President Bola Ahmed Tinubu, in a national broadcast marking the second anniversary of his administration, praised Nigerians for their resilience and declared that his bold economic reforms are beginning to pay off.
In a speech heavy on progress reports and optimism, Tinubu defended the controversial removal of fuel subsidies and unification of the foreign exchange market two policies he said were essential to “rescue Nigeria from the brink.”
“It was a chokehold on our nation’s future. Without these reforms, we would be facing runaway inflation, debt default, and economic free fall.” He said.
Reforms Delivering Results, Says Presidency
Tinubu pointed to a series of economic wins:
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Inflation is easing, with staple food prices like rice on the decline.
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Oil rig activity surged over 400% since 2021.
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Nigeria attracted $8 billion in new oil and gas investments in 2025 alone.
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Fiscal deficit shrank from 5.4% of GDP in 2023 to 3.0% in 2024.
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Over ₦6 trillion in revenue was recorded in Q1 2025.
He also stated that Nigeria’s external reserves grew nearly 500%, from $4 billion in 2023 to $23 billion by the end of 2024 and said the government has fully repaid its IMF debts.
Tax Overhaul, Fuel Deregulation, and Ending Ways & Means
The president touted a revamped tax system, which raised the tax-to-GDP ratio from 10% to 13.5% in one year. Low-income Nigerians are being shielded, he said, with essential goods, rent, and public transport now exempt from VAT.
He promised transparency through the creation of a Tax Ombudsman and insisted that “wasteful, opaque tax waivers are over.”
On fuel, Tinubu said ending subsidies has turned the NNPC into a contributor to national revenues and improved fuel supply security via local refining.
Security Gains, Healthcare Boosts, and a Nod to Youth
Tinubu praised Nigeria’s armed forces for pushing back against banditry, restoring order in parts of the northwest, and making highways safer. “Farmers are back on the land,” he said, “and Nigerians are traveling with less fear.”
On health, the president announced:
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Revitalization of 1,000+ Primary Health Centres.
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Free dialysis at select hospitals.
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4,000+ free cesarean sections under a maternal health initiative.
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Health insurance coverage expanded from 16 to 20 million people.
Youth and Innovation Take Centre Stage
Youth empowerment was a recurring theme. Tinubu highlighted the role of NASENI, which now leads initiatives in electric vehicle assembly, drone engineering, and diagnostics manufacturing.
He pledged continued support for small businesses and digital job creation, backed by friendlier tax policies and export incentives.
Infrastructure, Energy, and the Road Ahead
Major road projects are underway nationwide, Tinubu said, naming the Abuja-Kano and Lagos-Calabar highways among others. In power, efforts to improve transmission and solar off-grid systems are ongoing.
Agriculture is also receiving a major push, with new tractors, tools, and fertilizer to boost food security.
Looking Ahead: “The Worst Is Behind Us”
With Nigeria set to host the inaugural Motherland Festival, Tinubu framed it as a cultural moment of pride, saying it will showcase the country’s creative power and unity to the world.
He concluded:
“The worst is behind us. The future is bright. Together, we will build a stronger, more inclusive Nigeria.”
