President Bola Ahmed Tinubu on Wednesday delivered a national address to commemorate the second anniversary of his administration, highlighting significant reforms and progress while acknowledging the ongoing challenges facing Nigerians.
In a speech laden with reflection and resolve, President Tinubu praised Nigerians for their “resilience and undaunting spirit” since he assumed office in 2023.
He reaffirmed his commitment to economic recovery, security, human capital development, and national unity under the “Renewed Hope Agenda.”
“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges,” Tinubu said.
“Together, we have faced these headwinds with courage and determination.
The president defended two of his most controversial early policy decisions—ending the fuel subsidy and unifying the foreign exchange market—describing them as “necessary” to rescue the country from fiscal collapse.
He noted that these reforms have led to improved revenue, fiscal stability, and renewed investor confidence.
According to Tinubu, Nigeria’s inflation rate has begun to ease, crude oil revenue is stabilizing, and state governments are now financially stronger due to increased federal allocations.
“We are on course to building a greater, more economically stable nation,” he said. “Our economic reforms are working.”
The president highlighted a sharp reduction in the fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024, a 500% increase in external reserves, and the elimination of “wasteful” subsidies and opaque tax waivers.
Tinubu announced a rise in Nigeria’s tax-to-GDP ratio from 10% to over 13.5% in just one year, describing it as a “remarkable leap.”
He outlined plans to make the tax system more inclusive by exempting essentials like food, education, and healthcare from VAT, and removing burdensome taxes for small businesses.
The establishment of a Tax Ombudsman to protect low-income taxpayers, and incentives for critical sectors such as manufacturing and tech, were also emphasized as part of the administration’s broader strategy to stimulate inclusive growth.
Youth empowerment and healthcare were also focal points. The president listed ongoing revitalization of over 1,000 primary healthcare centres, free dialysis services in some hospitals, and expanded health insurance coverage as notable achievements.
He highlighted innovative youth-focused programs under NASENI, such as the training of female drone engineers and the assembly of electric vehicles, aimed at industrial transformation and job creation.
Tinubu assured Nigerians of his administration’s continued commitment to tackling insecurity, saying collaborative efforts among security agencies have led to restored order in several conflict-prone regions.
“Every Nigerian deserves to live without fear,” he declared.
The president cited progress in national road construction projects across all geopolitical zones, along with plans to boost electricity generation and invest in solar power.
He also teased the upcoming Motherland Festival, designed to showcase Nigeria’s culture and attract global engagement.
He acknowledged the role of the Nigerian diaspora and unveiled policies like the Diaspora Bond and Non-resident BVN, intended to boost their participation in national development.
Tinubu concluded his address on an optimistic note, asserting that the “worst is behind us” and that the country is on a clear path to inclusive progress.
“Our journey is not over, but our direction is clear,” he said. “Together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”