President Bola Tinubu says his economic and governance reforms are delivering early results and laying the groundwork for a more prosperous, resilient Nigeria.
As Nigeria marks the second anniversary of President Bola Ahmed Tinubu’s administration, the President has reaffirmed his commitment to building a sustainable and inclusive future for Nigerians, saying that bold reforms implemented over the past two years are already beginning to yield positive results.
In a nationwide broadcast on Wednesday, May 29, 2025, President Tinubu noted that his Renewed Hope Agenda, launched upon taking office in May 2023, is designed to reduce the cost of living, foster economic justice, and create a business-friendly environment that attracts investment and creates jobs for Nigerians.
> “We are laying the foundation for a more sustainable future, creating a system where prosperity is shared, and no one is left behind,” Tinubu declared.
Economic Reform Highlights: Inflation Eases, Oil Investment Soars
The President acknowledged the hardships faced by citizens amid two turbulent years of tough but necessary policy adjustments, including the removal of the decades-long fuel subsidy and unification of Nigeria’s multiple exchange rates — moves he described as critical to preventing a national economic collapse.
> “Without these reforms, Nigeria risked runaway inflation, fuel shortages, currency collapse, and economic free fall,” Tinubu said.
According to the President, early economic indicators suggest that Nigeria is turning a corner. Inflation is easing, food prices — especially for staple items like rice — are stabilizing, and foreign investment in the oil and gas sector has surged, with new projects totaling over $8 billion and rig activity quadrupling since 2021.
The administration also reported a fiscal deficit drop from 5.4% of GDP in 2023 to 3% in 2024, while crude oil revenues are on track to meet budget targets. External reserves have rebounded from a low of $4 billion in 2023 to more than $23 billion as of year-end 2024.
Boosting Security, Health, Education, and Infrastructure
Tinubu emphasized that economic growth cannot thrive without security. He credited enhanced coordination between military, police, and intelligence services with improved safety in volatile regions, including parts of the northwest reclaimed from bandits.
On the healthcare front, over 1,000 primary health centers have been refurbished, and six cancer treatment centers are in progress. Free dialysis services and expanded national health insurance coverage — rising from 16 million to 20 million enrollees — were among the administration’s highlighted achievements.
In education, Tinubu cited improved infrastructure, increased access to higher education, and the rollout of a national student loan scheme targeting financially disadvantaged students.
Tax Reforms and Business Incentives to Drive Growth
The President detailed a sweeping overhaul of Nigeria’s tax framework aimed at improving fairness and stimulating growth. The tax-to-GDP ratio has climbed from 10% to 13.5% in one year, while multiple levies that burdened small businesses have been scrapped.
Essential goods and services — including food, education, healthcare, rent, public transport, and renewable energy — now attract zero or minimal value-added tax (VAT), putting more money in the hands of consumers.
A new National Fiscal Policy and Tax Ombudsman office will guide responsible borrowing, fair taxation, and transparent incentives, ensuring that Nigeria remains investor-friendly while shielding vulnerable households.
Major Infrastructure, Power and Food Security Projects Underway
Tinubu listed critical road and bridge projects, such as the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano expressway, and Second Niger Bridge link roads as milestones of his infrastructure renewal push.
Power generation is also being boosted through grid expansion and decentralized, off-grid solar solutions, while thousands of new tractors and improved access to fertilisers aim to enhance food security and agricultural productivity.
International Outlook and Diaspora Engagement
On the global stage, Tinubu announced plans for a new Motherland Festival to celebrate Nigeria’s rich culture and creative economy. Additionally, new diaspora initiatives including a diaspora bond and non-resident bank verification number (BVN) are being introduced to encourage Nigerians abroad to invest in the country’s economic revival.
‘The Worst Is Behind Us’ President Tinubu Assures Nigerians
Concluding his address, President Tinubu acknowledged the sacrifices made by Nigerians amid the country’s economic recalibration but expressed confidence that the reforms are beginning to deliver tangible benefits.
“Our journey is not over, but the future is bright. Together, we will build a stronger, more inclusive Nigeria that we can all be proud of,” he said.
