President Bola Ahmed Tinubu, on the second anniversary of his administration, addressed the nation with a message of resilience, reform, and renewed hope, highlighting key achievements and acknowledging the sacrifices Nigerians have made since May 29, 2023.
Reflecting on the state of the nation he inherited, President Tinubu said Nigeria was at the brink of an economic crisis, weighed down by decades-long fuel subsidies and an inefficient foreign exchange system. He emphasized that bold reforms were necessary to rescue the economy from collapse.
“We took hard decisions,” Tinubu declared. “Subsidies and multiple exchange rates were no longer sustainable. Their removal was critical to prevent a total economic breakdown.”
Since then, the President said, his administration has focused on restoring stability and laying a foundation for long-term growth. He reported that inflation had begun to ease, and food prices, including rice, were starting to decline. The oil and gas sector has seen over \$8 billion in new investment, and rig activity has surged by over 400% compared to 2021.
Fiscal performance also showed signs of improvement. The national fiscal deficit was reduced from 5.4% of GDP in 2023 to 3.0% in 2024. Foreign reserves rose from \$4 billion in 2023 to over \$23 billion by the end of 2024. The administration ended Ways & Means borrowing, and the Nigerian National Petroleum Company (NNPC), no longer burdened by subsidies, is now contributing to the Federation Account.
“State revenues increased by over N6 trillion in 2024 alone,” Tinubu said, noting this allowed subnational governments to pay salaries, reduce debt, and invest in infrastructure.
One of the administration’s flagship successes, according to Tinubu, is tax reform. The tax-to-GDP ratio rose from 10% to 13.5% in just one year. Multiple taxation is being eliminated, and low-income households are being protected with 0% VAT on essential goods such as food, education, healthcare, rent, and public transport.
To ensure fairness and accountability in the tax system, the President announced the creation of a Tax Ombudsman to protect vulnerable taxpayers and small businesses.
On security, Tinubu credited improved intelligence, inter-agency coordination, and the bravery of security personnel for successes across the country, particularly in the northwest. “Farmers have returned to their lands, highways are safer, and abducted citizens are being rescued. We are winning the fight,” he stated.
Healthcare has also received attention. Over 1,000 Primary Health Centres (PHCs) have been revitalized, and 5,500 more are being upgraded. Free dialysis and cesarean sections are being offered in selected hospitals. Health insurance coverage has expanded to 20 million people, up from 16 million in 2023.
Education and youth empowerment are also central to the Renewed Hope Agenda. The administration is rolling out a student loan scheme, expanding tertiary education infrastructure, and investing in technology and skills development through agencies like NASENI, which now leads initiatives in electric vehicles, diagnostics, and renewable energy.
In agriculture, Tinubu announced continued support for mechanized farming, food security initiatives, and the procurement of equipment and fertilizers to boost local production.
The President also outlined massive infrastructure investments across all regions, including major roads such as the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road, and Second Niger Bridge access roads.
Electricity generation is being improved through investments in grid upgrades and off-grid solar projects for homes, hospitals, and businesses.
Looking ahead, President Tinubu announced the launch of the *Motherland Festival*, a major international event to showcase Nigeria’s culture, tourism, and innovation. He also unveiled policies to support the Nigerian diaspora, including diaspora bonds and simplified investment frameworks.
“We are not yet at the finish line,” Tinubu said in closing, “but the direction is clear. We are building a stronger, more inclusive Nigeria. The worst is behind us. The future is bright.”
