperity, there had been some difficulties experienced by  compatriots and families.

Noting that he does not take Nigerians’ patience for granted, the Nigerian leader restated that the only alternative to the reforms the administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall.

He argued that despite the bump in the cost of living, Nigeria has made ‘undeniable’ progress, stressing that inflation has begun to ease, with rice prices and other staples declining.

Besides, Tinubu stated that the oil and gas sector is recovering, with rig counts up by over 400 per cent in 2025 compared to 2021, and over $8 billion in new investments having been committed. He added that the administration has stabilised the economy and is now better positioned for growth and prepared to withstand global shocks.

In 2025, Tinubu stated that Nigeria remains on track with its fiscal targets, with gross proceeds per barrel from crude oil broadly aligned with forecasts as the country intensifies efforts to ramp up production.  According to him, the nation’s fiscal deficit has narrowed sharply from 5.4 per cent of Gross Domestic Product (GDP) in 2023 to 3.0 per cent in 2024.

Tinubu highlighted that the economic and general situation of the country he inherited required that he redirected the country’s affairs with a bold and new vision, especially the implementation of two necessary policies to stop the country from further drifting into the precipice.

The President stressed that it was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, it must do away with decades-long fuel subsidies and the ‘corruption-ridden’ multiple foreign exchange windows, noting that the two were no longer sustainable.

“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” the Nigerian leader said, adding that: “By the Grace of God, we are confident that the worst is behind us.”

While thanking fellow citizens for their unrelenting support and belief in the grand vision, Tinubu noted that May 29, 2025, offers the administration the opportunity to share again how far it has gone and the progress in steering the country along the critical path of socio-economic development.

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Tinubu stated that there has been improved revenue generation and greater transparency in government finances, emphasising that the first quarter of this year, Nigeria recorded over N6 trillion in revenue.

He reiterated that the country discontinued ‘Ways & Means’ financing, which he said has been a major contributor to high and sticky inflation, while the Nigerian National Petroleum Company Limited (NNPC), no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account.