President Bola Tinubu says his administration’s reforms over the past two years are establishing a solid foundation for a stronger, more prosperous Nigeria. Speaking in a nationwide address to mark his second anniversary in office, Tinubu highlighted achievements under his Renewed Hope Agenda, which aims to reduce the cost of living, drive inclusive growth, and attract investment.
We are creating a system where prosperity is shared, and no one is left behind, Tinubu said, acknowledging the resilience and support of Nigerians amid economic reforms.
Sworn in on May 29, 2023, President Tinubu said he inherited a deeply challenged economy that required bold action. I implemented two essential policies—ending the fuel subsidy and unifying exchange rates—to prevent the country from drifting into crisis, he stated.
Economic Reforms and Fiscal Gains
He noted that these reforms have stabilized the economy and reversed harmful trends. Fuel subsidies and multiple exchange windows were labeled “unsustainable” and a “chokehold” on the nation’s future. Tinubu said their removal has allowed for stronger fiscal performance, reduced inflationary pressures, and renewed investor confidence.
The President cited several economic indicators:
- Inflation easing, with falling prices of staples like rice.
- Oil and gas sector rebound, with rig activity quadrupling since 2021 and attracting over $8 billion in new investments.
- Fiscal deficit down from 5.4% of GDP in 2023 to 3.0% in 2024.
- Foreign reserves increased from $4 billion in 2023 to over $23 billion by end-2024.
- Debt service-to-revenue ratio improved from nearly 100% in 2022 to under 40% in 2024.
- External borrowing reduced, IMF obligations cleared, and Ways and Means borrowing halted.
He also revealed that the Federal Government recorded N6 trillion in first-quarter 2025 earnings, thanks to stronger revenue collection.
Tax Reforms and Investment Incentives
A major tax overhaul is underway, designed to broaden the tax base, protect the vulnerable, and foster inclusive growth. The tax-to-GDP ratio has increased from 10% to 13.5% in one year.
Key tax reforms include:
- Scrapping multiple levies that burden small businesses.
- Zero or no VAT on essentials such as food, healthcare, education, rent, and public transport.
- Targeted incentives for sectors like manufacturing, tech, and agriculture.
- Establishment of a Tax Ombudsman to protect small taxpayers and promote fairness.
Progress Across Key Sectors
Health: Over 1,000 primary healthcare centers have been renovated; six new cancer treatment centers are underway; national health insurance coverage has grown from 16 million to 20 million people; and pilot hospitals now offer free dialysis and C-sections.
Education: Infrastructure upgrades and a new student loan program are expanding access for indigent students.
Youth and Innovation: Through NASENI, initiatives like Innovate Naija, Irrigate Nigeria, and renewable energy hubs are promoting digital innovation, including electric vehicle and drone tech assembly plants.
Security: Tinubu stressed improved coordination among security agencies, leading to the reclamation of territories from bandits and safer highways. He emphasized that every Nigerian deserves a life free of fear.
Infrastructure: Hundreds of roads are under construction, including major projects like the Lagos–Calabar Coastal Highway and the Abuja–Kaduna–Kano expressway. Power generation is improving through grid upgrades and solar investment.
Food Security: Tinubu announced large-scale agricultural initiatives, with equipment, fertilizers, and credit support to boost productivity and stabilize food prices.
Global Engagement and the Diaspora
The President announced the upcoming Motherland Festival to promote Nigeria’s culture and creative economy globally. He also introduced new financial tools, such as a diaspora bond and non-resident BVN, to make it easier for Nigerians abroad to invest in the nation’s development.
Looking Ahead
As we reach the halfway point of our mandate, the worst is behind us, Tinubu assured. “Our economic reforms are working, and we are building a more inclusive, resilient Nigeria.
He concluded by expressing gratitude for Nigerians’ sacrifices and reaffirmed his administration’s commitment to transparency, accountability, and long-term prosperity.
The journey is far from over, but the path is clear. Together, we will build a stronger nation for generations yet unborn.