President Bola Ahmed Tinubu has said that the economic and governance reforms implemented during his first two years in office are creating a sustainable foundation for long-term national prosperity.
In a nationwide broadcast on Wednesday, May 29, 2025, to mark his second year in office, Tinubu highlighted key gains under his Renewed Hope Agenda, including stabilised public finances, renewed investor confidence, increased oil sector activity, and improved infrastructure across sectors.
“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” the President declared.
He acknowledged the economic hardship faced by many Nigerians, describing their patience and resilience as vital to confronting inherited challenges. Tinubu defended the controversial removal of fuel subsidies and unification of the exchange rate, stating they were necessary to prevent fiscal collapse.
Among the achievements highlighted were:
- Macroeconomic Stability: Inflation is beginning to ease, the Naira has stabilised, and Nigeria’s external reserves have jumped from $4bn in 2023 to over $23bn in 2024.
- Oil Sector Growth: Rig activity is up, oil investments have exceeded $8bn, and the NNPC has become a net contributor to the national purse.
- Fiscal Gains: The fiscal deficit has dropped from 5.4% of GDP in 2023 to 3.0% in 2024. First-quarter revenue topped N6tn, and emergency borrowing has been curtailed.
- Public Services: Over 1,000 primary healthcare centres have been refurbished, and over 5,500 are being upgraded. Health insurance coverage has increased from 16 million to 20 million Nigerians.
- Youth and SMEs: Tinubu announced a friendlier tax regime for digital jobs and MSMEs, and reforms aimed at reducing multiple levies and supporting local industries.
- Infrastructure Projects: Roads, power, and transportation projects such as the Lagos–Calabar Coastal Highway and the Second Niger Bridge are ongoing nationwide.
- Security: Improved coordination among security agencies and better welfare for personnel have contributed to safer highways and reclaimed territories in the northwest.
The President also unveiled a new fiscal strategy to guide fair taxation, responsible borrowing, and disciplined spending, including the establishment of a Tax Ombudsman to protect small businesses and vulnerable taxpayers.
“Our journey is not over, but our direction is clear,” Tinubu said, reaffirming his commitment to inclusive growth, job creation, and a more resilient, united Nigeria.
He concluded by thanking Nigerians for their support and sacrifices, expressing confidence that “the worst is behind us” and that a more prosperous future lies ahead.
