By Michael Ofulue, Osogbo

President Bola Ahmed Tinubu has declared that his administration has recorded undeniable progress in the last two years, particularly in the areas of economic reform, infrastructure development, and social investment.

The President made the declaration during a national broadcast to mark the second anniversary of his administration — a moment he described as symbolic of Nigeria’s journey towards transformation through resilience, reform, and shared sacrifice.

According to Tinubu, Nigeria stood at a historic crossroads when he assumed office, grappling with economic hardship, systemic inefficiencies, and deep-rooted structural challenges. With a promise to confront these issues head-on, he recalled the bold steps his government took in its early days.

“My administration began with two decisive actions — the removal of the decades-long fuel subsidy and the collapse of multiple, corruption-ridden foreign exchange windows. These were difficult but necessary choices to stop the country from sliding further into economic turmoil,” he said.

He warned that failure to act would have led to runaway inflation, debt default, and the collapse of essential public services. While acknowledging that the initial impact of the reforms was tough, the President stressed that progress is now visible.

Economic Recovery and Fiscal Reforms

The President noted that inflation is easing, food prices are declining, and Nigeria has attracted over $8 billion in fresh oil and gas investments, with rig counts increasing by over 400 per cent in 2025 compared to 2021.

He reported a significant improvement in Nigeria’s fiscal position, with the budget deficit shrinking from 5.4 per cent of GDP in 2023 to 3.0 per cent in 2024, driven by increased revenue and prudent spending. Government revenue hit ₦6 trillion in Q1 2025, while external reserves surged from $4 billion in 2023 to over $23 billion by the end of 2024.

A “silent revolution” is ongoing in Nigeria’s tax system. The President revealed that the tax-to-GDP ratio has increased from 10 per cent to over 13.5 per cent, following ambitious reforms. These include the removal of multiple taxation, reduction of wasteful waivers, and the exemption of essential goods and services from VAT. A newly created Tax Ombudsman has also been established to ensure fairness and transparency.

“On human capital, the administration has revitalised or upgraded over 6,500 Primary Health Centres, commissioned cancer treatment centres, and made dialysis free or subsidised in some hospitals. Under the Presidential Maternal Health Initiative, more than 4,000 women have received free caesarean sections, while 20 million Nigerians are now covered under health insurance — up from 16 million,” he said.

On security, Tinubu praised the efforts of the military and intelligence services, whose joint operations have restored peace in previously troubled regions. He pledged that the government would never relent in its duty to protect Nigerians.

“Youth and education remain at the heart of the Renewed Hope Agenda. A student loan scheme now makes higher education more accessible, while agencies like NASENI are driving innovation through programmes like Innovate Naija and NASCAV,” he stated.

The President said the government has invested heavily in agriculture, with the distribution of tractors, farm tools, and fertilisers nationwide. This effort, he said, is aimed at achieving food security and lowering costs.

“Major infrastructure projects are ongoing in all regions, including the Lagos-Calabar Coastal Highway, Second Niger Bridge access roads, and off-grid solar power projects,” he added.

Tinubu also announced plans for the Motherland Festival, a cultural and economic showcase designed to reconnect with the Nigerian diaspora. Initiatives such as diaspora bonds and simplified banking procedures have been introduced to encourage investment from Nigerians abroad.

Reaffirming his commitment to the country’s development, President Tinubu declared: “Our direction is clear. Our resolve is firm. By the grace of God, the worst is behind us.”