President Bola Ahmed Tinubu has reaffirmed that the reforms implemented since his inauguration on May 29, 2023, are laying a strong and sustainable foundation for Nigeria’s future. In a national broadcast marking his second year in office, Tinubu expressed gratitude to Nigerians for their patience, resilience, and support as his administration drives bold economic and governance reforms under the Renewed Hope Agenda.
“We are laying the foundation for a more sustainable future. Together, we are creating a system where prosperity is shared and no one is left behind,” Tinubu said.
The President acknowledged the economic challenges Nigerians have faced but assured that his administration’s policies are showing positive results, including easing inflation, rising oil investments, stronger fiscal performance, and enhanced food security.
Tough Reforms, Clear Purpose
Tinubu recalled his decision to eliminate fuel subsidies and unify exchange rates, describing them as necessary actions to rescue Nigeria from economic collapse.
“These policies were no longer sustainable and had become a chokehold on our nation's future,” he said.
He added that halting Ways and Means borrowing, boosting domestic refining capacity, and improving NNPC's fiscal contribution to the Federation Account were already stabilizing the economy.
Economic Progress and Results
According to the President, inflation is slowing down, food prices are dropping, and real GDP growth has reached 3.4% for 2024, with 4.6% recorded in Q4 alone—among the best in a decade. Other achievements include:
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Over $8 billion in new oil and gas investments
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Improved debt servicing, with debt-to-revenue ratio reduced from 100% to under 40%
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External reserves rising from $4 billion to over $23 billion
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A sharp drop in fiscal deficit from 5.4% to 3.0% of GDP
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Tax-to-GDP ratio rising from 10% to 13.5% within one year
Support for Citizens and Businesses
Tinubu outlined pro-people policies aimed at reducing the cost of living and supporting businesses:
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VAT exemptions on food, education, healthcare, transport, and rent
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Elimination of multiple levies affecting small businesses
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New targeted incentives for manufacturing, agriculture, and tech
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Creation of a Tax Ombudsman to protect vulnerable taxpayers
He noted the revitalization of the solid minerals sector, local processing of raw materials, and support for youth through tax reforms, digital jobs, and targeted funding.
Improvements in Health and Education
The President announced:
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Refurbishment of over 1,000 primary health centres, with 5,500 more in progress
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Completion of three out of six new cancer treatment centres
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Free dialysis and no-cost caesarean sections in pilot hospitals
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Health insurance enrolment increase from 16 million to 20 million
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New student loan schemes and infrastructure upgrades in tertiary institutions
National Security and Infrastructure
He highlighted gains in security through improved coordination among military and intelligence agencies, better welfare for personnel, and recent successes in reclaiming territories from bandits. He emphasized that “every Nigerian deserves a life free of fear.”
On infrastructure, he pointed to major projects such as:
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Lagos-Calabar Coastal Highway
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Abuja-Kaduna-Zaria-Kano dual carriageway
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Second Niger Bridge approach roads
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Expansion of grid and off-grid solar power projects
Boosting Food Security and Global Ties
To strengthen food security, Tinubu’s government has deployed tractors, tools, and fertilizers to farmers. On the international stage, he announced the upcoming Motherland Festival to celebrate Nigerian culture and the introduction of diaspora-focused instruments to ease foreign investment.
Conclusion: A Brighter Future Ahead
President Tinubu concluded by reaffirming his commitment to a more inclusive and prosperous Nigeria:
“Our journey is not over, but our direction is clear. The worst is behind us. The real impact of our governance objectives is beginning to take hold. Together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
He called on all citizens to stay the course, promising that the reforms underway are already yielding results and will secure a better future for generations to come.
ADEOLA KUNLE
