PRESIDENT Bola Tinubu, in a national broadcast marking the second anniversary of his administration, declared that the economic and governance reforms initiated over the past two years are laying the groundwork for a more sustainable and prosperous Nigeria.
Elected in May 2023, Tinubu said his Renewed Hope Agenda is aimed at lowering the cost of living, ensuring economic fairness, and fostering an investment-friendly environment where no Nigerian is left behind.
“We are laying the foundation for a more sustainable future. Together, we are creating a system where prosperity is shared by all,” he stated.
Thanking Nigerians for their endurance and support through challenging times, Tinubu acknowledged the sacrifices made as his government pursued bold policies to stabilise the country.
These included the removal of long-standing fuel subsidies and unification of multiple exchange rate windows—both moves, he argued, were essential to prevent economic collapse.
He described these changes as critical in addressing the economic turbulence inherited at the start of his tenure.
“To keep the government viable and meet citizens’ needs, tough but necessary decisions had to be made,” Tinubu said.
Halfway through his term, the President reassured Nigerians that significant strides had been made in economic recovery.
Indicators such as easing inflation, increased oil investments, and improved fiscal performance point to progress, he explained.
Notably, he cited falling prices for key food items like rice and a revival in oil-and-gas operations, with rig activity quadrupling since 2021 and over $8 billion in new investments.
A new national fiscal strategy, he announced, will focus on fair taxation, disciplined spending, and responsible borrowing. To ensure transparency and protect small businesses, a Tax Ombudsman will be established.
Tinubu highlighted gains in public finance management, including a decline in the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024. First-quarter revenues surpassed ₦6 trillion, and the controversial Ways-and-Means borrowing has been halted.
The removal of subsidies has turned the Nigerian National Petroleum Company (NNPC) into a net contributor to the national treasury.
In addition, expanded local refining is also boosting fuel security.
On debt, the President noted that emergency borrowing had been curbed, and Nigeria’s debt-service-to-revenue ratio had improved significantly—from nearly 100% in 2022 to under 40% in 2024.
He also confirmed that IMF obligations had been cleared and foreign reserves had jumped from $4 billion in 2023 to over $23 billion by the end of 2024.
State governments, he added, had seen revenue gains exceeding ₦6 trillion, allowing them to reduce debt and increase investments in infrastructure, salaries, and pensions.
Tinubu also revealed an overhaul of tax policy aimed at broadening the tax base while protecting the most vulnerable. The tax-to-GDP ratio has grown from 10% to 13.5% in one year, thanks to better enforcement and a fairer structure.
Many burdensome levies on small businesses have been scrapped. Essentials such as food, education, healthcare, rent, transport, and renewable energy now attract little or no VAT.
Blanket tax waivers are being replaced with targeted incentives in key sectors such as manufacturing, agriculture, and tech.
In healthcare, the President reported that over 1,000 primary health centres have been refurbished, with 5,500 more undergoing upgrades. Three of six new cancer centres are operational, and free dialysis and childbirth services have benefited thousands. Health insurance coverage has grown from 16 million to 20 million Nigerians.
On security, Tinubu said cooperation between the military, police, and intelligence services has improved, leading to reclaimed territories in the northwest and safer highways. He commended security personnel and urged them to remain vigilant.
Educational access is also expanding, with new infrastructure and a student-loan programme supporting underprivileged youth.
Technological innovation is being championed through the National Agency for Science and Engineering Infrastructure (NASENI), supporting projects like electric vehicle assembly, drone engineering, and renewable energy hubs.
Food security efforts include large-scale agricultural support, enhanced mechanisation, and stabilised input prices. Major infrastructure projects—like the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano dual carriageway, and Second Niger Bridge—are advancing. Power generation is also being boosted through grid and off-grid investments.
On the global stage, Tinubu highlighted the upcoming Motherland Festival to promote Nigerian culture and a new diaspora bond to encourage foreign investment.
Acknowledging the hardships endured by Nigerians, Tinubu expressed optimism: “Our journey is not yet complete, but our direction is clear. The worst is behind us, and the impact of our reforms is becoming visible.”
He concluded with a call for unity and perseverance, pledging to continue the work of building a stronger, more inclusive Nigeria for future generations.
“By the Grace of God, we are confident that the worst is behind us. The future is bright, and together, we will build a Nigeria we can all be proud of.”