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Fellow Nigerians,
As we mark the second anniversary of our administration, I salute your resilience and unwavering spirit. Two years ago, you entrusted me with the sacred responsibility to lead our nation through historic challenges. Together, we have faced these headwinds with courage and determination.
The economic and general state of the country I inherited required a bold new vision to redirect our affairs. I immediately implemented two critical policies to prevent Nigeria from drifting further into crisis. It became clear that for the federal government and all tiers of government to remain viable and serve citizens effectively, we had to eliminate decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows. These policies had become unsustainable and were choking the nation’s future.
While implementing reforms to restore and strengthen our economy and social fabric, I thank all Nigerians for your unrelenting support and belief in our shared vision to uplift our nation and renew our collective hopes.
Today, May 29, 2025, marks 24 months into this journey—a moment to reflect on our progress steering Nigeria towards socio-economic development.
At the start, driven by hope and faith in Nigeria’s unity, I pledged before God and fellow citizens to confront our challenges by rebuilding trust, fostering prosperity, and restoring economic health. I am proud to affirm that our reforms are working. We are on course to building a greater, more stable Nigeria.
Under our Renewed Hope Agenda, we committed to tackling economic instability, improving security nationwide, reducing corruption, reforming governance, and lifting people out of poverty.
While some difficulties remain, your patience is deeply appreciated. The alternative to these reforms would have been fiscal crisis marked by runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and economic free-fall.
Despite rising living costs, undeniable progress has been made.
Inflation is easing; rice and staple prices are declining. The oil and gas sector is recovering, with rig counts up over 400% in 2025 compared to 2021, and over $8 billion in new investments committed. Our economy is stabilizing and better positioned for growth amid global shocks.
We remain on track with fiscal targets. Gross proceeds from crude oil align with forecasts as we ramp up production. Our fiscal deficit narrowed sharply from 5.4% of GDP in 2023 to 3.0% in 2024 through improved revenue and greater financial transparency. In Q1 2025, revenue exceeded N6 trillion.
We discontinued Ways & Means financing, a major inflation driver. The NNPC, freed from fuel subsidies, is now a net contributor to the Federation Account, and fuel supply security is improving through local refining.
Our debt position is improving. Although foreign exchange revaluation raised our debt-to-GDP ratio to about 53%, the debt service-to-revenue ratio fell from nearly 100% in 2022 to under 40% in 2024. We paid off IMF obligations and increased net external reserves nearly 500%, from $4 billion in 2023 to over $23 billion in 2024.
State revenues increased by over N6 trillion in 2024, enabling subnational governments to reduce debt, pay salaries and pensions promptly, and invest in infrastructure and human capital.
One of our most impactful achievements is bold tax reform, which raised the tax-to-GDP ratio from 10% to over 13.5% in just one year. This resulted from deliberate improvements in administration and fair, growth-oriented policies.
We are eliminating multiple taxation, easing burdens on small businesses, and expanding protections for low-income households. Essential goods and services such as food, education, and healthcare now attract 0% VAT, while rent, public transport, and renewable energy are fully exempt to reduce household costs.
Wasteful, opaque tax waivers are ending, replaced by targeted incentives supporting manufacturing, technology, and agriculture sectors to stimulate inclusive growth.
Youth empowerment is central. A friendlier tax environment supports digital jobs and remote work. Export incentives enhance global competitiveness. Our National Single Window project streamlines trade, reduces delays, and boosts Nigeria’s competitiveness.
To promote fairness and accountability, we are establishing a Tax Ombudsman to protect vulnerable taxpayers and ensure the system works for all, especially small businesses.
We are laying the foundation for a sustainable future with a new national fiscal policy guiding fair taxation, responsible borrowing, and disciplined spending.
These reforms aim to reduce living costs, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian.
We have revitalized the Solid Minerals sector, boosting revenue and attracting investors who are setting up processing plants under a new value-added policy.
Our health sector is being repositioned despite challenges.
Over 1,000 Primary Health Centres are being revitalized nationwide, with 5,500 more being upgraded under the Renewed Hope Health Agenda. Six new cancer treatment centers are being established, three of which are ready. We offer free dialysis in pilot tertiary hospitals and subsidized services elsewhere. Through the Presidential Maternal Health Initiative, over 4,000 women have undergone free cesarean sections. Health Insurance Coverage has expanded from 16 million to 20 million in two years.
Thanks to these policies, the economy is strengthening. Real GDP grew by 4.6% in Q4 2024, with full-year growth of 3.4%—among the strongest in a decade.
Security remains paramount. Without a reliable national security infrastructure, our economy and way of life cannot thrive. Our administration is committed to protecting lives and property.
We have improved inter-agency collaboration, intelligence operations, and welfare for our security personnel. I salute their courage and sacrifice, which ensure our safety daily.
Our military, police, and intelligence agencies remain vigilant against emerging threats. In parts of the northwest, armed forces have restored order, allowing farmers to resume work and highways to become safer. Security agencies have successfully rescued abducted citizens. We will continue to intensify efforts to eliminate these threats—every Nigerian deserves to live without fear.
Human capital development is a central pillar of national growth.
We have expanded access to quality education through infrastructure investments and a student loan scheme for indigent tertiary students. The Renewed Hope Health initiative equips facilities and deploys skilled personnel to underserved areas while strengthening public health response and social investment programs.
Youth empowerment initiatives include funding, skills development, and job creation. MSME support bridges inequality and empowers the next generation. At the National Agency for Science and Engineering Infrastructure (NASENI), a digital-first approach with real-time dashboards and e-procurement has set new governance benchmarks.
Bold programs like Innovate Naija, Irrigate Nigeria, the Asset Restoration Programme, and the Renewable Energy and Innovation Park in Gora drive inclusive industrialization. From assembling electric vehicles to launching Africa’s most advanced Rapid Diagnostic Kit Factory and training female drone engineers, these initiatives create jobs and open new futures for youth. This is the government of action we promised, powered by Nigerian energy and innovation.
Agriculture and food security remain top priorities. We have launched initiatives to boost local food production, support farmers, and stabilize prices, including procurement of tractors, farming tools, and fertilizers.
The federal government continues major road construction and rehabilitation across all zones, including the Abuja-Kaduna-Zaria-Kano Dual Carriageway, Lagos-Calabar Coastal Highway, Enugu-Port Harcourt Expressway, Second Niger Bridge Access Road, and many more.
We are improving electricity generation by upgrading infrastructure and investing in off-grid solar energy to power homes, businesses, industries, schools, and hospitals.
In the spirit of democracy and renewal, we prepare to welcome the world to Nigeria for the Motherland Festival. This landmark event will showcase our rich heritage, dynamic creative industries, and vibrant people, inviting global rediscovery of Nigeria through tourism, culture, and innovation.
The Nigerian diaspora plays a vital role in our transformation. Their expertise, investment, and global perspective are crucial. The government has introduced policies like the diaspora bond and non-resident Bank Verification Number to facilitate their meaningful engagement.
The Motherland Festival will unite voices across Africa and the diaspora in a moment of purpose, affirming Nigeria’s leadership in Africa and its role as a committed global partner.
Once again, I acknowledge the sacrifices many Nigerians continue to make as we reposition our country—not just for today, but for generations yet unborn. Our journey is not over, but our direction is clear. By God’s grace, the worst is behind us. The impact of our governance is taking hold. The future is bright, and together we will build a stronger, more inclusive Nigeria we all can be proud of.
Thank you all, and may God continue to bless the Federal Republic of Nigeria.
Bola Ahmed Tinubu
Aso Rock, Abuja
