Full Text: President Bola Tinubu’s Statement on the Second Anniversary of His Administration – May 29, 2025
Fellow Nigerians,
Today marks a significant milestone in our national journey — the second anniversary of this administration’s commitment to the Renewed Hope Agenda. I address you with profound gratitude, deep humility, and renewed resolve. Two years ago, amidst unprecedented challenges, you placed your trust in me to steer our nation away from despair and towards prosperity. That sacred mandate continues to guide every action we take.
When I assumed office, Nigeria stood at a crossroads. The country was shackled by decades-old fuel subsidies, multiple foreign exchange windows, and economic mismanagement that risked pushing us over the edge. We acted swiftly and decisively — removing fuel subsidies and reforming the forex market. These were bold, painful choices, but they were necessary to rescue our nation from the brink.
Today, as we pause to reflect, I salute your patience and patriotic spirit. You have borne the weight of reforms with courage. You have shown grit in the face of economic turbulence. And for that, I say thank you.
We are now halfway through this transformative journey, and the progress is undeniable. The Renewed Hope Agenda is not a mere slogan — it is a working blueprint for national revival. It is delivering tangible results.
Economic Stabilization and Revival
Our economy has turned a critical corner. Inflation is easing. Staple food prices — especially rice — are declining. Our oil and gas sector is bouncing back with rig counts up by more than 400% compared to 2021. Foreign direct investment is flowing back in — over $8 billion committed this year alone.
We are no longer drowning in deficits. From 5.4% of GDP in 2023, we slashed our fiscal deficit to 3.0% in 2024 — a feat made possible through increased revenue, transparency, and prudent management. In Q1 2025, we recorded over N6 trillion in revenue, without resorting to the inflation-fuelling Ways & Means borrowing of the past.
NNPC is now a net contributor to our national purse, no longer weighed down by unsustainable subsidy payments. Our external reserves have soared from $4 billion in 2023 to over $23 billion by the close of 2024 — a staggering 500% growth. We paid off our IMF obligations and strengthened the Naira.
State governments are not left behind. With over N6 trillion more in revenue in 2024 alone, they are now better equipped to pay salaries, pensions, and invest in infrastructure and human development.
Tax Reform for Inclusive Growth
We initiated the most ambitious tax reforms in Nigeria’s democratic history — and they are paying off. In just one year, our tax-to-GDP ratio rose from 10% to 13.5%, setting us on the path to sustainable development.
No longer will low-income Nigerians bear the burden of taxation. Basic essentials — food, healthcare, education, rent, public transport, and renewable energy — now enjoy 0% VAT. We’ve eliminated multiple taxation and introduced fairer, growth-oriented policies to empower businesses and households alike.
We are not just plugging revenue leakages; we are rewriting the rules. The era of opaque tax waivers is over. In its place, we have introduced targeted incentives for agriculture, manufacturing, and tech innovation.
To protect the vulnerable, we’re creating a Tax Ombudsman — an independent institution ensuring fairness and accountability in our tax system.
Energy, Innovation & Industrialisation
Our fiscal reforms are dovetailing with efforts to diversify the economy. The solid minerals sector is booming. Investors are building processing plants and creating jobs, as we move from raw export to value addition.
Through NASENI, we are witnessing an industrial revolution — one led by Nigerian ingenuity. Electric vehicles are being assembled locally. Africa’s most advanced Rapid Diagnostic Kit Factory is operational. Through the NASCAV initiative, young female drone engineers are being trained. This is innovation with impact — job creation, industrialization, and inclusive growth.
Healthcare Revolution
Our health system is being repositioned — not on paper, but in people’s lives.
Over 1,000 Primary Health Centres have been revitalised, with 5,500 more under upgrade.
Six new cancer centres are being built — three already completed.
We now offer free dialysis in pilot hospitals, subsidised elsewhere.
Over 4,000 women have received free cesarean sections under the Presidential Maternal Health Initiative.
Health Insurance Coverage has expanded from 16 million to 20 million lives in just two years.
Security and National Unity
No economy thrives in chaos. That’s why we’ve invested heavily in security — and the results are visible.
In the North-West, territories once held by bandits have been reclaimed. Farmers are returning to their lands. Major highways are safer. Kidnapping rings have been busted. Security agencies have rescued hundreds from captivity. We will not rest until every Nigerian can live, work, and travel without fear.
Our security forces have been empowered with better intelligence, coordination, and welfare. I salute our courageous armed forces and security personnel — your sacrifices will never be forgotten.
Education, Youth Empowerment & Human Capital
Education is the bedrock of progress. We have rolled out infrastructure upgrades, launched a landmark student loan scheme, and prioritised skills acquisition for the future workforce.
Our MSME programmes are unlocking opportunities for young entrepreneurs. Through Innovate Naija, Irrigate Nigeria, and the Asset Restoration Programme, we are nurturing a generation of wealth creators, not job seekers.
We are building a country where hard work pays and every Nigerian child, regardless of background, can dream big — and achieve more.
Agriculture & Infrastructure: Feeding and Connecting Nigeria
Food security remains central to our agenda. We are investing in mechanized farming, procuring thousands of tractors, fertilizers, and supporting local production. The results are showing — not just in markets, but on kitchen tables.
Our infrastructure drive is ambitious and nationwide:
Lagos-Calabar Coastal Highway
Abuja-Kaduna-Zaria-Kano Dual Carriageway
Oyo-Ogbomoso Road
Enugu-Onitsha Expressway
Second Niger Bridge Access Road
Bodo-Bonny Road
Hundreds of roads across all zones are being constructed or rehabilitated — boosting connectivity, trade, and national integration.
The Road Ahead: A Covenant with the People
My fellow Nigerians, the last two years have tested us — but they’ve also revealed the strength of our unity and the clarity of our purpose. We are not out of the woods yet, but we are far from where we started.
Together, we have laid the foundation for a stronger, more resilient Nigeria — where every child can learn, every farmer can farm in peace, every youth can create, and every citizen can prosper.
As we move forward, we remain focused on growth with equity, reform with compassion, and development with dignity.
Let me assure you: Renewed Hope is not just a promise — it is becoming our new reality.
Thank you, and may God bless the Federal Republic of Nigeria.
President Bola Ahmed Tinubu
May 29, 2025
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