By Zainab Rauf President Bola Ahmed Tinubu has declared that his administration has recorded “undeniable progress” in stabilising the Nige...
By Zainab Rauf
President Bola Ahmed Tinubu has declared that his administration has recorded “undeniable progress” in stabilising the Nigerian economy, improving security, and launching structural reforms, as he marked the second anniversary of his presidency on Wednesday, May 29, 2025.
In a nationwide statement issued by the State House to commemorate the anniversary, the President said Nigeria has turned a difficult corner and is now on a path toward lasting prosperity under the Renewed Hope Agenda.
“Despite the bump in the cost of living, we have made undeniable progress,” 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 recounted the tough policy decisions taken early in his administration, including the removal of fuel subsidies and unification of foreign exchange rates, which he described as essential to prevent a looming fiscal collapse.
“The only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in free-fall,” Tinubu said.
Among the key achievements highlighted, the President noted a significant drop in Nigeria’s fiscal deficit — from 5.4% of GDP in 2023 to 3.0% in 2024 — and an increase in national revenue, with over ₦6 trillion recorded in the first quarter of 2025.
The country’s external reserves reportedly grew from $4 billion in 2023 to over $23 billion by the end of 2024, while the debt service-to-revenue ratio dropped dramatically from nearly 100% in 2022 to under 40% in 2024.
In the oil and gas sector, Tinubu revealed that rig counts had increased by over 400% since 2021, and over $8 billion in new investments have been committed.
On tax reform, he disclosed that Nigeria’s tax-to-GDP ratio had risen from 10% to 13.5% in a single year. He added that multiple taxations were being eliminated, and essential goods and services such as food, healthcare, rent, and public transport were now exempt from VAT.
The President also announced the creation of a Tax Ombudsman to protect small businesses and vulnerable taxpayers, while introducing new incentives for manufacturing, agriculture, and tech-based sectors.
In the area of security, Tinubu stated that improved coordination among security agencies and investment in intelligence-led operations had led to progress, particularly in bandit-ridden parts of the northwest.
“Farmers are back tilling the land to feed us. Highways, hitherto dangerous for travellers, have become safer,” he said, reaffirming his administration's commitment to protect every Nigerian.
On healthcare, he revealed that more than 1,000 Primary Health Centres (PHCs) have been revitalised, 5,500 others are being upgraded, and free dialysis and caesarean sections are being offered under the Renewed Hope Health Agenda.
Education and youth empowerment are also prominently featured, with ongoing student loan schemes, MSME support, and digital innovation hubs under the National Agency for Science and Engineering Infrastructure (NASENI).
Tinubu cited several infrastructure projects across the country, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Road, and the Bodo-Bonny Road, as signs of nationwide progress.
He also announced Nigeria’s upcoming hosting of the Motherland Festival, a global cultural and tourism event aimed at showcasing Nigeria’s creativity and attracting diaspora investment.
“Our journey is not over, but our direction is clear,” Tinubu stated. “By the grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.”
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