President marks 2nd anniversary with bold claims on economic growth, investor confidence, and national security
By DAYO ADESULU | May 29, 2025 | Abuja
President Bola Ahmed Tinubu, in a nationwide broadcast to mark his administration’s second anniversary, declared that Nigeria’s economic foundations are being rebuilt, with key reforms now yielding tangible results across sectors.
Speaking from Aso Rock on Wednesday, Tinubu said the decisions taken at the start of his administration—including the removal of fuel subsidies and foreign exchange unification—have prevented the country from tipping into a “fiscal and economic abyss.”
“I proudly affirm that our economic reforms are working,” Tinubu said. “We are on course to building a greater, more economically stable nation.”
🔑 Key Takeaways at a Glance
- GDP growth hit 3.4% in 2024, with a strong 4.6% in Q4
- Foreign reserves surged from $4bn in 2023 to $23bn
- Fiscal deficit reduced from 5.4% to 3.0% of GDP
- Over ₦6 trillion in Q1 revenue recorded in 2025
- Over $8bn in new oil and gas investments
- Health insurance coverage expanded to 20 million people
- Motherland Festival to spotlight Nigeria’s global cultural influence
💰 Reforms Are Paying Off, Tinubu Says
President Tinubu emphasized that his economic policies have stabilized Nigeria’s fiscal health. Inflation is easing, food prices—particularly rice—are coming down, and government revenues are climbing.
The president said Nigeria’s fiscal deficit has dropped sharply, thanks to improved revenue generation and greater transparency.
“We paid off our IMF obligations,” he revealed. “The NNPC is no longer burdened by subsidies and is now contributing to the Federation Account.”
He also announced that Ways & Means financing—a key inflationary driver—has been discontinued.
🧾 Tax System Overhaul Attracts Global Interest
Tinubu’s administration introduced aggressive tax reforms that have pushed Nigeria’s tax-to-GDP ratio from 10% to 13.5% in just one year. The government also scrapped multiple taxation, reduced VAT to 0% on essentials like food, education, and healthcare, and is offering targeted incentives for tech, agriculture, and manufacturing sectors.
“We are ending the era of wasteful tax waivers,” Tinubu said, unveiling a Tax Ombudsman to protect small businesses and ensure fairness.
He added that new trade policies like the National Single Window will enhance export efficiency and global competitiveness.
🚧 Infrastructure, Electricity, and Agriculture in Focus
Massive road construction and rehabilitation projects are ongoing across all six geopolitical zones, including the Lagos-Calabar Coastal Highway, the Second Niger Bridge, and the Abuja-Kaduna-Zaria-Kano Expressway.
Electricity access is being improved with off-grid solar projects, while agriculture is receiving a boost through mechanised farming, fertilizer access, and tractor procurement to ensure food security.
👩⚕️ Healthcare Revamp: Cancer Centres, Free Dialysis, and Insurance Surge
Health sector reforms were a major highlight. Tinubu announced:
- 1,000+ revitalized primary health centres
- Six new cancer treatment centres, with three operational
- Free and subsidised dialysis in tertiary hospitals
- Over 4,000 free cesarean sections under the Presidential Maternal Health Initiative
- Health insurance coverage increased to 20 million Nigerians
🛡️ Security and Peace: “The Worst Is Behind Us”
Acknowledging ongoing security threats, Tinubu praised the military’s efforts in reclaiming areas from bandits, especially in the northwest. He said several highways are now safer, farmers have returned to farmlands, and abducted citizens have been rescued in many operations.
“Even if we do not thank them often enough, they willingly face danger so we can live without fear,” he said in tribute to the armed forces.
🎓 Youth and Innovation: A Digital-First Nigeria
Youth development and tech innovation featured prominently. The president cited successes at NASENI, including:
- Electric vehicle assembly
- Drone engineering training for women
- Real-time e-governance tools and ERP systems
- Initiatives like Innovate Naija, Irrigate Nigeria, and NASCAV
🌍 Nigeria to Host “Motherland Festival” to Reconnect with Diaspora
President Tinubu announced that Nigeria will host the Motherland Festival, a cultural and tourism event designed to “welcome the world” and celebrate Nigeria’s creative industries and diaspora engagement.
“This will affirm that Nigeria is not only a leader in Africa but a global partner ready to inspire and lead,” he said.
He also noted reforms that make it easier for Nigerians abroad to invest, including the diaspora bond and non-resident BVN.
🇳🇬 Final Word: “We Are Not Just Turning a Page”
President Tinubu concluded his address with a forward-looking message:
“We are rewriting the story of Nigeria. The real impact of our reforms is beginning to take hold. The future is bright.”
