As President Bola Tinubu marks his second-year in the saddle, he has scored himself high boasting that the administration’s economic reforms are working.
He said his administration has recorded impressive performance across all sectors including agriculture, security, health and energy. He also stated that his government was on course to building a greater, more economically stable nation.
In his May 29 address to the nation to commemorate the midterm anniversary, the President also acknowledged the sacrifices many Nigerians have made and continue to make as the government repositions the country, not just for today but for generations yet unborn.
“Our journey is not over, but our direction is clear. So is our resolve to tackle emerging challenges. By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold. The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of,” he said.
According to him, “Despite the bump in the cost of living, we have made undeniable progress.
Inflation has begun to ease, with rice prices and other staples declining. The oil and gas sector is recovering; rig counts are up by over 400 percent in 2025 compared to 2021, and over $8 billion in new investments have been committed. We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks.”
The address read:
“Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination.
“The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice. It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows. The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future.
“While our administration has implemented the reforms to restore and reinvigorate our national economy and strengthen our social fabric as a strong and united country, I must thank my fellow citizens for your unrelenting support and belief in the grand vision we share to uplift our nation and renew our collective hopes and aspirations.
We are halfway through the journey that began 24 months ago. Today, May 29, 2025, offers our administration the opportunity to share again how far we have gone and our progress in steering our country along the critical path of socio-economic development.
When we embarked on this journey, propelled by a burst of hope and abiding faith in Nigeria’s unity and progress, I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on by rebuilding trust, fostering prosperity and restoring our nation’s economic health. Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation.
“Under our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance and lift our people out of poverty.
While implementing the reforms necessary to strengthen our economy and deliver shared prosperity, we have remained honest by acknowledging some of the difficulties experienced by our compatriots and families. We do not take your patience for granted. I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall.
“Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining. The oil and gas sector is recovering; rig counts are up by over 400% in 2025 compared to 2021, and over $8 billion in new investments have been committed. We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks.
“In 2025, we remain on track with our fiscal targets. Gross proceeds per barrel from crude oil are broadly aligned with our forecasts as we intensify our efforts to ramp up production. Our fiscal deficit has narrowed sharply from 5.4% of GDP in 2023 to 3.0% in 2024. We achieved this through improved revenue generation and greater transparency in government finances. In the first quarter of this year, we recorded over N6 trillion in revenue.
“We have discontinued Ways & Means financing, which has been a major contributor to high and sticky inflation. The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account. We are also achieving fuel supply security through local refining.
“Our debt position is improving. While foreign exchange revaluation pushed our debt-to-GDP ratio to around 53%, our debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024. We paid off our IMF obligations and grew our net external reserves by almost 500% from $4 billion in 2023 to over $23 billion by the end of 2024.
“Thanks to our reforms, state revenue increased by over N6 trillion in 2024, ensuring that subnational governments can reduce their debt burden, meet salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development.
One of our administration’s most impactful achievements is our bold tax reform agenda, which is already yielding results. By the end of 2024, our tax-to-GDP ratio rose from 10% to over 13.5%, a remarkable leap in just one year. This was not by accident. It results from deliberate improvement in our tax administration and policies designed to make our tax system fairer, more efficient, and more growth-oriented.
“We are eliminating the burden of multiple taxation, making it easier for small businesses to grow and join the formal economy. The tax reforms will protect low-income households and support workers by expanding their disposable income. Essential goods and services such as food, education, and healthcare will now attract 0% VAT. Rent, public transportation, and renewable energy will be fully exempted from VAT to reduce household costs further.
“We are ending the era of wasteful and opaque tax waivers. Instead, we have introduced targeted and transparent incentives supporting high-impact manufacturing, technology, and agriculture sectors. These reforms are not just about revenue but about stimulating inclusive economic growth.
“There is a deliberate focus on our youth, who a friendlier tax environment for digital jobs and remote work will empower. Through export incentives, Nigerian businesses will be able to compete globally. Our National Single Window project streamlines international trade, reduces delays, and enhances Nigeria’s competitiveness.
To promote fairness and accountability, we are establishing a Tax Ombudsman, an independent institution that will protect vulnerable taxpayers and ensure the system works for everyone, especially small businesses.
Most importantly, we are laying the foundation for a more sustainable future by introducing a new national fiscal policy. This strategic framework will guide our approach to fair taxation, responsible borrowing, and disciplined spending.
These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian. Together, we are creating a system where prosperity is shared, and no one is left behind.
“We have breathed new life into the solid minerals sector as part of our efforts to diversify the economy. Revenue has increased phenomenally, and investors are setting up processing plants as the sector dumps the old pit-to-port policy and embraces a new value-added policy.
“We have also repositioned our health sector despite all odds.
Over 1,000 Primary Health Centres are being revitalised nationwide. An additional 5,500 PHCs are being upgraded under our Renewed Hope Health Agenda. We are establishing six new cancer treatment centres. Three are ready. We offer free dialysis services in pilot tertiary hospitals and subsidise the service in others. Under the Presidential Maternal Health Initiative, over 4,000 women have undergone free cesarean sections. Lastly, we have expanded Health Insurance Coverage from 16 million to 20 million within two years.
As a result of our bold and deliberate policies, the economy is growing stronger again. Real GDP rose by 4.6% in Q4 2024, with full-year growth of 3.4%. This is one of the strongest in a decade.
“Without a responsive and reliable national security infrastructure that can protect lives and properties, our economy will not perform optimally, and those who seek to harm us will impair and disrupt our way of life. Our administration is committed to the security and safety of our people. For our government, protecting our people and their peaceful way of life is the utmost priority.
“Since I assumed our country’s leadership, our administration has improved collaboration among security agencies, increased intelligence-driven operations, and better ensured the welfare of our armed forces and security personnel. I use this opportunity to salute the courage and everyday sacrifice of our service men and women. We may not always witness the tremendous efforts they make to keep us safe, but we benefit every day from the results of their dedication. Even if we do not thank them often enough, they willingly face danger so we can go about our lives freely and without fear.
“Our military, police, and intelligence agencies are committed to always responding to emerging security threats and new challenges because it is the patriotic duty they owe a grateful nation.
“Amid the new security challenges, we can report some successes. In some areas of the North West, hitherto under the control of bandits, our gallant armed forces have restored order, reducing and eliminating threats to lives and livelihoods. With the success achieved, farmers are back tilling the land to feed us. Highways, hitherto dangerous for travellers, have become safer. Our security agencies have succeeded many times in rescuing the abducted citizens from the hands of their tormentors. I promise you, we shall remain vigilant, as I told security chiefs during the last meeting to up their game and collaborate to end this plague of evil men. Every Nigerian deserves to live without fear.
“Outside of Security, we have prioritised human capital development as a central pillar of our national development strategy.
“To this end, we have significantly expanded access to quality education through infrastructure investments and the student loan scheme to support indigent students in tertiary institutions. Through the Renewed Hope Health initiative, our administration has begun equipping health facilities and deploying skilled personnel to unserved areas. We are also strengthening our response to public health threats and implementing targeted social investment schemes.
Our youth empowerment initiatives include access to funds, skill development, and creating employment opportunities. Through our MSME support, we empower the next generation and bridge inequality. In our mission to empower the next generation, we have taken bold steps to place young Nigerians at the heart of national development. Nowhere is this more evident than at the National Agency for Science and Engineering Infrastructure (NASENI), where the current management is making giant strides. NASENI has embraced a digital-first approach, introduced real-time dashboards, and implemented end-to-end e-procurement through its Unified ERP System—setting a new governance benchmark for public institutions.
“Through bold, high-impact programmes like Innovate Naija, Irrigate Nigeria, the Asset Restoration Programme, and the Renewable Energy and Innovation Park in Gora, NASENI drives inclusive industrialisation at scale. From assembling electric vehicles and reviving idle assets to launching Africa’s most advanced Rapid Diagnostic Kit Factory and training female drone engineers through the NASCAV programme, these initiatives are creating jobs, restoring dignity to work, and opening up a future of possibilities for our youth. This is the movement we promised—a government of action powered by the energy and innovation of young Nigerians.
Agriculture and food security are top priorities of our Renewed Hope Agenda. We have launched aggressive initiatives to boost local food production, support farmers, and stabilise food prices. We have also invested in mechanised farming by procuring thousands of tractors, other farming tools, and fertilisers.
Under the Renewed Hope Agenda, the Federal Government has continued with major road construction and rehabilitation projects across all geopolitical zones, from the Abuja-Kaduna-Zaria-Kano Dual Carriageway, the 9th Mile-Oturkpo-Makurdi Road, the Lagos-Calabar Coastal Highway, Abuja-Lokoja-Benin Road, Enugu-Onitsha Expressway, Oyo-OgbomosoRoad, Sokoto-Badagry Road, Enugu-Port Harcourt Expressway, Second Niger Bridge Access Road to Bodo-Bonny Road among hundreds of ongoing road projects across the country.
“We have launched initiatives to improve electricity generation by upgrading generation and transmission infrastructure and investing in off-grid solar energy to power our homes, business premises, industries, schools and hospitals.
“In the spirit of democracy and national renewal, we are preparing to welcome the world to Nigeria soon for the Motherland Festival. This landmark gathering will spotlight our rich heritage, dynamic creative industries, and the vibrant energy of our people. It will showcase Nigeria’s beauty through tourism, culture and innovation, inviting the world to rediscover our nation.
“The Nigerian diaspora plays a vital role in our national transformation. Their expertise, investment, and global perspective are key to shaping the future we seek. In recognition, the government has introduced policies like the diaspora bond and the non-resident Bank Verification Number to make it easier for Nigerians abroad to invest, engage, and contribute meaningfully to the country’s progress.
“The Motherland Festival will bring together voices from across the continent and the diaspora in a decisive moment of unity and purpose, affirming that Nigeria is not only a leader in Africa but a committed global partner ready to engage, inspire, and lead.”
Celebrate, the country should be reminded that leadership is a continuous journey.
Buhari expressed support for ongoing efforts by the Tinubu-led administration to curb poverty and inflation, which, he said, had hit the poorest families.
Seeking Nigerians’ support for Tinubu-led administration, he said the task of reducing poverty and inflation mustn’t be left only for the government. “The private sector and all of us, as citizens, must join in all ways we can.”
The former president urged Nigerians to remain optimistic and stay confident about the country’s future, saying ‘our expectations from our governments should not get heavy.’
Nonetheless, Atiku stated that the opposition is building a solid coalition that would check the alleged excesses of the Tinubu administration and return government to the people.
“In just two years, President Bola Ahmed Tinubu’s administration has proven to be one of the most incompetent, disconnected, and anti-people governments in Nigeria’s democratic history. No previous administration has inflicted this level of hardship on the masses while showing such disregard for transparency, accountability, and responsible leadership.
“This government has not only deepened poverty across the country, but it has also set new records in wasteful public spending. At a time when millions of Nigerians are struggling to survive, government officials are living in excess and approving budgets that benefit the elite at the expense of the common man.
“It is sad that apart from being the poverty capital of the world, Nigeria has under this administration emerged as the unenviable position as the capital of malnourished children in Africa having beaten Sudan, a nation that is at war. According to the Global Hunger Index 2024, our country is one of the most affected by hunger and malnutrition, occupying the 18th position,
“Policy after policy under this administration has targeted the poor while providing relief and advantage to the rich. From healthcare to education to identity management and basic public services, Nigerians are now faced with class-based systems where the wealthy enjoy VIP treatment, and the rest are left behind.”
Atiku added that ‘just two weeks ago, the National Identity Management Commission (NIMC) hiked its fees by 75 percent, introducing VIP protocols for services that should be a basic right of citizenship. In education, public university fees have been raised far beyond the reach of poor families, with no adequate support mechanisms in place.
“Even more troubling is the scale of borrowing under this government. When President Tinubu assumed office in 2023, Nigeria’s total public debt stood at approximately N49 trillion. In just two years, that figure has skyrocketed to N144 trillion — a 150 percent increase — with more foreign loans now being requested, which could push the debt to N183 trillion.
“While the federal government racks up debt, state governments have shown more discipline, reducing their debt levels from N5.86 trillion to N3.97 trillion. The implication is clear: the federal government, under Tinubu, is the primary driver of Nigeria’s current debt crisis.
“President Tinubu’s justification — that new borrowing is needed to fund the 2025 budget and soften the impact of fuel subsidy removal — is both weak and dishonest. It was the reckless and insensitive way his government removed the subsidy that created much of today’s economic hardship in the first place.
“Today, Nigeria is a nation where the rich get richer, and the poor are punished for trying to survive. This reality can not and will not be ignored.
“As opposition leaders and partners committed to the future of Nigeria, we will not stand by and watch democracy be reduced to a tool for elite control. We reject any attempt to turn Nigeria into a one-party state where dissent is silenced and power is abused.
“We are building a strong, united opposition coalition — one that will challenge the excesses of this administration, restore accountability, and return government to the people. We will protect the right of every Nigerian to freely choose their leaders, and we will continue to fight for economic justice, political freedom, and national progress.
“We are here to rescue Nigeria. And we will not stop until that goal is achieved.”
Meanwhile, President Tinubu’s performance has sparked mixed reactions in the South-South region as security and economy top some residents’ wishlist while others scored him high in agriculture and education.
In Rivers, Anthony Onoja, professor of Agricultural Economics, University of Port Harcourt (UNIPORT), identified the removal of petrol subsidy and the floating of the naira as two major actions that have shaped the administration.
He observed that while the administration has implemented bold economic reforms, the outcomes have been mixed.
“Although the floating of the naira initially triggered volatility and a sharp rise in the exchange rate against the dollar, some relative stabilisation has been observed in recent months.
“However, the removal of petrol subsidy inflicted a substantial shock, fuelling inflation and exacerbating hardship for many Nigerians.”
Onoja maintained that despite the government’s efforts, poverty levels remained critically high, citing recent poverty indices which indicate a worsening standard of living, with a significant segment of the population struggling with hunger and joblessness.
He said government’s initiatives such as cash transfers have proven inadequate in alleviating widespread suffering, criticising the current state of the business environment.
He called for improved infrastructure, particularly in electricity and transport, which acted as a major obstacle to economic growth as small and medium enterprises faced difficulties, with many shutting down due to an unfavourable operating climate.
According to him, although there are efforts to expand renewable energy sources, these have yet to produce any tangible impact.
On security, Onoja scored the Federal Government low, particularly in its handling of herder-farmer clashes and the persistent issue of kidnappings across the country.
He said farmers were being displaced from their lands, which was disrupting agricultural production and undermining economic progress, urging the government to take decisive steps to improve national security.
In the petroleum sector, he acknowledged the positive contributions of the Dangote refinery but lamented the underperformance of state-owned refineries.
He also decried the entrenched corruption in the sector and criticised the government’s inadequate response to anti-corruption efforts.
“Anti-corruption agencies appear ineffective with major embezzlement cases often going unpunished. This undermines public trust and hinders economic development,” Onoja said.
Similarly, Mr Bosinder Araikpe, security relations consultant based in Port Harcourt, also knocked the administration on security, saying no significant improvement in addressing insecurity.
With the Boko Haram insurgency and herder-farmer conflicts still persistent, he claimed that ‘there have not been sufficient improvements to justify a favourable security assessment since 2023.
However, Araikpe commended President Tinubu for appointing service chiefs from across all six geopolitical zones which, he said, fostered better national representation.
Dr Jebbins Ekezie, executive director, Youths Advocacy Initiative (YAI) criticised the administration’s performance in youth employment and empowerment.
He recalled that the President, during his inauguration, pledged to prioritise youth engagement and economic inclusion.
“Two years later, aside from initiatives such as the Student Loan Programme and interventions by the Ministry of Humanitarian Affairs, there is little to show for it.
“Lack of viable opportunities in both the public and private sectors has forced many young Nigerians into crime, informal employment, or emigration,” he said.
In Cross River, Dr. Erasmus Ekpang, Commissioner for Information stated that the policies of Tinubu’s administration were aimed at repairing Nigeria. He commended policies like the distribution of subsidised sprouted nodes to agrarian states which Cross River benefited from and was one of the eight states that had FG launched a Special Agro Processing Zone.
On his part, Mr Richard Inoyo, Country Director, Citizens’ Solution Network, said insecurity has worsened in Nigeria, considering the data from the International Crisis Groups.
He claimed that in areas like Benue and Plateau, clashes were taking more lives than the Boko Haram crisis while terrorists resurgence in the North-East seemed to have more sophisticated weapons than the Army.
On health, Inoyo asserted that there was not much improvement since top government officials still sought treatment in hospitals abroad.
Inoyo said the increase in petrol price had led to increase in transportation and production costs and adding the increased electricity tariff would create difficulty in the economy.
He said the President would not score high economically when an average boy on the street could not boast of three square meals, stressing that other countries, not endowed with Nigeria’s quality crude oil, live better.