Tinubu Hails Economic Turnaround, Vows to Sustain Reforms
By LEVI JOHNSON
President Bola Ahmed Tinubu marked the second anniversary of his administration with a confident address to the nation, declaring that Nigeria’s economy is on the path to stability and inclusive growth following bold reforms initiated since his inauguration in 2023.
In a nationally televised speech, President Tinubu reaffirmed his administration’s commitment to “rebuilding trust, fostering prosperity, and restoring economic health,” highlighting sweeping policy shifts, including the removal of fuel subsidies and unification of foreign exchange rates, as foundational steps that rescued the country from imminent fiscal collapse.
“These reforms were necessary to prevent runaway inflation, foreign debt defaults, crippling fuel shortages, and a plunging naira,” Tinubu said. “Today, I proudly affirm that our economic reforms are working.”
Economic Reforms Yield Gains
According to the president, key macroeconomic indicators have shown promising trends. Inflation has started to ease, and food prices—including staples like rice—are stabilizing. In 2024 alone, real GDP grew by 3.4%, with a significant 4.6% spike in Q4, marking one of the strongest performances in the past decade.
President Tinubu also announced a dramatic improvement in fiscal discipline. Nigeria’s fiscal deficit narrowed from 5.4% of GDP in 2023 to 3.0% in 2024, while government revenue hit over ₦6 trillion in the first quarter of 2025. External reserves reportedly surged from $4 billion in 2023 to $23 billion by the end of 2024.
“We paid off our IMF obligations. The NNPC is now a net contributor to the Federation Account. These are not minor feats—they signal a rebirth of fiscal sanity,” the president noted.
Tax and Energy Reforms Attract Global Investors
A highlight of Tinubu’s economic agenda is his administration’s tax reform drive, which he says lifted Nigeria’s tax-to-GDP ratio from 10% to 13.5% in just one year. The government has abolished multiple taxation practices and is now offering targeted incentives to industries including technology, manufacturing, and agriculture.
These moves, Tinubu said, have already sparked investor interest, particularly in oil and gas, where rig counts have surged by over 400% since 2021, and over $8 billion in new investments have been recorded in 2025 alone.
“Essential goods like food, education, and healthcare now attract 0% VAT. Renewable energy, rent, and public transport are VAT-exempt. Our aim is to reduce household costs while powering economic growth,” the president explained.
To support trade, the National Single Window initiative is being rolled out to streamline customs procedures, enhance competitiveness, and eliminate bottlenecks at ports.
Social and Security Gains
Tinubu also touched on security improvements, claiming that “in once-dangerous regions of the northwest, banditry has receded,” allowing farmers to return to their land and highways to become safer.
On healthcare, the president cited the revitalization of over 1,000 primary health centres, establishment of new cancer treatment centres, and expansion of health insurance coverage to 20 million Nigerians.
In education, the administration has launched a student loan scheme and improved school infrastructure nationwide, alongside youth empowerment initiatives under agencies like NASENI, which is now assembling electric vehicles and training female drone engineers.
Roads, Power, and the Diaspora
Massive road infrastructure projects—including the Lagos-Calabar Coastal Highway and the Second Niger Bridge Access Road—are underway across all geopolitical zones. Tinubu also committed to expanding off-grid solar power to light up rural homes, schools, and health facilities.
The president revealed plans to host the inaugural Motherland Festival, a global cultural showcase aimed at connecting the diaspora with Nigeria’s rich heritage and economic renaissance.
“Our diaspora remains a vital force in our transformation. With new policies like the diaspora bond and non-resident BVN, we are making it easier for Nigerians abroad to invest in their homeland,” he said.
Global Outlook and National Resolve
Positioning Nigeria as a reinvigorated partner on the global stage, Tinubu affirmed his administration’s readiness to lead Africa into a new era of economic self-determination and innovation.
“We are not just turning a page. We are rewriting the story,” he said. “By the grace of God, the worst is behind us. The future is bright.”
As his administration enters its third year, the president concluded with a call for unity and resilience: “Together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
