President Bola Tinubu marked the second anniversary of his administration on Thursday with a nationwide address highlighting major economic reforms, improved security, and renewed national confidence. Speaking from Aso Rock, the President expressed gratitude to Nigerians for their resilience and reaffirmed his commitment to steering the nation toward sustainable growth and unity.
Reflecting on the state of the nation two years ago, Tinubu said the country faced historic economic challenges that necessitated bold reforms, including the removal of fuel subsidies and the unification of foreign exchange rates. According to him, these policies were critical to saving the country from economic collapse.
“The two policies were no longer sustainable and had become a chokehold on our nation’s neck,” he stated.
The President said that despite the initial difficulties and the rising cost of living, the reforms are yielding results. He cited a gradual reduction in inflation, declining staple food prices, and increasing investments in the oil and gas sector. Tinubu revealed that rig count had risen by over 400% compared to 2021, with over $8 billion in new investments recorded.
He noted that the fiscal deficit dropped from 5.4% of GDP in 2023 to 3.0% in 2024, and revenue generation exceeded N6 trillion in the first quarter of 2025. The discontinuation of Ways and Means financing and the redirection of NNPC funds into the Federation Account were also highlighted as major fiscal wins.
The President also emphasized Nigeria’s growing external reserves, which he said had surged from $4 billion in 2023 to over $23 billion by the end of 2024. He praised state governments for leveraging increased revenue to meet salary and pension obligations and invest in infrastructure.
A key milestone, Tinubu said, was the success of his administration’s tax reforms. The tax-to-GDP ratio rose from 10% to 13.5%, aided by measures that improved fairness and efficiency in the system. He announced VAT exemptions on essential goods and services, rent, public transport, and renewable energy, aimed at easing the financial burden on households.
“The era of wasteful and opaque tax waivers is ending,” the President affirmed, adding that targeted incentives would now support manufacturing, technology, and agriculture.
On security, Tinubu praised the efforts of Nigeria’s armed forces and security agencies, stating that improved intelligence and inter-agency collaboration had led to significant gains. He cited the restoration of peace in parts of the northwest and the safe return of displaced farmers as evidence of progress.
“We shall remain vigilant. Every Nigerian deserves to live without fear,” he vowed.
In the health sector, Tinubu highlighted the revitalization of over 1,000 Primary Health Centres, with plans to upgrade an additional 5,500 under the Renewed Hope Health Agenda. He announced the establishment of six cancer treatment centres, free dialysis in pilot hospitals, and a rise in health insurance coverage from 16 million to 20 million Nigerians in two years.
The President also celebrated growth in the economy, with real GDP up 4.6% in Q4 2024 and full-year growth at 3.4% — the highest in nearly a decade.
He underscored major progress in infrastructure, including expansive road construction across geopolitical zones, improvements in electricity supply, and investment in solar energy. He also reiterated the government’s focus on education, youth empowerment, and the digital economy.
Programs like Innovate Naija, Irrigate Nigeria, and NASENI’s digital transformation were singled out for their contributions to job creation, industrialisation, and youth involvement in governance.
Agriculture and food security remain top priorities, the President said, pointing to large-scale procurement of tractors and fertilizers, and policies designed to boost mechanised farming.
Looking ahead, Tinubu said Nigeria is preparing to host the Motherland Festival, a major cultural and tourism event that will showcase the country’s heritage, innovation, and global leadership. He acknowledged the importance of the Nigerian diaspora and welcomed their growing engagement through new policies and investment instruments.
Concluding his address, the President acknowledged the sacrifices of Nigerians and promised that “the worst is behind us.”
“Our journey is not over, but our direction is clear. The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of,” he said.
President Tinubu signed off with a blessing for the nation: “May God continue to bless the Federal Republic of Nigeria.”