Complete Transcript of President Tinubu’s Statement Marking Two Years in Office
As President Tinubu commemorates the second anniversary of his administration, he extends heartfelt appreciation to Nigerians for their steadfast spirit and resilience. Two years ago, the nation entrusted him with the formidable task of steering the country through unprecedented challenges. Together, they have faced these hurdles with unwavering determination.
The state of the nation when he took office demanded a fresh and bold approach. Early on, he implemented critical policies to prevent Nigeria from slipping further into economic turmoil. Recognizing that decades-old fuel subsidies and the tangled web of multiple foreign exchange rates were choking the country’s progress, these unsustainable practices were dismantled to free the nation’s potential.
Throughout this journey, the administration has worked tirelessly to revive the economy and strengthen the social fabric of the nation. President Tinubu thanks his fellow citizens for their continued support and shared vision to uplift Nigeria and rekindle hope.
Now, halfway through this mission, the President reflects on the progress made since May 29, 2023. When he took office, he vowed to confront the country’s problems head-on by rebuilding trust, fostering prosperity, and restoring economic stability. Today, he proudly confirms that these efforts are bearing fruit.
The Renewed Hope Agenda has focused on tackling economic instability, enhancing security, combating corruption, reforming governance, and reducing poverty. While acknowledging the hardships faced by many Nigerians, the President emphasizes that the alternative to these reforms would have been a fiscal crisis marked by soaring inflation, debt defaults, fuel shortages, and a collapsing economy.
Despite rising living costs, tangible progress is evident. Inflation is easing, with staple goods like rice becoming more affordable. The oil and gas sector is bouncing back, with rig activity increasing over 400% compared to 2021 and more than $8 billion in fresh investments committed. The economy is now more stable and better positioned to absorb global shocks.
Fiscal targets remain on track in 2025. Oil revenues align with projections as production intensifies. The fiscal deficit has shrunk from 5.4% of GDP in 2023 to 3.0% in 2024, thanks to improved revenue collection and greater financial transparency. In the first quarter of this year alone, the government recorded over N6 trillion in revenue.
Fuel subsidies have been eliminated, ending the reliance on Ways & Means financing, a major driver of inflation. The Nigerian National Petroleum Corporation (NNPC) has shifted from being a drain to a net contributor to the Federation Account, while local refining efforts are securing fuel supplies.
Debt management has improved significantly. Although foreign exchange revaluation pushed the debt-to-GDP ratio to about 53%, the debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% in 2024. Nigeria has cleared its IMF obligations and boosted its external reserves from $4 billion in 2023 to over $23 billion by the end of 2024.
State governments have benefited too, with revenue increases exceeding N6 trillion in 2024. This has helped reduce their debts, ensure timely payment of salaries and pensions, and fund critical infrastructure and human capital projects.
Among the administration’s standout achievements is a bold tax reform agenda. By the end of 2024, the tax-to-GDP ratio jumped from 10% to over 13.5%—a remarkable feat in just one year. This success stems from deliberate improvements in tax administration and policies aimed at fairness, efficiency, and growth.
The reforms have removed multiple layers of taxation, making it easier for small businesses to flourish and join the formal economy. Low-income households and workers benefit from expanded disposable income as essential goods and services—such as food, education, and healthcare—are now exempt from VAT. Additionally, rent, public transportation, and renewable energy are fully VAT-exempt to further ease household expenses.
The era of wasteful and opaque tax waivers is over, replaced by targeted incentives supporting manufacturing, technology, and agriculture sectors. These reforms are designed not just to raise revenue but to stimulate inclusive economic growth.
Youth empowerment is a priority, with a friendlier tax environment for digital jobs and remote work. Export incentives are helping Nigerian businesses compete globally. The National Single Window project is streamlining international trade, reducing delays, and boosting Nigeria’s competitiveness.
To ensure fairness and accountability, a Tax Ombudsman will be established—an independent body to protect vulnerable taxpayers and support small businesses.
Most importantly, a new national fiscal policy is being laid down to guide fair taxation, responsible borrowing, and disciplined spending. These reforms aim to lower living costs, promote economic justice, and create a business-friendly climate that attracts investment and benefits every Nigerian.
The administration has revitalized the Solid Minerals sector, increasing revenue and attracting investors who are setting up processing plants. The health sector has also been repositioned, with over 1,000 Primary Health Centres being upgraded and thousands more under development. New cancer treatment centers are opening, free dialysis services are being offered, and maternal health initiatives have provided thousands of free cesarean sections. Health insurance coverage has expanded from 16 million to 20 million in two years.
Thanks to these policies, the economy is strengthening. Real GDP grew by 4.6% in the last quarter of 2024, with a full-year growth of 3.4%—one of the best performances in a decade.
Security remains a top priority. The government has enhanced collaboration among security agencies, increased intelligence-led operations, and improved welfare for security personnel. Successes include restoring order in previously bandit-controlled areas, making highways safer, and rescuing abducted citizens.
Human capital development is central to national progress. Investments in education infrastructure, student loans, health facility upgrades, and social investment programs are underway. Youth empowerment efforts focus on funding, skills training, and job creation, with institutions like NASENI leading innovation and industrialization.
Agriculture and food security are key focuses, with initiatives to boost local production, support farmers, and stabilize prices. Major road construction and rehabilitation projects are ongoing nationwide, alongside efforts to improve electricity generation and expand off-grid solar power.
In the spirit of unity and renewal, Nigeria is preparing to host the Motherland Festival, showcasing its rich heritage, culture, and creative industries to the world. The diaspora’s role is recognized through policies that encourage investment and engagement.
President Tinubu concludes by acknowledging the sacrifices made by Nigerians and reaffirming the administration’s commitment to building a stronger, more inclusive Nigeria where prosperity is shared by all. The journey continues, but the future looks bright.
Thank you, and may the Federal Republic of Nigeria continue to prosper.