President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to economic reform, national security, and inclusive development as he marked the second anniversary of his presidency.
In a nationwide address on Wednesday, President Tinubu acknowledged the difficult decisions taken early in his tenure to steer Nigeria away from economic collapse, notably the removal of fuel subsidies and the unification of the foreign exchange system.
“The economy we inherited was fragile and unsustainable,” he said. “Tough but necessary reforms were vital to stop further decline and position Nigeria for long-term stability and growth.”
The President credited these measures with halting fiscal deterioration, reducing inflation, attracting investment, and boosting revenue generation at both federal and state levels. He highlighted improvements in key sectors, including oil and gas, taxation, and foreign reserves, as evidence that the reforms were beginning to yield results.
Among the key achievements cited were the rise in GDP growth, increased tax-to-GDP ratio, and a significant reduction in the fiscal deficit. He also noted improved revenue transparency, the cessation of Ways and Means financing, and enhanced fiscal discipline.
President Tinubu said reforms had been deliberately structured to ease the burden on low-income households. Initiatives included VAT exemptions for essential services, elimination of multiple taxation, and targeted support for small businesses and strategic industries.
The President also spotlighted gains in healthcare, including the revitalisation of over 1,000 primary health centres, expanded health insurance coverage, and new cancer treatment facilities. On security, he praised the military’s efforts in restoring order to previously troubled regions, pledging continued support for security agencies.
Highlighting youth empowerment and innovation, President Tinubu pointed to initiatives through NASENI, such as electric vehicle assembly, drone engineering training, and the promotion of renewable energy technologies.
On infrastructure, he reaffirmed the government’s commitment to nationwide road rehabilitation, investment in electricity generation, and support for mechanised agriculture.
In a nod to Nigeria’s growing global engagement, the President announced the upcoming Motherland Festival, which will showcase the country’s rich culture, tourism, and innovation, and strengthen ties with the diaspora.
“Together, we are building a stronger, more inclusive Nigeria,” he said. “We are not yet at our destination, but the path is clear. With your continued support and by the grace of God, we will secure a better future for all.”
President Tinubu concluded by thanking Nigerians for their patience and resilience, expressing confidence that the worst of the economic hardship was behind the nation.
