President Bola Ahmed Tinubu, in a nationwide broadcast marking the second anniversary of his administration, declared that Nigeria is firmly on the path to economic recovery and national renewal. Reflecting on a tenure marked by sweeping reforms and difficult decisions, the President praised the resilience of Nigerians and reaffirmed his commitment to a stronger, more inclusive Nigeria.
“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges,” Tinubu said. “Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation.”
The President pointed to bold reforms implemented early in his administration, including the removal of fuel subsidies and the unification of foreign exchange rates—measures he described as “painful but necessary.”
“These policies were critical to halting Nigeria’s descent into fiscal crisis,” Tinubu explained. “We faced a stark choice: reform or collapse. We chose reform.”
Despite rising living costs, Tinubu emphasised that positive trends are emerging. Inflation is easing, staple food prices are stabilising, and over $8 billion in new oil and gas investments have been secured.
According to him, rig counts have increased by over 400 percent since 2021, and the fiscal deficit dropped from 5.4 percent of GDP in 2023 to 3.0 percent in 2024.
“We recorded over N6 trillion in revenue in the first quarter of 2025 alone,” he noted. “This progress is no accident—it is the result of deliberate policy and disciplined governance.”
The President highlighted gains in tax reforms, which have lifted Nigeria’s tax-to-GDP ratio from 10 percent to over 13.5% within a year. Multiple taxation is being phased out, and essential goods like food, education, healthcare, and rent are now exempt from VAT.
“These reforms are about fairness, not just revenue,” he said. “They will protect low-income households, promote economic justice, and stimulate inclusive growth.”
On security, Tinubu lauded Nigeria’s armed forces for their “courage and sacrifice,” saying that significant progress has been made in reclaiming territory from bandits in the northwest and ensuring safer highways.
“We may not always see their efforts, but every day, our men and women in uniform make it possible for us to live in peace,” Tinubu said. “Every Nigerian deserves to live without fear.”
In healthcare, the administration has revitalised over 1,000 Primary Health Centres and is upgrading 5,500 more. Free dialysis is now available in pilot centres, and over 4,000 women have benefited from free cesarean sections under the Presidential Maternal Health Initiative.
Education and youth empowerment are also key focus areas. A new student loan scheme has launched, and agencies like NASENI are leading innovations in digital infrastructure, renewable energy, and advanced manufacturing, he said.
“This is the movement we promised,” said Tinubu. “A government of action powered by the energy and innovation of young Nigerians.”
He cited a real GDP growth of 3.4 percent in 2024, with 4.6 percent recorded in Q4 alone—the strongest in a decade—as evidence that Nigeria’s economic engine is revving up again.
The President also unveiled plans for the upcoming Motherland Festival, a major cultural and economic event designed to showcase Nigeria’s heritage and attract global attention.
“The festival will affirm Nigeria’s leadership in Africa and its readiness to engage, inspire, and lead on the global stage,” he said.
Tinubu concluded by acknowledging the sacrifices of Nigerians and expressed optimism for the future. “By the grace of God, we are confident that the worst is behind us. Together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
