By Chioma Amajor
President Bola Ahmed Tinubu, in a national broadcast on Wednesday, marked the second anniversary of his administration with a confident declaration that his government’s bold economic reforms are beginning to yield tangible results, even as he acknowledged the sacrifices made by Nigerians over the past two years.
In his address to the nation, President Tinubu highlighted key achievements under his administration’s Renewed Hope Agenda, emphasizing the discontinuation of the fuel subsidy and the unification of the foreign exchange market as two foundational steps taken to stabilize the economy and prevent a looming fiscal crisis.
“It was apparent that if the federal government and the other two tiers of government must remain viable and cater to citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows,” Tinubu said.
He noted that while the policies initially caused economic discomfort and rising inflation, Nigeria is now on a path toward long-term stability and prosperity.
Economic Indicators Show Improvement
President Tinubu said recent economic data affirms that the country is moving in the right direction:
Inflation is easing, with staple food prices like rice beginning to decline.
The oil and gas sector has recorded over $8 billion in new investments and a 400% increase in rig counts in 2025.
The naira has stabilized, while external reserves have grown from $4 billion in 2023 to over $23 billion at the end of 2024.
Federal revenue exceeded ₦6 trillion in Q1 2025, with states recording over ₦6 trillion in revenue in 2024.
Tinubu also announced a sharp reduction in the fiscal deficit, from 5.4% of GDP in 2023 to 3.0% in 2024, and the elimination of Central Bank overdrafts through the Ways and Means facility — a major inflation driver in previous administrations.
Tax Reforms for Fairness and Growth
On tax policy, the president said his administration is working to make the system more equitable:
Tax-to-GDP ratio rose from 10% to 13.5% in 2024.
0% VAT now applies to basic goods and services such as food, healthcare, and education.
Exemptions have also been extended to rent, public transport, and renewable energy.
A new Tax Ombudsman will be created to address citizens’ concerns, while a national Fiscal Policy and Tax Reform Committee will soon unveil a comprehensive fiscal framework.
“These reforms are designed to reduce the cost of living, promote economic justice, and build an inclusive, investment-friendly economy,” Tinubu stated.
Sectoral Achievements: Health, Minerals, and Growth
In the healthcare sector, Tinubu revealed the revitalization of 1,000 Primary Healthcare Centres (PHCs) across the country, with another 5,500 undergoing upgrades. Additional milestones include:
Completion of 3 out of 6 planned cancer treatment centres.
Over 4,000 free caesarean sections conducted under the Presidential Initiative for Maternal and Child Health.
Free and subsidized dialysis services in government hospitals.
Health insurance coverage expanded from 16 million to 20 million Nigerians.
In the solid minerals sector, the administration has moved away from raw exports to value-added processing, leading to increased revenue and investor confidence.
On economic growth, Tinubu noted a 4.6% GDP growth rate in Q4 2024, with an overall annual growth of 3.4%, marking one of Nigeria’s strongest performances in a decade.
Security and Patriotism
Touching on national security, Tinubu commended the armed forces, police, and intelligence agencies for their dedication to keeping the nation safe, often under challenging circumstances.
“Our commitment to national security remains unwavering,” he said, citing increased intelligence-led operations and better inter-agency collaboration.
A Call for Unity and Patience
President Tinubu concluded his address by thanking Nigerians for their patience and resilience, reiterating his administration’s commitment to building a stronger, fairer, and more prosperous nation for all.
“We understand the challenges and have chosen the path of difficult but necessary decisions. These reforms are setting the foundation for a Nigeria where prosperity is shared, dignity is preserved, and every citizen has the opportunity to thrive.”
