Fellow Nigerians, as we gather to commemorate the second year of this administration, I extend my deepest respect for your resilience and unbreakable spirit. Two years ago, you placed your trust in me to lead our country through a period marked by profound challenges. Together, we have confronted those trials with courage and determination.
When I assumed office, the economic situation and broader affairs of our nation demanded urgent, decisive change. I took immediate action, introducing two critical policies to halt our country’s downward spiral. It became clear that if our government — alongside the states and local authorities — was to remain viable and truly care for our people, we had no choice but to eliminate the long-standing fuel subsidy and dismantle the corruption-plagued multiple foreign exchange windows. “The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future.”
As our administration rolled out these reforms to revive our economy and reinforce our social bonds as one united country, I remain deeply grateful to my fellow Nigerians for your unwavering support and shared belief in the vision we hold to renew the hopes and dreams of our people.
We are now at the midpoint of the journey that began twenty-four months ago. May 29, 2025, offers a timely opportunity to reflect on how far we have come and the strides we’ve made in steering Nigeria toward economic revitalisation and social progress.
At the start of this administration, driven by optimism and steadfast faith in Nigeria’s unity and advancement, I pledged — before God and my countrymen and women — to confront our national challenges head-on, rebuild trust, and work towards restoring economic prosperity. Today, I can confidently say that “our economic reforms are working. We are on course to building a greater, more economically stable nation.”
Guided by the Renewed Hope Agenda, our administration made firm promises: to tackle economic volatility, enhance security, combat corruption, reform governance systems, and lift Nigerians out of poverty.
We also remained transparent about the inevitable difficulties that would accompany these tough but necessary reforms. I want to affirm that we have never taken your patience for granted. Let me reiterate, “the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall.”
Though we’ve seen a surge in living costs, real progress has been made. Inflationary pressures are beginning to ease, with noticeable reductions in staple food prices, including rice. The oil and gas sector, too, has witnessed a remarkable turnaround, with rig counts soaring by more than 400% in 2025 compared to 2021, and over $8 billion in fresh investments secured. As a result, Nigeria’s economy is better stabilised and better equipped to weather global shocks.
Our fiscal objectives for 2025 remain on track. Crude oil revenue per barrel has kept pace with our expectations as we work hard to increase production. The fiscal deficit, once at 5.4% of GDP in 2023, has narrowed to 3.0% by 2024. This was made possible through improved revenue collection and enhanced transparency in public finance. Notably, in the first quarter of this year, revenue surpassed N6 trillion.
Additionally, we have halted Ways & Means financing, one of the significant contributors to persistent inflation in the past. “The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account.” Local refining has further strengthened our fuel supply security.
Our debt situation is improving. Though the foreign exchange revaluation pushed our debt-to-GDP ratio to approximately 53%, the debt service-to-revenue ratio has declined sharply from almost 100% in 2022 to below 40% by 2024. We’ve cleared our IMF obligations and dramatically boosted net external reserves from $4 billion in 2023 to over $23 billion by the end of 2024.
Thanks to these policies, state governments collectively saw their revenues grow by more than N6 trillion in 2024, enabling them to settle debts, meet salary and pension responsibilities, and invest more in vital infrastructure and human capital.
A significant milestone is our tax reform programme. By late 2024, Nigeria’s tax-to-GDP ratio had increased from 10% to over 13.5%, a remarkable feat achieved within a single year. This was no coincidence. It was the product of intentional improvements in tax administration and the implementation of policies aimed at creating a fairer, more effective, and growth-friendly tax regime.
We are addressing the burden of multiple taxes, making it simpler for small businesses to thrive and enter the formal economy. The reforms also aim to shield low-income families while increasing disposable income for workers. Essential services such as food, healthcare, and education now attract 0% VAT, while rent, public transport, and renewable energy solutions are fully exempted — tangible measures to ease household expenses.
Equally, we have moved away from unproductive, opaque tax waivers, opting instead for targeted, transparent incentives that directly support high-impact sectors like manufacturing, agriculture, and technology. Beyond revenue, these reforms are about driving inclusive economic expansion.
Special attention is being paid to Nigeria’s youth. “A friendlier tax environment for digital jobs and remote work will empower” them, while improved export incentives position local businesses for success on the global stage. The National Single Window project is streamlining trade processes, reducing delays, and enhancing our international competitiveness.
In a move to promote equity and fairness, a Tax Ombudsman is being established to act independently and safeguard vulnerable taxpayers, particularly small businesses, ensuring that the tax system works for all.
Moreover, a new national fiscal policy has been introduced, designed to provide a sustainable framework for fair taxation, responsible borrowing, and disciplined public spending.
These reforms are not just about economic data — they are about creating tangible, positive impacts in the lives of everyday Nigerians, cutting costs, spurring economic justice, and fostering an inclusive business environment where prosperity is genuinely shared.
Our administration has equally invigorated the solid minerals sector, seeing a significant revenue surge as investors pivot toward local processing instead of the outdated pit-to-port model.
Despite many challenges, we have transformed our healthcare sector. More than 1,000 Primary Health Centres have been revamped nationwide, with an additional 5,500 PHCs set for upgrades under the Renewed Hope Health Agenda. “Six new cancer treatment centres” are underway, with three already operational. Free dialysis services have been introduced at selected tertiary hospitals, with subsidised rates at others. Under the Presidential Maternal Health Initiative, over 4,000 free cesarean sections have been performed. Health insurance coverage has expanded from 16 million people to 20 million within just two years.
These bold, well-planned policies are showing real results. In Q4 2024, Nigeria’s real GDP growth stood at 4.6%, with an annual growth of 3.4% — among the strongest in a decade.
However, economic growth means little without safety and security. Recognising this, our government has prioritised national security. From day one, we improved collaboration among security agencies, intensified intelligence-led operations, and enhanced the welfare of security personnel. I take this moment to salute our gallant service members for their courage and sacrifice. “We may not always witness the tremendous efforts they make to keep us safe, but we benefit every day from the results of their dedication.”
Our armed forces, police, and intelligence services continue to tackle emerging security threats. Positive gains have been made, especially in the northwest, where previously lawless areas under the grip of bandits are now being reclaimed. Farmers are back in their fields, highways are becoming safer, and many abducted citizens have been rescued. I reaffirm my vow: “Every Nigerian deserves to live without fear.”
Beyond security, we’ve made human capital development a strategic focus. From infrastructure investments in education to launching a student loan scheme for underprivileged students in tertiary institutions, to healthcare initiatives targeting underserved communities, we are steadily building a more inclusive Nigeria.
Our youth empowerment schemes — including funding opportunities, skill development, and MSME support — aim to bridge inequality. At NASENI, young Nigerians are driving change through programmes like Innovate Naija and the Renewable Energy and Innovation Park. From assembling electric vehicles to Africa’s most advanced diagnostic kit factory, “this is the movement we promised — a government of action powered by the energy and innovation of young Nigerians.”
In agriculture, aggressive initiatives have been rolled out to increase local food production, mechanise farming, and ensure steady food supplies. Major road infrastructure projects are ongoing nationwide, covering key routes like the Abuja-Kaduna-Zaria-Kano Dual Carriageway, Lagos-Calabar Coastal Highway, Second Niger Bridge, and many others.
We’re equally working to improve power generation and transmission infrastructure while scaling up investments in off-grid solar solutions to power homes, businesses, hospitals, and schools.
In the spirit of unity and national rebirth, Nigeria is preparing to host the Motherland Festival — a global celebration of our rich culture, innovation, and vibrant people. This event will spotlight Nigeria’s beauty, inviting the world to rediscover and engage with our country.
We also recognise the crucial role of Nigerians in the diaspora. Policies like the diaspora bond and non-resident Bank Verification Number have been introduced to ease investment opportunities and facilitate active participation in national development.
As we look to the future, I salute the sacrifices made by Nigerians across the country. While we still have challenges ahead, our path is clear. “By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.”
The future is bright. Together, we will build a stronger, fairer, and more prosperous Nigeria that generations to come will inherit with pride.
Thank you, and may God continue to bless the Federal Republic of Nigeria.
Bola Ahmed Tinubu, Aso Rock, Abuja.
