President Bola Ahmed Tinubu, in a national broadcast marking the second anniversary of his administration, declared that Nigeria is on the path to economic recovery and national renewal, thanks to what he described as bold and necessary reforms undertaken since assuming office in 2023.

Addressing the nation from the Presidential Villa in Abuja, Tinubu praised Nigerians for their “resilience and undaunted spirit” during what he acknowledged were “historic challenges.” He pointed to the removal of fuel subsidies and the unification of the foreign exchange market as critical decisions made to prevent economic collapse and restore fiscal stability.

“We must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows,” Tinubu said. “The two were no longer sustainable and had become a chokehold on our nation’s neck.”

In a wide-ranging speech lasting over 30 minutes, the President outlined key achievements under his Renewed Hope Agenda, highlighting progress in economic stability, national security, infrastructure development, and human capital investments.

Economic Reforms Bearing Fruit

Tinubu asserted that his administration’s economic reforms are beginning to yield results. He cited a narrowing fiscal deficit — from 5.4% of GDP in 2023 to 3.0% in 2024 — along with significant increases in government revenue. In Q1 2025 alone, the government generated over ₦6 trillion, aided by improved oil sector performance and tax reforms.

The President announced that the national debt position has improved, noting the repayment of IMF loans and a dramatic increase in foreign reserves from $4 billion in 2023 to over $23 billion by the end of 2024. He also touted rising investor confidence, with over $8 billion in new oil and gas commitments and revived rig activity.

Tinubu said the tax-to-GDP ratio rose to 13.5% from 10%, calling it a “remarkable leap” and a result of deliberate reforms targeting fairness, efficiency, and pro-growth incentives. VAT exemptions were extended to essentials such as food, education, healthcare, rent, transportation, and renewable energy.

“We are ending the era of wasteful and opaque tax waivers,” Tinubu emphasized, saying new incentives are now targeted at manufacturing, tech, and agriculture.

Security and Infrastructure

Turning to security, Tinubu applauded the efforts of Nigeria’s military and security agencies, claiming progress in tackling banditry, kidnapping, and other threats in the North and across the country.

“Highways once deemed dangerous are becoming safer, and farmers are returning to their fields,” he said.

He also pledged continued support for the armed forces, while promising Nigerians the right to live without fear.

On infrastructure, the President highlighted major road projects including the Abuja-Kaduna-Zaria-Kano highway, Lagos-Calabar Coastal Highway, and the Second Niger Bridge access road. He reiterated his government’s focus on electricity infrastructure and renewable energy investments.

Health, Education, and Youth Development

Tinubu announced a revitalization of over 1,000 Primary Health Centres, upgrades to 5,500 more, and the establishment of six new cancer centres — three of which are operational. The National Health Insurance Scheme now covers 20 million Nigerians, up from 16 million in 2023.

Education and youth empowerment featured prominently, with the President touting the rollout of a student loan scheme, skill development initiatives, and the promotion of innovation hubs through NASENI.

“From assembling electric vehicles to training female drone engineers, we are driving inclusive industrialisation,” he stated.

Agriculture, Food Security, and Diaspora Engagement

With food security named as a top priority, the President highlighted support for farmers, mechanisation initiatives, and stabilisation of food prices — noting a recent decline in the price of staples like rice.

Tinubu also announced the upcoming Motherland Festival, which will showcase Nigeria’s culture, tourism, and innovation, while strengthening ties with the diaspora. New policies, such as diaspora bonds and simplified banking verification for Nigerians abroad, are being implemented to boost engagement and investment.

“The Worst Is Behind Us”

The President closed with a message of optimism, stating that the “worst is behind us” and urging unity as the country presses forward.

“Our journey is not over, but our direction is clear. The real impact of our governance objectives is beginning to take hold. The future is bright,” he said.

As Nigeria reflects on two years under the Tinubu administration, reactions to the President’s speech are expected from political stakeholders, economists, and civil society groups in the coming days.