President Bola Ahmed Tinubu has marked his second year in office with a bold message to Nigerians, saying his administration has made “undeniable progress” in stabilizing the economy, improving security, and laying the foundation for future prosperity.
In a national broadcast to mark his mid-term on May 29, 2025, Tinubu reflected on the journey so far and reassured citizens that Nigeria is on the right path.
“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges,” he said. “Together, we have faced these headwinds with courage and determination.”
“The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice.”
The president recalled the tough decisions made early in his administration, particularly the removal of fuel subsidy and the unification of foreign exchange rate.
He said these moves were necessary to rescue the economy from collapse.
“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 had become a chokehold on our nation’s neck, strangling our future,” he stated.
While many Nigerians have criticized the fuel subsidy removal for worsening the cost of living, the president insisted the reforms were already yielding results.
“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” he said, adding, “We are creating a future where no one is left behind. Our reforms are working.”
On the economy, Tinubu claimed steady growth, with Nigeria’s real GDP rising by 4.6% in the last quarter of 2024 and annual growth at 3.4%—one of the highest in a decade.
“Our economy is growing steadily and we are building a future of prosperity and renewed hope,” he said.
Despite the president’s claim, opposition parties have sharply criticized his mid-term performanc
The Peoples Democratic Party (PDP) described his administration as a “monumental disaster,”accusing it of worsening poverty and insecurity.
The Labour Party’s National Publicity Secretary, Obiora Ifoh, claimed that the current administration had “plunged the country into untold hardship.”
Tinubu, however, defended his actions, emphasizing that they were essential to prevent fiscal collapse.
“I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in free-fall,” he said.
He acknowledged that Nigerians have faced hardships but thanked them for their patience.
“While implementing the reforms necessary to strengthen our economy and deliver shared prosperity, we have remained honest by acknowledging some of the difficulties experienced by our compatriots and families. We do not take your patience for granted,” he added.
He reported progress across key sectors. Inflation, he claimed, has begun to ease, with food prices such as rice starting to decline.
He also revealed that over $8 billion in new investments have come into the oil and gas sector, and rig counts are up by over 400% compared to 2021.
“Inflation has begun to ease, with rice prices and other staples declining. The oil and gas sector is recovering; rig counts are up by over 400% in 2025 compared to 2021, and over $8 billion in new investments have been committed. We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks.”
The country’s fiscal deficit, according to him, narrowed from 5.4% of GDP in 2023 to 3.0% in 2024, helped by improved revenue generation and transparency.
‘’In 2025, we remain on track with our fiscal targets. Gross proceeds per barrel from crude oil are broadly aligned with our forecasts as we intensify our efforts to ramp up production. Our fiscal deficit has narrowed sharply from 5.4% of GDP in 2023 to 3.0% in 2024.”
“We achieved this through improved revenue generation and greater transparency in government finances. In the first quarter of this year, we recorded over N6 trillion in revenue,”he said. “We have discontinued Ways and Means financing, which has been a major contributor to high and sticky inflation. The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account.”
The president also pointed to an improvement in Nigeria’s debt position.
He said the debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024, and external reserves grew from $4 billion in 2023 to over $23 billion by the end of 2024.
Tinubu highlighted the administration’s tax reforms as a major achievement.
He said the tax-to-GDP ratio increased from 10% to over 13.5% in 2024 alone.
According to him, the reforms are “designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian.”
He assured Nigerians that essential goods and services such as food, education, and healthcare will now attract zero VAT, while rent, public transport, and renewable energy will also be exempt.
To protect taxpayers, especially small businesses, Tinubu announced the creation of a Tax Ombudsman.
“This independent institution will ensure the system works for everyone, especially small businesses,” he said.
Beyond the economy, the president touted gains in health, infrastructure, and education.
He said over 1,000 Primary Health Centres were revitalized, and 5,500 more are being upgraded.
Six new cancer treatment centres are in the works, and over 4,000 women have received free cesarean operations under the Presidential Maternal Health Initiative.
Health insurance coverage, he added, has expanded from 16 million to 20 million people in two years.
“Over 1,000 Primary Health Centres are being revitalised nationwide. An additional 5,500 PHCs are being upgraded under our Renewed Hope Health Agenda. We are establishing Six new cancer treatment centres.
“Three are ready. We offer free dialysis services in pilot tertiary hospitals and subsidise the service in others. Under the Presidential Maternal Health Initiative, over 4,000 women have undergone free cesarean sections. Lastly, we have expanded Health Insurance Coverage from 16 million to 20 million within two years.”
In education, Tinubu noted that infrastructure investments and a new student loan scheme have improved access to tertiary education.
Youth empowerment initiatives, including MSME support and digital job opportunities, are also underway.
The president said the National Agency for Science and Engineering Infrastructure (NASENI) has taken a digital-first approach, assembling electric vehicles, launching a diagnostic kit factory, and training female drone engineers.
“Without a responsive and reliable national intelligence security infrastructure that can protect lives and properties, our economy will not perform optimally, and those who seek to harm us will impair and disrupt our way of life. Our administration is committed to the security and safety of our people. For our government, protecting our people and their peaceful way of life is the utmost priority.
On agriculture, Tinubu said the government had invested heavily in mechanized farming and fertilisers to ensure food security.
Major road projects across the country—such as the Lagos-Calabar Coastal Highway and the Second Niger Bridge Access Road—are ongoing under the Renewed Hope Agenda.
“Under the Renewed Hope Agenda, the federal government has continued with major road construction and rehabilitation projects across all geopolitical zones, from the Abuja-Kaduna-Zaria-Kano Dual Carriageway, the 9th Mile-Oturkpo-Makurdi Road, the Lagos-Calabar Coastal Highway, Abuja-Lokoja-Benin Road, Enugu-Onitsha Expressway, Oyo-OgbomosoRoad, Sokoto-Badagry Road, Enugu-Port Harcourt Expressway, Second Niger Bridge Access Road to Bodo-Bonny Road among hundreds of ongoing road projects across the country,” he said.
He also spoke about efforts to improve electricity supply through upgraded infrastructure and solar power projects.
“We have launched initiatives to improve electricity generation by upgrading generation and transmission infrastructure and investing in off-grid solar energy to power our homes, business premises, industries, schools and hospitals.”
On security, Tinubu said the government has improved inter-agency collaboration and intelligence-led operations.
“Since I assumed our country’s leadership, our administration has improved collaboration among security agencies, increased intelligence-driven operations, and better ensured the welfare of our armed forces and security personnel,” he said.
‘’I use this opportunity to salute the courage and everyday sacrifice of our service men and women. We may not always witness the tremendous efforts they make to keep us safe, but we benefit every day from the results of their dedication. Even if we do not thank them often enough, they willingly face danger so we can go about our lives freely and without fear.
‘’Our military, police, and intelligence agencies are committed to always responding to emerging security threats and new challenges because it is the patriotic duty they owe a grateful nation.
“Amid the new security challenges, we can report some successes. In some areas of the North-West, hitherto under the control of bandits, our gallant armed forces have restored order, reducing and eliminating threats to lives and livelihoods.”
He said order had been restored in several parts of the North-West previously under bandit control, and farmers are returning to their fields.
“With the success achieved, farmers are back tilling the land to feed us. Highways, hitherto dangerous for travellers, have become safer. Our security agencies have succeeded many times in rescuing the abducted citizens from the hands of their tormentors,” he stated.
Looking ahead, the president highlighted Nigeria’s preparations to host the Motherland Festival, a cultural and tourism event aimed at showcasing the country’s rich heritage and engaging the diaspora.
He said Nigerians abroad are vital to the country’s transformation, and new policies like the diaspora bond and non-resident BVN will encourage their participation.
‘’In the spirit of democracy and national renewal, we are preparing to welcome the world to Nigeria soon for the Motherland Festival. This landmark gathering will spotlight our rich heritage, dynamic creative industries, and the vibrant energy of our people. It will showcase Nigeria’s beauty through tourism, culture, and innovation, inviting the world to rediscover our nation.
“The Nigerian Diaspora plays a vital role in our national transformation. Their expertise, investment, and global perspective are key to shaping the future we seek. In recognition, the government has introduced policies like the diaspora bond and the non-resident Bank Verification Number to make it easier for Nigerians abroad to invest, engage, and contribute meaningfully to the country’s progress.
“The Motherland Festival will bring together voices from across the continent and the diaspora in a decisive moment of unity and purpose, affirming that Nigeria is not only a leader in Africa but a committed global partner ready to engage, inspire, and lead.”
