On Thursday, President Bola Tinubu marked the second anniversary of his administration with a resolute commitment to ongoing economic reforms, asserting that these policies are beginning to show significant results. His statement struck a balance, acknowledging the challenges faced by citizens while highlighting measurable advancements.
Tinubu characterised his initial two years as a necessary period of painful adjustments, which included abolishing fuel subsidies and standardising exchange rates, with the aim of stabilising Africa’s largest economy. He commended the resilience of the Nigerian people in enduring the early economic shocks caused by these bold moves.
Key economic indicators were central to his address, revealing a remarkable 500% increase in external reserves from $4 billion in 2023 to over $23 billion by the end of 2024. Additionally, the debt service-to-revenue ratio improved significantly, dropping from nearly 100% to under 40%. The President particularly highlighted successes in tax reform, including the expansion of the tax base and the introduction of zero VAT on essential goods such as food, education, and healthcare.
On security, Tinubu reported tangible progress in restoring order to previously unstable regions. His administration has revitalised over 1,000 primary health centres, facilitated more than 4,000 free cesarean sections under a maternal health initiative, and expanded health insurance coverage to 20 million Nigerians. In education, the new student loan scheme is providing vital assistance to underprivileged students in tertiary institutions.
Infrastructure development was another focal point, with updates on significant projects like the Lagos-Calabar Coastal Highway and the Second Niger Bridge access roads. These initiatives, he emphasized, are about creating jobs and connecting economic hubs across the nation.
Looking towards the future, Tinubu outlined plans to further deepen reforms while introducing measures to alleviate ongoing economic pressures. He announced the upcoming Motherland Festival, aimed at showcasing Nigeria’s cultural richness and engaging the diaspora, along with new policies such as diaspora bonds to leverage the potential of Nigerians abroad.
“We are under no illusions about the work still ahead,” Tinubu concluded. “But by the Grace of God, the worst is behind us. The foundation we’ve laid in these two years positions Nigeria for sustainable growth and shared prosperity in the years to come.”