President Bola Ahmed Tinubu has announced that the most challenging phase of his administration’s reforms is behind Nigeria, assuring citizens that the nation is now on a steady path toward economic stability and inclusive growth.
In a nationwide address commemorating the second year of his government, President Tinubu commended Nigerians for their endurance and patience amid significant economic and structural reforms. He noted that the difficult adjustments, including the removal of fuel subsidies and the unification of the foreign exchange rate, are beginning to show positive outcomes such as slowing inflation, rising foreign reserves, and an improved national debt profile.
“With God’s grace, we believe the toughest period is over,” the President declared during his hour-long speech. “The tangible results of our policy initiatives are now taking effect.”
Economic Recovery Making Headway
President Tinubu shared key economic indicators, stating that Nigeria’s fiscal deficit narrowed from 5.4% of GDP in 2023 to 3.0% in 2024. He credited this to increased government revenue, a crackdown on opaque tax exemptions, and over $8 billion in investments within the oil and gas sector.
He further revealed that Nigeria’s net external reserves climbed from $4 billion in 2023 to more than $23 billion by the close of 2024.
“Our economy is now stabilised, positioned for growth, and more resilient against global economic shocks,” he asserted, adding that the Central Bank has ceased the inflationary financing practice known as ‘Ways & Means.’
Tinubu also emphasized reforms in tax administration, which raised the tax-to-GDP ratio from 10% to over 13.5% within a year—a shift he described as “remarkable” and indicative of a more transparent and growth-focused tax system.
To protect vulnerable Nigerians, the President highlighted policies such as the exemption of essential goods and services from VAT, alongside relief for public transport, housing rent, and renewable energy users.
Security and Health Improvements
On security, Tinubu reported progress, particularly in the Northwest, where military operations have led to safer roads and the return of farmers to their lands.
“We will maintain vigilance. Every Nigerian deserves to live without fear,” he affirmed.
The President also highlighted advancements in healthcare, including the revitalization of over 1,000 primary health centers and the establishment of a cancer treatment network. He noted that more than 4,000 women benefited from free cesarean sections through the Presidential Maternal Health Initiative, and that health insurance coverage expanded from 16 million to 20 million people during his tenure.
Youth Empowerment, Infrastructure, and Cultural Diplomacy
Tinubu underscored the role of young Nigerians in driving national development, pointing to investments in technology hubs, innovation parks, and support for small and medium-sized enterprises. He praised the National Agency for Science and Engineering Infrastructure (NASENI) as a successful model of reform.
Infrastructure projects across Nigeria’s six geopolitical zones, such as the Lagos-Calabar Coastal Highway, the Second Niger Bridge Access Road, and the Abuja-Kaduna-Zaria-Kano dual carriageway, were also highlighted.
Additionally, Tinubu announced plans for the upcoming Motherland Festival, a cultural event designed to showcase Nigeria’s creative industries and strengthen ties with the African diaspora globally.
“This event will celebrate our rich heritage and demonstrate Nigeria’s leadership in Africa and commitment on the world stage,” he said.
Looking Ahead
Concluding his speech, President Tinubu acknowledged the sacrifices made by Nigerians and expressed confidence about the country’s future.
“Our journey continues, but our direction is clear, as is our commitment to confront challenges head-on,” he said. “Together, we will build a stronger, more inclusive Nigeria we can all take pride in.”
As the administration moves into its next phase, many Nigerians remain hopeful yet cautious, eager to see if these reforms will translate into real improvements for those still grappling with rising living costs.
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