President Bola Tinubu has re-emphasised that the reforms introduced by his administration are critical to rescuing the nation from economic decline.
He stated this in a statement marking the second anniversary of his administration, in which he highlighted the major strides in economic reform, security, healthcare, and youth empowerment.
He thanked Nigerians for their resilience and support through the challenging times caused by the reforms. “Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. We faced them head-on, scrapping fuel subsidies and overhauling our foreign exchange system to stabilise the economy. The only alternative was a fiscal collapse”, he maintained.
The President said the reforms had brought significant achievements in economic stability, including a drop in inflation, rising foreign reserves, and renewed investor confidence.
According to him, Nigeria’s external reserves reportedly surged from $4 billion in 2023 to over $23 billion in 2024, and the fiscal deficit shrank from 5.4% to 3.0% of GDP within a year.
The said the tax reforms had helped raise the tax-to-GDP ratio to 13.5%, enabling subnational governments to reduce debt and fund development.
“Our tax reforms are not just about raising revenue. We are eliminating multiple taxation, exempting essential goods from VAT, and creating a fairer system to support growth and protect low-income households”, the President said.
President Tinubu also celebrated progress in the health and education sectors, saying that over 6,500 primary healthcare centres are being revitalised, with access to student loans and investments in skilled personnel aim to improve education and public health.
He made reference to improvement in security efforts, and commended service personnel for reducing banditry and restoring order in previously troubled regions.
“Our armed forces have restored peace in parts of the northwest, allowing farmers to return to their fields and highways to become safer,” he noted. “We remain vigilant in our commitment to protect every Nigerian”, he said.
Youth empowerment featured prominently in the President’s message, citing the role of the National Agency for Science and Engineering Infrastructure (NASENI), and programmes like Innovate Naija and Irrigate Nigeria as engines of job creation and innovation.
The President said his administration had supported MSMEs and expanded digital job opportunities through tax-friendly measures and infrastructure investment.
“Nowhere is our belief in young Nigerians clearer than at NASENI.
From female drone engineers to electric vehicles, the future is being built by our youth”, President Tinubu said.
The President announced Nigeria’s preparations to host the Motherland Festival, a global celebration of the country’s cultural heritage and creativity, re-affirming the government’s commitment to diaspora engagement, through policy tools like the diaspora bond and non-resident BVN.
“We are positioning Nigeria as a global partner, ready to inspire and lead. Our direction is clear, our resolve is firm, and the future is bright”, he added.
Reporting by Abdullah Bello