President Bola Tinubu has declared that Nigeria is steadily advancing toward greater stability and prosperity, citing visible gains from key reforms implemented by his administration.
Speaking during a nationwide broadcast on Wednesday to commemorate the second anniversary of his tenure, the President said his government’s bold decisions had started yielding positive outcomes, steering the country on a path of hope, recovery, and inclusive growth.
He acknowledged the resilience of Nigerians in the face of initial economic hardship triggered by the reforms, particularly the removal of fuel subsidies and the unification of foreign exchange rates, which he described as necessary to avert fiscal collapse.
Tinubu stated: “The economic and general situation I inherited required that we redirect the country’s affairs with a bold and new vision.
“Fuel subsidies and the corruption-ridden multiple foreign exchange windows had become a chokehold on our nation’s neck, strangling our future.”
Presenting his administration’s scorecard, Tinubu highlighted major achievements in the oil and gas sector, revenue generation, debt management, and fiscal policy.
“The oil and gas sector is recovering; rig counts are up by over 400% in 2025 compared to 2021, and over $8 billion in new investments have been committed,” he announced.
He said prudent fiscal management had led to a significant reduction in the fiscal deficit — from 5.4% of GDP in 2023 to 3.0% in 2024 — supported by improved revenue collection and transparency in public finance.
According to the President, the country’s tax-to-GDP ratio increased from 10% to 13.5% within one year, driven by efficient tax administration and the elimination of multiple taxation for small businesses.
“Essential goods and services such as food, education, and healthcare now attract zero VAT. Public transportation, rent, and renewable energy are also VAT-exempt to reduce household costs,” Tinubu said.
He also announced the establishment of an independent Tax Ombudsman to protect vulnerable taxpayers and enhance system accountability.
The President said Nigeria’s debt profile is improving, noting that the debt-service-to-revenue ratio has dropped from nearly 100% in 2022 to under 40% in 2024. Additionally, he said the country had repaid its IMF obligations and grown its external reserves from $4 billion in 2023 to over $23 billion by the end of 2024.
He noted that state governments benefited from the reforms, with collective revenue increasing by over N6 trillion in 2024 — enabling many states to meet salary obligations, reduce debts, and invest in infrastructure.
Tinubu said the Renewed Hope Agenda prioritises human capital development, citing achievements in healthcare, education, and youth empowerment.
He disclosed that over 1,000 primary healthcare centres are being revitalised, with 5,500 more undergoing upgrades. Three of six planned cancer treatment centres have been completed, while free and subsidised dialysis is being offered in selected hospitals. Health insurance coverage, he added, has expanded from 16 million to 20 million Nigerians.
On youth initiatives, Tinubu cited the success of programmes under the National Agency for Science and Engineering Infrastructure (NASENI), including Innovate Naija, Irrigate Nigeria, and the Renewable Energy Park in Gora. He said these were creating jobs and spurring industrialisation.
The President listed ongoing major road projects across the country, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Dual Carriageway, and the Second Niger Bridge access roads.
On power, he said his administration is upgrading transmission and generation capacity, while also investing in off-grid solar projects for schools, businesses, and hospitals.
Tinubu reaffirmed his administration’s commitment to national security, saying inter-agency collaboration had improved and that previously insecure regions were regaining peace.
“In areas of the northwest once dominated by bandits, our armed forces have restored order. Farmers have returned to their land, highways are safer, and many abducted citizens have been rescued,” he stated.
He announced that Nigeria will soon host the Motherland Festival, aimed at showcasing the country’s cultural richness and attracting global attention to tourism and innovation.
He also praised the Nigerian diaspora, noting policy measures such as the diaspora bond and non-resident Bank Verification Numbers that facilitate diaspora investment and engagement.
President Tinubu closed his address by thanking Nigerians for their sacrifice, saying the worst was over and that the country was now better positioned for sustainable growth.
“Our journey is not over, but our direction is clear. 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,” he concluded.
