As President Bola Ahmed Tinubu marked the second anniversary of his administration on Wednesday, he declared that Nigeria is not only “back on track” but also “on course to building a greater, more economically stable nation,” thanks to sweeping reforms and courageous decisions taken in the face of daunting national challenges.
Speaking in a nationwide address from the Presidential Villa in Abuja, President Tinubu acknowledged the economic pains many Nigerians have endured over the past two years. Yet, he remained emphatic: bold reforms were unavoidable if the country was to escape what he described as a looming economic catastrophe.
> “It became crystal clear that if the federal government and the other two tiers of government were to remain viable and truly serve the people, we had to make difficult choices. Decades-long fuel subsidies and a corruption-laden multiple exchange rate regime had become a stranglehold on our nation’s future,” the President asserted.
According to Tinubu, the removal of the fuel subsidy and the unification of the foreign exchange market were decisive steps to prevent Nigeria from sliding into fiscal anarchy. “Without these interventions,” he warned, “Nigeria would have faced a perfect storm of runaway inflation, sovereign debt default, chronic fuel scarcity, a free-falling Naira, and a paralyzed economy.”
Despite initial backlash and economic hardship triggered by the reforms, the President highlighted what he described as green shoots of recovery. He pointed to easing inflation, falling prices of staple foods such as rice, and a notable resurgence in the oil and gas sector.
> “Our rig count in the oil sector has surged by over 400% in 2025 compared to 2021. We’ve also attracted over $8 billion in new investments, setting the stage for a long-overdue revival of Nigeria’s energy industry,” Tinubu revealed.
A major fiscal turnaround was also noted in government revenue. In just the first quarter of 2025, the federal government raked in over N6 trillion—an achievement Tinubu attributed to improved tax administration, enhanced public finance transparency, and the elimination of “Ways and Means” borrowing from the Central Bank.
> “Today, the NNPC is no longer a drain. It is a net contributor to the Federation Account,” he added, touting it as a landmark reform in Nigeria’s oil governance.
Turning to tax reform, Tinubu said his administration had achieved a dramatic rise in the tax-to-GDP ratio, growing from 10% to 13.5% within a single year—a milestone aimed at stabilizing national revenue without overburdening ordinary citizens.
> “We are focused on fair taxation. Essential goods and services—food, education, healthcare, rent, public transport, and renewable energy—are now exempt from VAT. We are shielding the vulnerable while building a more sustainable fiscal structure,” Tinubu explained.
He further outlined the administration’s new fiscal policy framework centered on “fair taxation, responsible borrowing, and disciplined spending.”
Wrapping up his address with a forward-looking message, President Tinubu said:
> “We are laying the foundation for a stronger, more resilient Nigeria. The real impact of our governance is starting to show. The future is bright—and together, united in purpose, we will build a Nigeria that is prosperous, inclusive, and a source of pride for every citizen.”
As his administration enters its third year, Tinubu’s message was clear: the worst may be over, and the best is yet to come.
PIONEER NEWS 