President Bola Ahmed Tinubu has issued a comprehensive statement marking the second anniversary of his administration, highlighting economic reforms, security improvements, and infrastructure development achievements since taking office.
In his address delivered from Aso Rock on May 29, 2025, Tinubu acknowledged the challenges his administration inherited and thanked Nigerians for their resilience and support during the implementation of necessary but difficult economic reforms.
Economic Reforms Showing Results
The President emphasized that his administration's economic reforms are yielding positive results. According to Tinubu, inflation has begun to ease with declining prices of rice and other staples. The oil and gas sector is recovering with rig counts up by over 400% in 2025 compared to 2021, and over $8 billion in new investments committed.
"Our fiscal deficit has narrowed sharply from 5.4% of GDP in 2023 to 3.0% in 2024," Tinubu stated, attributing this to improved revenue generation and greater transparency in government finances. He noted that in the first quarter of 2025, the government recorded over N6 trillion in revenue.
The President highlighted improvements in Nigeria's debt position, with the debt service-to-revenue ratio dropping from nearly 100% in 2022 to under 40% by 2024. He also reported growth in external reserves from $4 billion in 2023 to over $23 billion by the end of 2024.
Tax Reforms and Economic Growth
Tinubu pointed to the administration's tax reform agenda as one of its most impactful achievements. "By the end of 2024, our tax-to-GDP ratio rose from 10% to over 13.5%, a remarkable leap in just one year," he said.
The reforms include eliminating multiple taxation, introducing 0% VAT on essential goods and services such as food, education, and healthcare, and exempting rent, public transportation, and renewable energy from VAT to reduce household costs.
The President also reported that real GDP rose by 4.6% in Q4 2024, with full-year growth of 3.4%, which he described as "one of the strongest in a decade."
Security Improvements
On security, Tinubu acknowledged ongoing challenges but highlighted successes in restoring order in parts of the northwest previously controlled by bandits. He commended the armed forces for making highways safer and successfully rescuing abducted citizens.
"I promise you, we shall remain vigilant, as I told security chiefs during the last meeting to up their game and collaborate to end this plague of evil men. Every Nigerian deserves to live without fear," the President affirmed.
Infrastructure and Human Capital Development
The statement outlined ongoing major road construction and rehabilitation projects across all geopolitical zones, including the Lagos-Calabar Coastal Highway, Abuja-Kaduna-Zaria-Kano Dual Carriageway, and the Second Niger Bridge Access Road.
In healthcare, Tinubu reported that over 1,000 Primary Health Centers are being revitalized nationwide, with an additional 5,500 PHCs being upgraded. He mentioned the establishment of six new cancer treatment centers, free dialysis services in pilot tertiary hospitals, and the expansion of Health Insurance Coverage from 16 million to 20 million within two years.
The President also highlighted initiatives in agriculture, electricity generation, and youth empowerment through agencies like the National Agency for Science and Engineering Infrastructure (NASENI).
Concluding his address, Tinubu acknowledged the sacrifices made by Nigerians during the reform process. "Our journey is not over, but our direction is clear. So is our resolve to tackle emerging challenges. By the Grace of God, we are confident that the worst is behind us," he stated.
