NIGERIA: Tinubu Marks Second Anniversary In Office, Says ‘Our Economic Reforms Are Working’

By Onoja Baba, Nigeria 

Nigerian President Bola Ahmed Tinubu has declared that his administration’s economic reforms are “working” and have placed Nigeria on a more stable path, as he marked the second anniversary of his administration on Thursday.

In a nationwide address commemorating two years in office, the president hailed what he described as “undeniable progress” achieved under his leadership.

He highlighted the ‘progress’ achieved, especially in stabilising the economy, improving national security, and laying the groundwork for inclusive growth through bold reforms.

“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation. Despite the bump in the cost of living, we have made undeniable progress,” Tinubu said in the State House statement.

He highlighted his early decision to remove fuel subsidies and unify the foreign exchange market as tough but necessary choices that rescued the country from “a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in free fall.”

According to Tinubu, inflation is easing, food prices, particularly rice, are beginning to decline, and the oil and gas sector has seen a 400% increase in rig counts compared to 2021.

He added that over \$8 billion in new oil investments have been secured in 2025 alone.

The president noted that Nigeria’s fiscal deficit narrowed from 5.4% of GDP in 2023 to 3% in 2024, with revenue topping N6 trillion in the first quarter of 2025.

“The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account,” he stated.

In a bid to strengthen state capacity, Tinubu said that state governments collectively increased revenue by N6 trillion in 2024, allowing them to meet salary and pension obligations and invest in infrastructure.

He pointed to progress in debt management, disclosing that Nigeria had paid off its IMF obligations and increased external reserves nearly fivefold from \$4 billion in 2023 to \$23 billion by the end of 2024.

The president also lauded a “bold tax reform agenda,” which he said raised Nigeria’s tax-to-GDP ratio from 10% to 13.5% in just one year.

He unveiled measures aimed at shielding low-income households, including 0% VAT on essential goods and services such as food, education, healthcare, and exemptions for rent, transportation, and renewable energy.

He announced the creation of a Tax Ombudsman to protect vulnerable taxpayers and ensure fairness, and reaffirmed plans to establish a national fiscal policy framework to guide taxation, borrowing, and spending.

“We are creating a system where prosperity is shared and no one is left behind,” he declared.

The president also cited infrastructural achievements including road projects like the Abuja-Kaduna-Zaria-Kano dual carriageway, Lagos-Calabar Coastal Highway, and Enugu-Port Harcourt Expressway, among others.

On national security, Tinubu credited enhanced collaboration and intelligence-led operations for recent successes, particularly in bandit-prone areas of the northwest.

“Highways, hitherto dangerous for travellers, have become safer,” he said.

The government has revitalised over 1,000 Primary Health Centres (PHCs) and is upgrading 5,500 more.

Tinubu said the administration has increased health insurance coverage from 16 to 20 million people, established new cancer centres, and provided free dialysis and maternal care services.

He cited a 4.6% GDP growth in Q4 2024 and 3.4% full-year growth, “one of the strongest in a decade,” as further proof of recovery.

In education, he pointed to the student loan scheme and youth-focused initiatives like Innovate Naija and the NASENI-powered Renewable Energy and Innovation Park. “We are empowering the next generation and restoring dignity to work,” Tinubu said.

Under the Renewed Hope Agenda, he said the government has distributed thousands of tractors and fertilisers to support mechanised farming. He also cited ongoing investments in solar and off-grid energy to improve power supply.

President Tinubu concluded with a renewed call for unity and patience, saying the administration remains committed to steering Nigeria “towards shared prosperity, stability, and national renewal.”

“Together, we are creating the Nigeria we all desire—secure, stable, prosperous, and full of hope,” he said.