From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu on Thursday saluted Nigerians for their resilience as he marked the second anniversary of his administration, reflecting on the challenges faced, the reforms implemented, and the progress achieved under his leadership.
In a comprehensive message, the president expressed gratitude to Nigerians for their resilience and support while outlining key milestones in economic recovery, security, and social development.
“Fellow Nigerians, as we mark the second anniversary of our administration, I salute your resilience and undaunting spirit,” Tinubu began. “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.”
Tinubu highlighted the urgent need for reforms upon assuming office, particularly the removal of fuel subsidies and the overhaul of the foreign exchange system. “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 had become a chokehold on our nation’s neck, strangling our nation’s future.”
He stressed the administration’s commitment to restoring economic stability: “Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation.”
The President detailed significant economic indicators demonstrating progress: inflation is easing, staple food prices like rice are declining, and the oil and gas sector is recovering robustly with rig counts up over 400% compared to 2021. “We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks,” he said.
Tinubu also noted fiscal improvements: “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.”
He proudly announced, “The NNPC, no longer burdened by unsustainable fuel subsidies, is now a net contributor to the Federation Account,” and highlighted a nearly 500% increase in net external reserves from $4 billion in 2023 to over $23 billion by the end of 2024.
Tax Reforms and Inclusive Growth
President Tinubu underscored the administration’s bold tax reforms, which raised the tax-to-GDP ratio from 10% to over 13.5% 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.”
He explained how these reforms ease burdens on low-income households and small businesses: “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.”
President Tinubu also announced the establishment of a tax ombudsmanprotect vulnerable taxpayers and ensure fairness and accountability.
On security, he acknowledged ongoing challenges but reported successes in restoring order in bandit-affected areas. “Our gallant armed forces have restored order, reducing and eliminating threats to lives and livelihoods. Farmers are back tilling the land to feed us. Highways, hitherto dangerous for travellers, have become safer.”
He paid tribute to security personnel: “I use this opportunity to salute the courage and everyday sacrifice of our service men and women… they willingly face danger so we can go about our lives freely and without fear.”
The president also highlighted investments in health and education, including revitalising over 1,000 primary health centres and expanding health insurance coverage from 16 million to 20 million Nigerians. “Through the Renewed Hope Health initiative, our administration has begun equipping health facilities and deploying skilled personnel to unserved areas,” he said.
Tinubu reiterated youth empowerment and innovation as pillars 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… From assembling electric vehicles and reviving idle assets to launching Africa’s most advanced Rapid Diagnostic Kit Factory and training female drone engineers.”
Infrastructure and National Unity
The president detailed ongoing infrastructure projects across the country, including major road constructions and electricity upgrades. He also announced plans to host the upcoming Motherland Festival, a cultural event aimed at showcasing Nigeria’s heritage and attracting global attention.
“The Motherland Festival will bring together voices from across the continent and the diaspora in a decisive moment of unity and purpose,” he said.
Concluding his message, President Tinubu reaffirmed his administration’s commitment to Nigeria’s future: “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 thanked Nigerians for their sacrifices and urged continued unity and perseverance.