By Ranmilowo Ojalumo — President Bola Ahmed Tinubu on Thursday marked the second anniversary of his administration with a comprehensive national address in which he declared that Nigeria has made “undeniable progress” under his leadership and that his bold economic reforms are already yielding positive results.
Speaking in State House statement, President Tinubu said his administration inherited a nation on the brink of fiscal collapse and acted swiftly to implement critical reforms, including the removal of fuel subsidies and the unification of the exchange rate. These steps, he said, were necessary to save Nigeria from “runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in free-fall.”
“I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” the President stated.
Economic Recovery and Reform Gains
President Tinubu highlighted several key achievements over the past two years, including improved revenue generation, reduced fiscal deficits, growing foreign reserves, and the end of dependence on Ways & Means financing.
According to him, the federal government recorded over ₦6 trillion in revenue in Q1 2025 alone, while the fiscal deficit narrowed from 5.4% of GDP in 2023 to 3.0% in 2024. He also revealed that Nigeria’s external reserves had grown from $4 billion in 2023 to over $23 billion by the end of 2024.
“Inflation has begun to ease, with rice and other staples declining in price. Our debt service-to-revenue ratio has dropped below 40% — down from nearly 100% in 2022,” he said.
He credited this progress to increased oil revenues, the discontinuation of unsustainable subsidies, and reforms in tax and fiscal policy.
Tax Reforms and Support for Businesses
The president cited the administration’s tax reforms as one of its most impactful achievements, raising Nigeria’s tax-to-GDP ratio from 10% to over 13.5% in just one year.
“We are making it easier for small businesses to grow by eliminating multiple taxation. We’ve exempted food, education, healthcare, public transport, and renewable energy from VAT,” Tinubu said.
A Tax Ombudsman will also be established to protect vulnerable taxpayers and ensure accountability in the system.
Infrastructure, Energy and Health Investments
On infrastructure, President Tinubu pointed to ongoing major road projects across the six geopolitical zones, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Kano dual carriageway, and the Second Niger Bridge access roads.
The president also reported improvements in electricity generation and a new focus on solar power for homes, schools, and hospitals.
In the health sector, over 1,000 primary healthcare centres have been revitalised, with another 5,500 currently undergoing upgrades. Free dialysis services are now available in select hospitals, and three of six new cancer centres are operational.
“We have expanded health insurance coverage from 16 million to 20 million Nigerians within two years,” he added.
Youth, Security, and Industrialisation
President Tinubu emphasised youth empowerment as a central pillar of his development strategy. He highlighted innovations at the National Agency for Science and Engineering Infrastructure (NASENI), including digital governance, renewable energy projects, drone engineering training for women, and support for local vehicle assembly.
“This is the movement we promised — a government of action powered by the energy and innovation of young Nigerians,” Tinubu declared.
On security, the president acknowledged persistent threats but praised improved inter-agency collaboration and operations. He commended the military for restoring order in parts of the Northwest and rescuing abducted citizens.
“Even if we do not thank them enough, they willingly face danger so we can live freely,” he said, paying tribute to Nigeria’s security forces.
Looking Ahead
Tinubu said his government is preparing to welcome the world to Nigeria for the forthcoming Motherland Festival, aimed at showcasing the country’s culture, tourism, and innovation.
He also noted the importance of the Nigerian diaspora and introduced new policies such as diaspora bonds and non-resident BVNs to encourage their investment.
President Tinubu appealed for continued public support and reaffirmed his commitment to national transformation.
“Our journey is not over, but our direction is clear. The worst is behind us. The future is bright,” he concluded.
