By Ayomide Otitoju
President Bola Ahmed Tinubu on Wednesday marked the second anniversary of his administration with a national address, outlining key achievements, reaffirming the government’s economic and social reform agenda, and acknowledging the resilience of Nigerians amid ongoing challenges.
In a speech delivered to commemorate the anniversary of his swearing-in on May 29, 2023, President Tinubu described the past two years as a period of “bold reforms and determined nation-building,” and asserted that the economic transformation agenda is beginning to yield results.
“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination,” Tinubu stated.
Reform-Driven Economic Stabilisation
Highlighting major policy shifts, the President pointed to the removal of fuel subsidies and the unification of foreign exchange windows as pivotal reforms necessary to avert a fiscal collapse.
“These two policies were essential to rescue our economy from the precipice. The subsidy regime and multiple FX windows had become unsustainable,” he said.
According to Tinubu, these moves, though initially painful, helped stabilise the macroeconomic environment, with inflation beginning to ease and staple food prices such as rice reportedly declining.
The President noted that crude oil sector recovery is underway, citing a 400% increase in rig counts and over $8 billion in new investments. He said fiscal discipline has improved, with a deficit reduction from 5.4% of GDP in 2023 to 3.0% in 2024, and Q1 revenue in 2025 topping N6 trillion.
Tinubu also confirmed that the federal government had ended Ways & Means financing from the Central Bank, helping contain inflation. Nigeria’s external reserves, he added, had grown from $4 billion in 2023 to over $23 billion by end-2024.
Tax Reforms and Economic Inclusion
The President praised his administration’s tax reform programme, which increased the tax-to-GDP ratio from 10% to 13.5% in one year. Measures included eliminating multiple taxation and VAT exemptions for food, education, and healthcare.
“Rent, public transport, and renewable energy will also be VAT-exempt to further reduce household costs,” he said, adding that new transparent incentives will focus on technology, manufacturing, and agriculture.
A Tax Ombudsman will soon be established to ensure fair treatment, particularly for small businesses.
Youth Empowerment and Infrastructure
Tinubu reiterated his commitment to youth empowerment and innovation. He cited landmark projects led by NASENI, including electric vehicle assembly, the launch of a diagnostic kit factory, and drone engineer training for young women.
Through initiatives like Innovate Naija and Irrigate Nigeria, the administration aims to create jobs and industrialise the economy. “This is the movement we promised—a government powered by the energy of young Nigerians,” he said.
Infrastructure projects were also highlighted, including nationwide road construction such as the Lagos-Calabar Coastal Highway and the Abuja-Kaduna-Zaria-Kano corridor.
In energy, Tinubu cited progress in boosting generation capacity, improving transmission infrastructure, and expanding solar power access.
Gains in Healthcare and Education
The President said over 1,000 primary healthcare centres (PHCs) are being revitalised, with 5,500 more underway. He announced free dialysis in select tertiary hospitals and expanded health insurance coverage from 16 million to 20 million enrollees.
In education, the student loan scheme and infrastructure development aim to support indigent students and widen access to quality schooling.
Security and National Unity
On national security, Tinubu acknowledged continued threats but claimed significant improvements in military coordination and intelligence gathering. He praised the armed forces and assured Nigerians of continued vigilance.
“In areas of the Northwest, our armed forces have restored order and farmers have returned to their lands,” he said.
He reaffirmed that every Nigerian deserves to live free from fear, adding that more inter-agency collaboration has been mandated to combat insecurity.
Looking Ahead
Looking to the future, Tinubu said Nigeria is preparing to host the “Motherland Festival,” aimed at showcasing its culture, tourism, and creativity to the global community.
He also praised the Nigerian diaspora and introduced policies such as diaspora bonds and non-resident BVNs to foster greater investment and engagement.
“Our journey is not over, but our direction is clear,” the President concluded. “The worst is behind us. The future is bright, and together we will build a stronger, more inclusive Nigeria.”
