President Bola Ahmed Tinubu has praised the resilience and patriotism of Nigerians as his administration marks its second year in office, unveiling a long list of sweeping reforms and achievements aimed at rescuing the nation from economic and security crises.
In a statement issued on May 29, 2025, to commemorate the second anniversary of his presidency, President Tinubu struck a tone of gratitude and determination, thanking Nigerians for their “resilience and undaunted spirit” in the face of difficult reforms and economic pressures.
“Fellow Nigerians, as we mark the second anniversary of our administration, I salute your resilience and undaunted spirit,” President Tinubu declared.
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“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination.”
Reflecting on the challenging situation he inherited in 2023, Tinubu highlighted the urgent need to end the fuel subsidy regime and reform the foreign exchange system.
“It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows. The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future,” he said.
These initial reforms were described as “necessary” to redirect the country’s trajectory and prevent a full-blown fiscal collapse.
While acknowledging the hardship caused by the reforms, Tinubu insisted they were yielding results. “Despite the bump in the cost of living, we have made undeniable progress,” he said, noting a reduction in inflation and food prices, including rice.
The president announced that in 2025, Nigeria had attracted over $8 billion in oil and gas investments, with rig counts increasing over 400% compared to 2021. He added that gross proceeds per barrel of crude oil were broadly aligned with federal forecasts and the fiscal deficit had dropped from 5.4% of GDP in 2023 to 3.0% in 2024. “We recorded over N6 trillion in revenue in the first quarter of this year alone,” Tinubu revealed.
He also celebrated the federal government’s decision to discontinue Ways & Means financing, which he blamed for fueling inflation, and confirmed that the Nigerian National Petroleum Company (NNPC) was now a net contributor to the Federation Account, free from fuel subsidy obligations.
On Nigeria’s debt situation, Tinubu noted a marked improvement. “While foreign exchange revaluation pushed our debt-to-GDP ratio to around 53%, our debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024. We paid off our IMF obligations and grew our net external reserves by almost 500%, from $4 billion in 2023 to over $23 billion by the end of 2024.”
Subnational revenues also improved, with states earning N6 trillion more in 2024 than the previous year, empowering them to meet obligations and invest in critical infrastructure.
President Tinubu highlighted one of his administration’s proudest achievements: a leap in the tax-to-GDP ratio from 10% to 13.5% in one year. He attributed this to reforms aimed at improving efficiency, fairness, and growth.
“Essential goods and services such as food, education, and healthcare will now attract 0% VAT,” Tinubu said, adding that rent, public transportation, and renewable energy are now fully VAT-exempt to ease household costs.
“We are ending the era of wasteful and opaque tax waivers,” he added. “Instead, we have introduced targeted and transparent incentives supporting high-impact manufacturing, technology, and agriculture sectors.”
He also revealed plans for a Tax Ombudsman to ensure justice and protection for vulnerable taxpayers.On national security, Tinubu affirmed that no economic reform could succeed without a safe environment.
He praised the courage and sacrifices of Nigeria’s military and security forces, asserting that their operations had led to significant gains.
“In some areas of the northwest, hitherto under the control of bandits, our gallant armed forces have restored order… Farmers are back tilling the land to feed us, and highways, once dangerous, have become safer.”
He vowed to maintain vigilance and pressure on security agencies, noting that Nigerians “deserve to live without fear.”
Tinubu announced key investments in health and education, including the revitalization of 1,000 Primary Health Centres (PHCs), with 5,500 more in the pipeline, and the establishment of six new cancer treatment centers.
“We offer free dialysis services in pilot tertiary hospitals and subsidize the service in others… Over 4,000 women have undergone free cesarean sections under the Presidential Maternal Health Initiative,” he revealed.
The president said student loans and expanded educational infrastructure would ensure no willing learner is left behind.Reiterating the administration’s commitment to empowering young Nigerians, Tinubu praised the National Agency for Science and Engineering Infrastructure (NASENI) for its recent reforms.
“From assembling electric vehicles and launching Africa’s most advanced Rapid Diagnostic Kit Factory to training female drone engineers through NASCAV, these initiatives are restoring dignity to work and opening up a future of possibilities for our youth,” Tinubu stated.
Under the Renewed Hope Agenda, Tinubu stated that aggressive investment in agriculture had helped boost food production and reduce price volatility.
He also listed major road projects across the six geopolitical zones, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Dual Carriageway, and the Enugu-Onitsha Expressway.
In the energy sector, he said, “We have launched initiatives to improve electricity generation by upgrading generation and transmission infrastructure and investing in off-grid solar energy.”
Wrapping up the address, Tinubu said his administration was only halfway through its mandate but confident in the path it had chosen.
“I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on… Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” the president said.
He concluded with a call for unity, perseverance, and patriotism. “Together, we are creating a system where prosperity is shared, and no one is left behind.”
