President Bola Ahmed Tinubu has declared that his administration has made “undeniable progress” as he marked the second anniversary of his presidency. In a nationwide statement on Wednesday, the President defended his administration’s bold economic reforms, highlighting strides in fiscal discipline, security, infrastructure, health, and youth empowerment.
Addressing Nigerians, Tinubu reflected on the challenges his government inherited and the tough decisions made to prevent the country from economic collapse. Chief among those decisions were the removal of the fuel subsidy and the unification of the multiple foreign exchange windows.
“It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows,” Tinubu said.
Economic Reform and Progress
President Tinubu said his administration’s economic reforms have begun to yield positive results, including easing inflation and increased investor confidence.
According to him, Nigeria’s oil and gas sector has seen a 400% increase in rig count in 2025 compared to 2021, with over $8 billion in new investments. He also noted a rise in state government revenue, improved fiscal stability, and the end of deficit-financing through Ways and Means borrowing.
The President highlighted that Nigeria’s debt servicing-to-revenue ratio has dropped significantly, while external reserves have surged from $4 billion in 2023 to over $23 billion by the end of 2024.
“We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks,” he said.
Tax Reforms and Social Protections
Tinubu celebrated a major leap in Nigeria’s tax-to-GDP ratio, from 10% to over 13.5% in one year. He attributed this to reforms that have broadened the tax base while protecting low-income earners.
He announced VAT exemptions for essential goods and services such as food, education, healthcare, public transportation, and rent. He also introduced a Tax Ombudsman to protect small businesses and vulnerable taxpayers.
“These reforms are not just about revenue but about stimulating inclusive economic growth,” Tinubu stated.
Infrastructure and Agriculture
Tinubu emphasized infrastructure development as a critical area of achievement. He cited ongoing road construction projects across all geopolitical zones and investments in the power sector, particularly in solar and off-grid electricity.
On agriculture, the President said the government has launched aggressive initiatives to support farmers, stabilize food prices, and promote mechanized farming.
Health and Education
The President noted major developments in the health sector, including the revitalization of over 1,000 primary healthcare centres and upgrades to 5,500 more. He said three of six planned cancer centres are ready and revealed that over 4,000 women had undergone free cesarean sections under the Presidential Maternal Health Initiative.
Health insurance coverage, he said, has grown from 16 million to 20 million people in two years.
In education, he highlighted the launch of a student loan scheme and investments in school infrastructure, especially for indigent students in tertiary institutions.
Youth Empowerment and Innovation
Tinubu spotlighted the transformation at the National Agency for Science and Engineering Infrastructure (NASENI), citing programs such as Innovate Naija, Irrigate Nigeria, and NASCAV—an initiative training female drone engineers.
“These initiatives are creating jobs, restoring dignity to work, and opening up a future of possibilities for our youth,” he said.
Security
Tinubu reaffirmed his administration’s commitment to national security, noting improved coordination among security agencies, better welfare for personnel, and successful operations that have reclaimed communities from bandits in the northwest.
“Highways, hitherto dangerous for travellers, have become safer. Farmers are back tilling the land,” he noted, promising continued vigilance against emerging threats.
Diaspora Engagement and Culture
The President announced plans for the upcoming Motherland Festival, which will bring together Africans from across the globe to celebrate Nigeria’s cultural wealth, creativity, and tourism potential.
He also unveiled new policies to engage the Nigerian diaspora, including a diaspora bond and a non-resident Bank Verification Number (BVN) to encourage investment and national participation.
A Look Ahead
Tinubu acknowledged the difficulties many Nigerians have faced, especially with the rising cost of living, but insisted that the economic direction is the right one.
“The only alternative to the reforms we initiated was a fiscal crisis… The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of,” he concluded.
The President ended his address by thanking Nigerians for their resilience and belief in the Renewed Hope Agenda, promising continued action and progress in the remaining two years of his tenure.
