By David Peter
On the second anniversary of his administration, President Bola Tinubu addressed the nation, reflecting on the significant strides made since assuming office on May 29, 2023. In a detailed statement released today, the President underscored the bold reforms and policies that have reshaped Nigeria’s economic landscape and strengthened national unity amid historic challenges.
Economic Reforms Anchored on Fiscal Responsibility
President Tinubu acknowledged the difficult economic situation inherited by his government, describing urgent reforms to end unsustainable fuel subsidies and eliminate multiple foreign exchange windows plagued by corruption. He stressed that these moves were critical to preventing a fiscal crisis that would have triggered runaway inflation, debt defaults, and a collapsing economy.
Highlighting tangible outcomes, the President reported easing inflation with staples like rice becoming more affordable. The oil and gas sector showed marked recovery, with rig counts soaring over 400% compared to 2021 and new investments exceeding $8 billion. Fiscal discipline has led to a sharp reduction in the deficit—from 5.4% of GDP in 2023 to 3.0% in 2024—and over N6 trillion revenue recorded in the first quarter of 2025.
Key reforms such as discontinuing Ways & Means financing and ending fuel subsidies have transformed the Nigerian National Petroleum Corporation (NNPC) into a net contributor to federal revenue. Nigeria’s debt service-to-revenue ratio has improved dramatically, and net external reserves grew nearly 500% from $4 billion to over $23 billion in just two years.
Tax Reforms and Economic Inclusion
The administration’s ambitious tax reform agenda has raised the tax-to-GDP ratio from 10% to over 13.5% within a year, attributed to fairer tax policies and improved administration. Essential goods and services like food, education, and healthcare now attract zero VAT, while incentives support manufacturing, technology, and agriculture sectors. The creation of a Tax Ombudsman will enhance taxpayer protection and ensure transparency.
Sectoral Achievements and Human Capital Development
President Tinubu praised progress in diversifying the economy, notably through revitalizing the Solid Minerals sector and attracting investments in processing plants. In health, over 1,000 Primary Health Centres are being revitalized, cancer treatment centers established, and health insurance coverage expanded from 16 million to 20 million citizens.
Education and youth empowerment have also been prioritized, with increased access to quality education, student loans, and support for MSMEs. The National Agency for Science and Engineering Infrastructure (NASENI) leads with digital innovations and inclusive industrialization projects, including electric vehicle assembly and drone engineering training for women.
Security and Infrastructure Progress
Acknowledging security as foundational to economic progress, the President commended the armed forces for restoring order in formerly bandit-controlled areas in the northwest, allowing farmers to resume farming and highways to become safer. Collaboration among security agencies has intensified, with improved intelligence operations and enhanced welfare for personnel.
Infrastructure investments continue nationwide, including major road rehabilitation projects across all geopolitical zones and efforts to improve electricity generation through upgrades and off-grid solar investments.
Looking Ahead: The Motherland Festival and Diaspora Engagement
President Tinubu announced preparations for the upcoming Motherland Festival, aimed at showcasing Nigeria’s culture, tourism, and innovation to the world. Recognizing the diaspora’s vital role, new policies such as the diaspora bond and non-resident Bank Verification Number have been introduced to facilitate greater engagement and investment from Nigerians abroad.
A Renewed Hope for Nigeria’s Future
Concluding his statement, President Tinubu expressed gratitude for Nigerians’ resilience and patience, affirming that the administration’s reforms have laid the foundation for a stronger, inclusive nation. “The future is bright,” he said, “and together, we will build a Nigeria we can all be proud of.”
This report captures the highlights of President Tinubu’s statement marking two years of his administration, reflecting on achievements in economic reform, security, human capital development, and national unity.
