President Bola Ahmed Tinubu on Wednesday declared that “the worst is behind us,” assuring Nigerians that the painful reforms undertaken by his administration are beginning to yield measurable results, with the economy stabilising and national confidence on the rise.
In a nationwide address marking the second anniversary of his administration, President Tinubu praised Nigerians for their endurance, describing their resilience as the driving force behind what he called “undeniable progress” in stabilising the economy and repositioning the nation for long-term growth.
“Our direction is clear. So is our resolve to tackle emerging challenges,” Tinubu said from the State House in Abuja. “By the grace of God, we are confident that the worst is behind us.”
He acknowledged the hardships brought on by the removal of fuel subsidies and the unification of foreign exchange rates but maintained that these decisions were unavoidable steps taken to avert an economic collapse.
“The alternative to our reforms was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, and a plunging naira,” he stated. “Despite the bump in the cost of living, we have made undeniable progress.”
Economic Gains
President Tinubu detailed gains in key economic indicators, including a decline in inflation, a reduction in the fiscal deficit, and a 500% increase in external reserves—from $4 billion in 2023 to over $23 billion by the end of 2024.
He reported a record N6 trillion revenue in the first quarter of 2025 and a drop in Nigeria’s debt-service-to-revenue ratio from nearly 100% in 2022 to under 40% by 2024.
Other highlights of his speech included:
- Over $8 billion in new investments in the oil and gas sector
- A rise in tax-to-GDP ratio from 10% to 13.5% in one year
- Over N6 trillion increase in state revenue in 2024
- Expansion of healthcare infrastructure including 1,000 revitalised Primary Health Centres and six new cancer centres
- Growth of real GDP by 3.4% in 2024 with Q4 performance at 4.6%
Youth, Tax Reform, and Innovation
The president noted reforms in the tax sector, including the removal of VAT on essentials such as food, education, and healthcare, alongside targeted incentives for high-impact sectors like manufacturing, technology, and agriculture.
He highlighted the government’s focus on youth empowerment, citing initiatives at NASENI, including drone training for women and the assembly of electric vehicles.
Security and Infrastructure
On security, Tinubu said his government has made significant progress in the fight against banditry and insurgency, particularly in the northwest. He attributed the successes to increased collaboration among security agencies and improved intelligence-driven operations.
The president also listed ongoing infrastructure projects across the six geopolitical zones, including major highways and the Lagos-Calabar Coastal Road.
Looking Ahead
President Tinubu said the upcoming Motherland Festival would highlight Nigeria’s cultural and economic vibrancy on the global stage, and reiterated his administration’s commitment to inclusive growth.
“We are creating a system where prosperity is shared and no one is left behind,” he affirmed.
He ended his address with a message of unity and hope:
“Our journey is not over, but our direction is clear. The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”
