President Bola Ahmed Tinubu has declared that his administration has rescued Nigeria from the brink of collapse, citing bold economic and structural reforms implemented in his first two years in office.
In a national broadcast to mark his second anniversary in office on May 29, 2025, the president reflected on his administration’s efforts to stabilize the economy, tackle insecurity, and set the country on a path to sustainable growth.
“Two years ago, you entrusted me with the sacred responsibility to lead at a time of historic challenges,” Tinubu said. “Together, we have faced these headwinds with courage and determination.”
Fuel Subsidy Removal & Forex Unification: ‘Hard But Necessary’
Tinubu defended his early decisions to remove the fuel subsidy and unify the exchange rate, calling them painful but essential steps to prevent economic collapse.
“The fuel subsidy and multiple exchange rates were a chokehold on the nation’s future,” he said. “They were unsustainable.”
Despite backlash from citizens over increased living costs, Tinubu claimed the reforms are now yielding results.
Economic Highlights Shared by Tinubu:
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Real GDP growth reached 4.6% in Q4 2024, with annual growth at 3.4%—the highest in a decade.
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Inflation is easing, with staple food prices such as rice beginning to decline.
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Over $8 billion in new oil and gas investments recorded; rig counts up 400% from 2021.
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External reserves rose from $4B in 2023 to over $23B in 2024.
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Debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% in 2024.
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Fiscal deficit narrowed from 5.4% to 3.0% of GDP within a year.
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Tax-to-GDP ratio climbed from 10% to 13.5% in 2024.
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Creation of a Tax Ombudsman to protect small businesses and ensure fairness.
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Zero VAT on food, education, healthcare, rent, public transport, and renewable energy.
“We have stabilized our economy and positioned Nigeria for resilient growth,” Tinubu stated.
Progress in Health, Education & Infrastructure
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1,000+ Primary Health Centres revitalized; 5,500 more underway.
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Six cancer treatment centers under construction (three ready).
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Free cesarean sections for 4,000+ women via the Presidential Maternal Health Initiative.
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Health insurance expanded to 20 million Nigerians.
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Launch of a student loan scheme to boost tertiary education access.
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Support for MSMEs and digital jobs as part of youth empowerment.
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NASENI assembling electric vehicles and training drone engineers.
Massive Infrastructure & Energy Projects
Under the Renewed Hope Agenda, major road projects are ongoing nationwide:
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Lagos-Calabar Coastal Highway
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Abuja-Kaduna-Zaria-Kano Road
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Enugu-Onitsha and Enugu-Port Harcourt Expressways
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Second Niger Bridge Access Road
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Bodo-Bonny Road
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And others across all six geo-political zones
Energy initiatives include:
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Upgrades to power generation and transmission
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Off-grid solar projects to serve homes, schools, and hospitals
Security & Stability Efforts
Tinubu said increased collaboration and intelligence-led operations have helped restore order in parts of the North-West once overrun by bandits.
“Highways once considered unsafe are now passable. Farmers are returning to their fields,” he said. “We owe our security forces immense gratitude.”
Looking Ahead: Motherland Festival & Diaspora Engagement
The president announced plans to host the Motherland Festival, a global cultural and tourism event to showcase Nigeria’s heritage and engage the diaspora.
To boost diaspora involvement, Tinubu introduced:
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Diaspora Bonds
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Non-resident Bank Verification Number (BVN)
“Nigeria is ready to lead in Africa and engage the world with renewed confidence,” he concluded.
Opposition Criticism
Despite the president’s claims, opposition parties were quick to criticize his mid-term performance.
The PDP called his tenure a “monumental disaster”, while the Labour Party accused the administration of plunging the country into “untold hardship.”
