President Bola Tinubu has declared that Nigeria’s economic reforms were beginning to yield tangible results despite initial challenges faced by citizens.
In an address to mark the second anniversary of his administration, President Tinubu described the last two years as a period of bold decisions, sacrifice, and national recalibration.
He thanked Nigerians for their “resilience and undaunting spirit,” saying his administration inherited a difficult economic situation that required immediate and “unpopular” reforms to avoid a looming fiscal disaster.
“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges,” Tinubu said. “Together, we have faced these headwinds with courage and determination.”
He pointed to the removal of fuel subsidies and the unification of multiple foreign exchange windows as foundational reforms necessary to restore economic stability and prevent total collapse.
Tinubu said the reforms are now yielding results, citing an easing in inflation, a rebound in oil and gas sector activity, and renewed investor confidence.
The president noted that oil rig counts had surged by over 400% in 2025 compared to 2021, with more than $8 billion in new investments recorded.
He reported that the country’s fiscal deficit had dropped from 5.4% of GDP in 2023 to 3.0% in 2024, aided by stronger revenue generation and improved financial transparency. In the first quarter of 2025 alone, Nigeria recorded over ₦6 trillion in revenue, according to the president.
“We have discontinued ‘Ways and Means’ financing, paid off our IMF obligations, and grown our net external reserves from $4 billion in 2023 to over $23 billion by the end of 2024,” Tinubu said.
He added that the debt service-to-revenue ratio, once near 100%, had now fallen below 40%.
One of the administration’s “most impactful achievements,” Tinubu said, is the ongoing tax reform agenda.
He noted that Nigeria’s tax-to-GDP ratio rose from 10% to 13.5% in 2024 with multiple taxation now addressed, and essential goods such as food, healthcare, education, rent, and transportation now attract zero VAT.
Tinubu added that a new national fiscal policy is being introduced to guide taxation, borrowing, and spending, along with the establishment of a Tax Ombudsman to protect vulnerable taxpayers, particularly small businesses.
The president highlighted efforts to empower youth through a friendlier tax regime for digital jobs, export incentives, and bold initiatives by the National Agency for Science and Engineering Infrastructure (NASENI).
He noted these to include electric vehicle assembly, drone training for women, rapid diagnostic kit manufacturing, and innovation parks.
“This is the movement we promised—a government of action powered by the energy and innovation of young Nigerians,” Tinubu declared.
The president said the solid minerals sector has seen a revenue surge, with processing plants replacing raw export practices.
On food security, he reported that thousands of tractors, fertilisers, and farming equipment had been deployed to boost local production and stabilise food prices.
In the health sector, he said over 1,000 Primary Health Centres have been revitalised, and an additional 5,500 undergoing upgrades.
Tinubu stressed that three, out of six planned cancer centres are operational with free dialysis being offered in pilot hospitals, and that over 4,000 women have received free cesarean sections through the Presidential Maternal Health Initiative.
He added that health insurance coverage has expanded from 16 million to 20 million people in two years.
On education, President Tinubu pointed to investments in infrastructure and the rollout of a student loan scheme to support underprivileged students.
Tinubu reiterated his administration’s commitment to national infrastructure, listing major roads under construction, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Dual Carriageway, and Second Niger Bridge Access Road, among others.
He maintained that efforts to boost electricity generation include investments in the grid and off-grid solar projects for homes, schools, and hospitals.
The president also acknowledged the vital role of national security in development, praising the armed forces and security agencies for their sacrifices.
He said intelligence-led operations have improved security in many areas, allowing farmers to return to their fields and highways to become safer.
“Every Nigerian deserves to live without fear,” he said, promising continued vigilance and collaboration among security agencies.
President Tinubu announced the upcoming Motherland Festival, a cultural and creative event to “showcase Nigeria’s beauty through tourism, innovation, and heritage.”
He said the festival would strengthen ties between the homeland and the diaspora, who remain key to Nigeria’s transformation.
Policies such as the diaspora bond and the non-resident BVN aim to make it easier for Nigerians abroad to contribute to national development.
President Tinubu closed his address with a message of optimism. “Our journey is not over, but our direction is clear. The real impact of our governance objectives is beginning to take hold,” he said. “The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
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