President Bola Tinubu addressed the nation on Thursday, celebrating the second anniversary of his administration and reflecting on the significant strides made in steering Nigeria towards socio-economic development amidst numerous challenges.
In his speech, President Tinubu acknowledged the resilience and spirit of the Nigerian people, who entrusted him with leadership at a time of historic difficulty. He emphasized the necessity for bold reforms, particularly the removal of long-standing fuel subsidies and the chaotic foreign exchange regime, which he described as unsustainable and detrimental to the nation’s future.
The President asserted that these reforms are beginning to yield positive results. He pointed to a reduction in inflation, with prices of staples like rice declining and a significant recovery in the oil and gas sector, with investment inflows surpassing $8 billion. “Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” he stated.
Tinubu provided an overview of the nation’s economic performance, highlighting a narrowing fiscal deficit and improved revenue generation, with total revenues exceeding N6 trillion in the first quarter of 2025. Notably, he announced that the country’s debt service-to-revenue ratio has drastically dropped from nearly 100% in 2022 to below 40%, showcasing progress in managing the nation’s finances.
The administration’s tax reform agenda was also highlighted, with the tax-to-GDP ratio reportedly jumping from 10% to over 13.5%. The President underscored efforts to ease the financial burden on citizens by reducing Value Added Tax (VAT) on essential goods, further supporting low-income households.
On the health front, Tinubu revealed that over 1,000 primary health centers are being revitalized and new cancer treatment centers have been established in efforts to improve healthcare access. He noted that health insurance coverage has expanded significantly within the two-year timeframe of his administration.
In discussing security, the President hailed the improved collaboration among security agencies and celebrated recent successes in combating banditry, allowing farmers to return to their farms and secure highways for travelers. He reiterated the government’s commitment to ensuring safety and security for all Nigerians.
Moreover, Tinubu emphasized the importance of human capital development, outlining initiatives aimed at expanding educational access, empowering the youth, and enhancing agricultural production to achieve food security. He shared plans for various infrastructure projects across the country aimed at boosting economic growth and connectivity.
The upcoming Motherland Festival was introduced as a pivotal event to showcase Nigeria’s rich cultural heritage and promote tourism and investment, highlighting the role of the Nigerian diaspora in the nation’s transformation.
Concluding his address, President Tinubu expressed gratitude for the sacrifices of Nigerians during this period of reform and reaffirmed his administration’s dedication to tackling emerging challenges, ensuring that the nation is on a trajectory towards a brighter and more inclusive future.
“Together, we will build a stronger, more inclusive Nigeria that we can all be proud of,” he declared.