President Bola Tinubu marked two years in office today by outlining what he called clear improvements in both the economy and national security since he took office on May 29, 2023.
When President Tinubu assumed power, Nigeria faced a brewing fiscal crisis caused by years of costly fuel subsidies and a fractured foreign exchange market that was draining government resources. In his mid‐term address, he explained that sudden removal of fuel subsidies and the unification of foreign exchange rates were painful but necessary steps to stop Nigeria from slipping further into economic chaos.
Under his watch, Nigeria’s external reserves rose from just over four billion dollars in early 2023 to more than twenty‐three billion dollars by the end of 2024—a near 500 percent increase. The country’s fiscal deficit narrowed sharply from 5.4 percent of gross domestic product in 2023 to 3.0 percent in 2024. He credited these gains to stronger revenue collection, cuts to wasteful spending, and a more transparent budget process.
Inflation also began to ease, with prices of staples like rice and maize stabilising after months of sharp rises. In the oil and gas sector, rig counts jumped by over 400 percent compared to 2021, and foreign firms committed more than eight billion dollars in new investments. Tinubu said that ending fuel subsidies allowed the Nigerian National Petroleum Company to become a net contributor to the federation account rather than a burden.
A bold tax reform was another pillar of the administration’s Renewed Hope Agenda. The tax‐to‐GDP ratio climbed from 10 percent in 2023 to over 13.5 percent by the close of last year. Key changes included scrapping multiple levies on small traders, zero‐rating value-added tax on food, education, and healthcare, and exempting public transport and renewable energy from VAT. The aim, the president said, was to make the system fairer, boost business growth, and protect low-income households.
To reduce reliance on oil, the government revived the solid minerals sector by shifting from a “pit‐to‐port” approach to value-added processing. Investors are now setting up plants to turn raw ores into finished goods. In healthcare, over a thousand primary health centres are being renovated and 5,500 more upgraded, alongside the opening of six new cancer treatment centres—three of which are already running. Free dialysis is now available in pilot hospitals, and the Maternal Health Initiative has covered more than four thousand free caesarean sections. Health insurance enrolment rose from 16 million to 20 million Nigerians in two years.
On infrastructure, the president listed major road projects linking cities and regions, including the Lagos–Calabar coastal highway, the Abuja–Lokoja–Benin expressway, and key works on the Second Niger Bridge access road. He said upgrades to power generation and transmission, along with new off-grid solar schemes, are boosting electricity supply to homes and businesses.
Security, he argued, is at the heart of economic renewal. Tinubu praised the armed forces, police, and intelligence services for tougher coordination and sharper, data-driven operations. He noted that areas of the North-West once controlled by bandits are now largely safe, with highways reopened to travellers and farmers returning to their fields. He also commended recent rescues of kidnapped citizens as proof of progress.
The president highlighted social investment schemes aimed at young Nigerians, including a student loan programme for indigent undergraduates and support funds for small and medium enterprises. He pointed to the National Agency for Science and Engineering Infrastructure (NASENI), which has rolled out real-time dashboards, unified procurement, and industrial projects such as an electric vehicle assembly line and Africa’s first rapid diagnostic kit factory.
Looking ahead, Tinubu announced plans for a “Motherland Festival” to showcase Nigeria’s culture, creative industries, and tourism, inviting the diaspora to invest through new policies like a diaspora bond and non-resident bank verification numbers. He described the event as a key moment to signal Nigeria’s leadership role in Africa and its openness to global partnership.
Not everyone agrees with the president’s upbeat assessment. The main opposition parties—the Peoples Democratic Party (PDP), Labour Party (LP), and Coalition of United Political Parties (CUPP)—called his claims “overblown” and accused his administration of worsening economic hardship and rising insecurity. The PDP went further, demanding an apology to Nigerians and a plan to “step aside” if the president could not deliver on his promises.
Despite such criticism, President Tinubu urged unity and patience, saying the hardest reforms were behind the country and that Nigerians would soon enjoy the full benefits of his administration’s policies. He closed his address by appealing for continued public support as he and his team work to complete the journey he began two years ago.
