Eric Patrick
President Bola Ahmed Tinubu has declared that Nigeria is on the path to economic recovery and transformation, citing major reforms and renewed investments as proof that his administration’s tough decisions are yielding results.
Marking the second anniversary of his administration, Tinubu addressed the nation on Thursday from the Presidential Villa, reflecting on the challenges, reforms, and progress under his “Renewed Hope Agenda.”
“It has been a journey of bold decisions and necessary sacrifices, but together, we have begun the process of turning the tide,” Tinubu said in a statement shared via his official social media handles.
Reforms Rooted in Necessity
The President recalled the “historic challenges” he inherited in 2023, citing a looming fiscal crisis that demanded swift and bold action. Among the first measures were the removal of fuel subsidies and the unification of the foreign exchange market — policies that initially triggered hardship but, he insisted, were necessary.
“The only alternative to these reforms was a fiscal crisis that would have bred runaway inflation, debt default, and economic freefall,” Tinubu said.
“Today, I proudly affirm that our economic reforms are working.”
He pointed to signs of economic recovery: easing inflation, stabilising food prices, a rebound in the oil sector, and renewed investor confidence. In 2025 alone, Nigeria recorded over $8 billion in new investments, while the fiscal deficit dropped from 5.4% of GDP in 2023 to 3.0% in 2024.
Notably, First News had earlier reported that Nigeria had cleared its International Monetary Fund (IMF) debts and grown its external reserves by nearly 500%, rising from $4 billion to over $23 billion.
Revenue, Taxes, and a New Economic Architecture
Tinubu highlighted improved revenue performance and greater fiscal transparency as key wins. In Q1 2025, the federal government recorded over ₦6 trillion in revenue.
He also touted a jump in Nigeria’s tax-to-GDP ratio from 10% to 13.5% by the end of 2024 — a result of sweeping tax reforms. These include streamlining levies, offering exemptions for essential services (health, rent, education, energy), and launching a new Tax Ombudsman to protect vulnerable taxpayers.
“These policies are not just about revenue,” Tinubu explained.
“They are about inclusive growth, equity, and protecting the most vulnerable.”
Security and Infrastructure: Progress on All Fronts
The President reported improved national security, attributing recent gains to enhanced collaboration and intelligence-sharing among security agencies.
“In parts of the northwest once controlled by bandits, order has been restored. Highways previously considered unsafe are now secure,” he said.
He praised the sacrifices of the nation’s security forces, reaffirming that “protecting our people remains our utmost priority.”
On infrastructure, Tinubu listed ongoing major projects across all six geopolitical zones, including:
Abuja–Kaduna–Kano Expressway
Lagos–Calabar Coastal Highway
Access roads to the Second Niger Bridge
READ ALSO: Tinubu’s Borrowing Spree Mortgaging Nigeria’s Future — Atiku
He also cited upgrades to over 6,500 primary healthcare centres and new federal initiatives offering free dialysis and maternal healthcare services.
Youth, Innovation, and Education in Focus
Tinubu placed significant emphasis on empowering young Nigerians, positioning technology and innovation as the foundation of national growth.
Through the National Agency for Science and Engineering Infrastructure (NASENI), projects such as Innovate Naija, asset restoration, and female drone engineer training are creating jobs and advancing industrialisation.
He also noted progress under the new student loan scheme and government-backed support for MSMEs and skill acquisition programs.
Agriculture and Energy Security
Reiterating agriculture as a cornerstone of his agenda, Tinubu noted that mechanised farming and wider access to fertilisers and tools have boosted production.
In the energy sector, investments in both on-grid and off-grid solutions — particularly solar — are aimed at improving nationwide reliability.
Tourism, Diaspora, and Global Outlook
Looking outward, Tinubu announced policies designed to deepen engagement with the diaspora. These include:
A diaspora bond
Introduction of a non-resident BVN to encourage investment
He said Nigeria’s upcoming hosting of the Pan-African Cultural Festival will showcase the nation’s heritage and foster international collaboration.
A Message of Unity and Optimism
As he concluded his address, Tinubu reaffirmed his commitment to national unity, inclusive development, and bold leadership.
“Together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
First News Analysis
President Tinubu’s speech was a clear attempt to solidify public confidence in his administration’s economic and social policies. While key macroeconomic indicators show improvement, economic analysts maintain that the real test lies in how quickly these reforms translate into tangible relief for ordinary Nigerians.
With two years remaining in his tenure, expectations are high for Tinubu to move from stabilisation to broad-based prosperity.