As Nigeria marks the second anniversary of President Bola Ahmed Tinubu’s administration, the President on Wednesday reaffirmed his government’s commitment to building a sustainable and inclusive future, asserting that the policies implemented under his leadership have set the country on a clear trajectory toward economic stability, equity, and long-term prosperity.
In a nationwide broadcast to commemorate Democracy Day and the halfway point of his first term, Tinubu addressed Nigerians with a tone of optimism, thanking them for their enduring support amid the turbulence that has defined the early phase of his presidency. He said his Renewed Hope Agenda is beginning to yield tangible results, with reforms across economic, fiscal, security, health, education, and infrastructure sectors already stabilizing key indicators and creating a stronger foundation for growth.
“We are laying the foundation for a more sustainable future,” the President said in his address. “Together, we are creating a system where prosperity is shared, and no one is left behind.”
Tinubu praised Nigerians for their resilience through economic reforms that many initially found painful, notably the fuel subsidy removal and unification of the foreign exchange windows. He emphasized that these measures, though difficult, were essential to avoid a looming fiscal collapse.
“The alternative was a crisis that would have led to runaway inflation, ballooning debt, and an economy in freefall,” he stated.
Highlighting significant fiscal improvements, Tinubu disclosed that Nigeria’s budget deficit had declined from 5.4% of GDP in 2023 to 3.0% in 2024 due to enhanced revenue collection and reduced borrowing. First-quarter 2025 revenue exceeded ₦6 trillion.
He also confirmed that the Federal Government had ceased its reliance on Ways and Means borrowing—a major inflation driver in recent years. The Nigerian National Petroleum Company (NNPC), previously dependent on subsidies, is now contributing to the Federation Account, while expanded refining capacity has bolstered fuel security.
Tinubu cited IMF debt obligations clearance and a dramatic increase in foreign reserves—from $4 billion in 2023 to over $23 billion by the end of 2024—as proof of progress.
The President announced a sweeping overhaul of Nigeria’s tax system to widen the base, support small businesses, and enhance fairness. Nigeria’s tax-to-GDP ratio has improved from 10% to 13.5%, aided by efficient administration and the removal of blanket waivers in favor of targeted incentives for sectors like agriculture, tech, and manufacturing.
Multiple taxes burdening MSMEs have been eliminated. Essential goods and services—including food, education, transport, and rent—are now VAT-exempt, putting more money in citizens’ pockets.
To further enhance tax fairness, Tinubu revealed the creation of a Tax Ombudsman—an independent institution to protect small businesses and low-income taxpayers from unfair practices.
Sectoral Achievements: Health, Education, Security
Health:
More than 1,000 primary health centres have been refurbished and another 5,500 are being upgraded. Six new cancer centres—three of which are operational—are enhancing specialist care. National health insurance now covers over 20 million people, up from 16 million in 2023.
Additionally, pilot hospitals now offer free dialysis, and over 4,000 women have benefited from no-cost caesarean sections.
Education:
Tinubu highlighted expanded access to higher education via the student loan scheme, which targets indigent students, and new infrastructure development. He also mentioned increased youth empowerment through MSME funding and vocational training.
Security:
Security remains central to the administration’s agenda. Tinubu noted recent military successes in reclaiming areas in the northwest from bandits and improvements in road safety and kidnapping responses. Welfare for security personnel has been boosted, and inter-agency coordination has improved.
“Every Nigerian deserves to live free of fear,” the President affirmed.
Nigeria’s transport and power infrastructure are undergoing massive upgrades. Roads such as the Lagos–Calabar Coastal Highway, Abuja–Kaduna–Zaria–Kano dual carriageway, and the Second Niger Bridge link roads are under active construction.
Power generation is being scaled up through on-grid and off-grid solar investments. At the same time, Tinubu’s administration has revitalized the solid minerals sector, attracting foreign investment and local processing initiatives.
Under the NASENI-led Innovate Naija and Irrigate Nigeria programs, Tinubu said local industries are thriving, citing the assembly of electric vehicles and the production of rapid diagnostic test kits.
The government’s digital-first approach includes creating a youth-friendly tax environment for digital jobs and freelancers, boosting remote work opportunities.
On agriculture, thousands of tractors and farming tools have been deployed nationwide, along with fertilizers, to support large-scale food production and stabilize prices.
Tinubu revealed that the upcoming Motherland Festival will spotlight Nigeria’s creative economy and cultural richness to the world.
He also introduced diaspora-focused initiatives, including the diaspora bond and non-resident BVN, which aim to ease remittance flows and investment into the Nigerian economy.
With the economy showing signs of a sustained rebound—real GDP growth was 3.4% in 2024, peaking at 4.6% in Q4—Tinubu said Nigeria’s transformation journey is well underway.
“Our journey is not over, but our direction is clear. So is our resolve to tackle emerging challenges. By the Grace of God, we are confident that the worst is behind us,” he concluded.
He urged Nigerians to remain hopeful, united, and determined to see through the reforms. “The real impact of our governance objectives is beginning to take hold. The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”