May 29: Tinubu Marks Two Years in Office, Says Nigeria’s Recovery Is Underway

President Bola Ahmed Tinubu, in a national broadcast marking his second year in office on May 29, 2025, declared that his administration has made real progress in fixing the economy, improving security, and setting Nigeria on the path to long-term growth.

He described the past two years as a journey of bold decisions, necessary reforms, and steady results.

Tinubu reminded Nigerians of the difficult situation the country faced when he assumed office. He said the economy was in a bad shape, and it became clear that urgent action was needed to save it.

This led to two key decisions early in his administration—the removal of fuel subsidies and the merging of multiple exchange rates. According to him, these policies were vital to stop the economy from collapsing and to ensure that the government at all levels could continue to function properly.

While many Nigerians have criticized the fuel subsidy removal, blaming it for increased living costs, Tinubu defended the decision. He said it was necessary to eliminate waste and corruption.

 He assured citizens that the Tinubu economic reforms are working and already showing results. He stated that the economy is growing, and reforms are building a better future for everyone.

According to the president, Nigeria’s real GDP rose by 4.6% in the last quarter of 2024, with the annual growth rate reaching 3.4%, one of the highest in recent years. He said inflation has started to ease, and food prices such as rice are beginning to drop.

Tinubu also mentioned that over $8 billion worth of new investments had been attracted to the oil and gas sector, with rig counts increasing by over 400% since 2021.

He highlighted other financial improvements, noting that the fiscal deficit has reduced from 5.4% of GDP in 2023 to 3.0% in 2024 due to better revenue collection and increased transparency.

He also said Nigeria has stopped borrowing from the Central Bank, a move aimed at reducing inflation. The NNPC, which used to be weighed down by fuel subsidy payments, is now contributing positively to the Federation Account.

Tinubu shared that the debt situation had improved as well. He said Nigeria’s debt service-to-revenue ratio fell from almost 100% in 2022 to less than 40% in 2024.

Foreign reserves grew from $4 billion in 2023 to more than $23 billion by the end of 2024. He described these improvements as evidence that the economy is becoming stronger and more resilient.

The president praised the achievements of his tax reform policies, saying they helped raise the tax-to-GDP ratio from 10% to 13.5% in 2024. He said these changes are meant to reduce the cost of living and support businesses.

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To ease the burden on the public, Tinubu said essential services like food, education, and healthcare will be exempt from VAT. Rent, public transport, and renewable energy will also be free of VAT. A Tax Ombudsman has been introduced to ensure fairness, especially for small businesses.

Outside the economy, Tinubu said the government is making progress in healthcare, education, infrastructure, and agriculture. He reported that over 1,000 Primary Health Centres have been revived and 5,500 more are being upgraded.

He announced the creation of six new cancer treatment centers, with three already completed. Over 4,000 women have received free cesarean surgeries under a presidential health initiative. Health insurance now covers 20 million Nigerians, up from 16 million two years ago.

In the education sector, Tinubu pointed to the new student loan program and ongoing investments in school infrastructure. He said young people are being empowered through support for small businesses and digital job creation.

He also mentioned that the government has supported local production by assembling electric vehicles and training drone engineers through NASENI.

On the issue of electricity, Tinubu said efforts have been made to improve power supply by investing in generation, transmission, and solar energy for homes, schools, and businesses. He promised that these efforts will continue until every Nigerian can enjoy steady power supply.

Speaking on security, Tinubu said his government has improved cooperation among security agencies and increased intelligence-based operations. 

He praised the bravery of the armed forces and security personnel. He stated that many areas in the North-West once controlled by bandits have been restored, and farmers have returned to their farmlands. Highways that were once unsafe are now more secure, and many kidnapped victims have been rescued.

Looking forward, Tinubu announced plans to host the Motherland Festival, a cultural and tourism event aimed at showcasing Nigeria’s heritage and connecting with the diaspora.

He said Nigerians living abroad play a vital role in national growth. New policies like the diaspora bond and the non-resident BVN are designed to encourage their investment and involvement in national development.

Despite criticism from opposition parties who claim his administration has increased poverty and insecurity, Tinubu said the difficult reforms were necessary to avoid a deeper crisis. He thanked Nigerians for their patience and promised that better days are ahead.

According to the president, the goal of the Tinubu economic reforms is to build a stronger, fairer economy where no one is left behind. He assured citizens that his government is committed to progress and prosperity for all.

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