By Biodun Durojaiye, The Lagos Times
President Bola Ahmed Tinubu today marked the second anniversary of his administration with a nationwide address, declaring that the sweeping economic reforms undertaken since his inauguration in 2023 are beginning to yield tangible results. He assured Nigerians that the country is on course toward economic recovery, stability, and inclusive growth.
In a detailed statement from the Presidential Villa in Abuja, Tinubu acknowledged the hardship endured by citizens but emphasized that his administration’s bold decisions—including the removal of fuel subsidies and unification of foreign exchange rates—were critical to averting national economic collapse.
“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges,” the president said. “Together, we have faced these headwinds with courage and determination.”
He described the inherited economy as unsustainable, asserting that without urgent reforms, Nigeria would have faced a fiscal crisis marked by “runaway inflation, external debt default, crippling fuel shortages, and a plunging naira.”
Economic Gains Amid Challenges
Tinubu highlighted several economic milestones achieved under his Renewed Hope Agenda, including a significant narrowing of the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024. Government revenues reportedly exceeded ₦6 trillion in the first quarter of 2025, while net external reserves grew fivefold from $4 billion to over $23 billion in just one year.
Inflation, which had surged following subsidy removal, is now reportedly easing, with food prices—especially rice—beginning to decline. “Despite the bump in the cost of living, we have made undeniable progress,” Tinubu affirmed.
The oil and gas sector, according to the president, is rebounding, with rig counts up over 400% compared to 2021 and more than $8 billion in new investments secured. The Nigerian National Petroleum Company (NNPC), now free from the burden of fuel subsidies, is said to be a net contributor to the Federation Account.
Reforms in Taxation and Governance
One of the administration’s proudest accomplishments, Tinubu said, is the overhaul of Nigeria’s tax system. The tax-to-GDP ratio climbed from 10% to 13.5% in 2024—a significant improvement driven by fairer policies and streamlined administration.
“Essential goods and services such as food, education, and healthcare now attract 0% VAT,” he announced. Public transportation, renewable energy, and rent have also been exempted from VAT to relieve pressure on households.
To enhance transparency and equity, a new Tax Ombudsman is being established to protect vulnerable taxpayers and small businesses.
Human Capital and Youth Empowerment
In health, the government is revitalizing over 6,000 Primary Health Centres and building six new cancer treatment centres. Health insurance coverage reportedly expanded from 16 million to 20 million Nigerians within two years. Over 4,000 free cesarean sections have been performed under the Presidential Maternal Health Initiative, Tinubu noted.
He cited achievements in youth empowerment through job creation, digital economy reforms, and support for small businesses. Institutions like NASENI have become hubs of innovation, assembling electric vehicles and launching Africa’s most advanced Rapid Diagnostic Kit Factory.
“We have taken bold steps to place young Nigerians at the heart of national development,” he said.
National Security and Infrastructure
Tinubu commended Nigeria’s security forces for progress in combating insurgency and banditry. “Our gallant armed forces have restored order in some parts of the northwest… Highways, hitherto dangerous, have become safer,” he said.
Major road and infrastructure projects across the six geopolitical zones—such as the Lagos-Calabar Coastal Highway and the Second Niger Bridge Access Road—are ongoing. Investments in electricity include upgrades to transmission infrastructure and increased deployment of off-grid solar power.
Agriculture, Diaspora Engagement, and a Global Festival
On agriculture, Tinubu said the government has ramped up mechanised farming with new tractors and fertiliser distribution to boost local production and food security.
He also unveiled the Motherland Festival, a global event to celebrate Nigeria’s heritage, innovation, and diaspora contributions. “It will showcase Nigeria’s beauty through tourism, culture, and innovation,” he said.
Looking Ahead
Tinubu ended his address with optimism: “Our journey is not over, but our direction is clear. The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
The president’s anniversary address paints a picture of cautious progress amid hardship—promising a better future anchored on reform, resilience, and renewed national unity.
