STATEHOUSE PRESS STATEMENT
WE HAVE MADE UNDENIABLE PROGRESS:
PRESIDENT BOLA TINUBU’S STATEMENT ON THE SECOND ANNIVERSARY OF HIS ADMINISTRATION ON MAY 29, 2025
Fellow Nigerians, as we mark the second anniversary of our administration, I salute your resilience and undaunted spirit. Two years in the past, you entrusted me with the sacred duty to steer our nation at a time of historic challenges. Collectively, now we have confronted these headwinds with braveness and dedication.
The {economic} and common scenario of the nation I inherited required that we redirect the nation’s affairs with a daring and new imaginative and prescient. I instantly applied two needed insurance policies to cease our nation from additional drifting into the precipice. It was obvious that if the federal authorities and the opposite two tiers of presidency should stay viable and cater to the residents’ welfare, we should cast off decades-long gas subsidies and the corruption-ridden a number of international alternate home windows. The 2 had been now not sustainable and have turn out to be a chokehold on our nation’s neck, strangling our nation’s future.
Whereas our administration has applied the reforms to revive and reinvigorate our nationwide economic system and strengthen our social material as a powerful and united nation, I need to thank my fellow residents in your unrelenting help and perception within the grand imaginative and prescient we share to uplift our nation and renew our collective hopes and aspirations.
We’re midway via the journey that started 24 months in the past. Right this moment, Could 29, 2025, presents our administration the chance to share once more how far now we have gone and our progress in steering our nation alongside the vital path of socio-economic growth.
Once we launched into this journey, propelled by a burst of hope and abiding religion in Nigeria’s unity and progress, I made a pledge earlier than God and fellow countrymen and girls to confront Nigeria’s challenges head-on by rebuilding belief, fostering prosperity, and restoring our nation’s {economic} well being. Right this moment, I proudly affirm that our {economic} reforms are working. We’re on track to constructing a larger, extra economically secure nation.
Beneath our Renewed Hope Agenda, our administration pledged to sort out {economic} instability, enhance safety nationwide, cut back corruption, reform governance, and carry our individuals out of poverty.
Whereas implementing the reforms essential to strengthen our economic system and ship shared prosperity, now we have remained trustworthy by acknowledging a few of the difficulties skilled by our compatriots and households. We don’t take your persistence as a right. I need to restate that the one different to the reforms our administration initiated was a fiscal disaster that might have bred runaway inflation, exterior debt default, crippling gas shortages, a plunging Naira, and an economic system in a free-fall.
Regardless of the bump in the price of dwelling, now we have made plain progress.
Inflation has begun to ease, with rice costs and different staples declining. The oil and gasoline sector is recovering; rig counts are up by over 400% in 2025 in comparison with 2021, and over $8 billion in new investments have been dedicated. We’ve stabilised our economic system and at the moment are higher positioned for progress and ready to face up to world shocks.
In 2025, we stay on monitor 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 manufacturing. Our fiscal deficit has narrowed sharply from 5.4% of GDP in 2023 to three.0% in 2024. We achieved this via improved income technology and larger transparency in authorities funds. Within the first quarter of this yr, we recorded over N6 trillion in income.
We’ve discontinued Methods & Means financing, which has been a significant contributor to excessive and sticky inflation. The NNPC, now not burdened by unsustainable gas subsidies, is now a web contributor to the Federation Account. We’re additionally attaining gas provide safety via native refining.
Our debt place is enhancing. Whereas international alternate revaluation pushed our debt-to-GDP ratio to round 53%, our debt service-to-revenue ratio dropped from practically 100% in 2022 to beneath 40% by 2024. We paid off our IMF obligations and grew our web exterior reserves by virtually 500% from $4 billion in 2023 to over $23 billion by the tip of 2024.
Due to our reforms, state income elevated by over N6 trillion in 2024, guaranteeing that subnational governments can cut back their debt burden, meet salaries and pension obligations on a well timed foundation, and make investments extra in vital infrastructure and human capital growth.
One in all our administration’s most impactful achievements is our daring tax reform agenda, which is already yielding outcomes. By the tip of 2024, our tax-to-GDP ratio rose from 10% to over 13.5%, a exceptional leap in only one yr. This was not by chance. It outcomes from deliberate enchancment in our tax administration and insurance policies designed to make our tax system fairer, extra environment friendly, and extra growth-oriented.
We’re eliminating the burden of a number of taxation, making it simpler for small companies to develop and be a part of the formal economic system. The tax reforms will defend low-income households and help staff by increasing their disposable earnings. Important items and companies equivalent to meals, schooling, and healthcare will now appeal to 0% VAT. Lease, public transportation, and renewable vitality shall be totally exempted from VAT to scale back family prices additional.
We’re ending the period of wasteful and opaque tax waivers. As a substitute, now we have launched focused and clear incentives supporting high-impact manufacturing, expertise, and agriculture sectors. These reforms should not nearly income however about stimulating inclusive {economic} progress.
There’s a deliberate deal with our youth, who a friendlier tax atmosphere for digital jobs and distant work will empower. By means of export incentives, Nigerian companies will be capable to compete globally. Our Nationwide Single Window undertaking streamlines worldwide commerce, reduces delays, and enhances Nigeria’s competitiveness.
To advertise equity and accountability, we’re establishing a Tax Ombudsman, an unbiased establishment that can defend susceptible taxpayers and make sure the system works for everybody, particularly small companies.
Most significantly, we’re laying the inspiration for a extra sustainable future by introducing a brand new nationwide fiscal coverage. This strategic framework will information our method to truthful taxation, accountable borrowing, and disciplined spending.
These reforms are designed to scale back the price of dwelling, promote {economic} justice, and construct a business-friendly economic system that pulls funding and helps each Nigerian. Collectively, we’re making a system the place prosperity is shared, and nobody is left behind.
We’ve breathed new life into the Stable Minerals sector as a part of our efforts to diversify the economic system. Income has elevated phenomenally, and traders are organising processing crops because the sector dumps the outdated pit-to-port coverage and embraces a brand new value-added coverage.
We’ve additionally repositioned our well being sector regardless of all odds.
Over 1,000 Major Well being Centres are being revitalised nationwide. A further 5,500 PHCs are being upgraded beneath our Renewed Hope Well being Agenda. We’re establishing Six new most cancers therapy centres. Three are prepared. We provide free dialysis companies in pilot tertiary hospitals and subsidise the service in others. Beneath the Presidential Maternal Well being Initiative, over 4,000 ladies have undergone free cesarean sections. Lastly, now we have expanded Well being Insurance coverage Protection from 16 million to twenty million inside two years.
On account of our daring and deliberate insurance policies, the economic system is rising stronger once more. Actual GDP rose by 4.6% in This fall 2024, with full-year progress of three.4%. This is among the strongest in a decade.
With no responsive and dependable nationwide safety infrastructure that may defend lives and properties, our economic system won’t carry out optimally, and those that search to hurt us will impair and disrupt our lifestyle. Our administration is dedicated to the safety and security of our individuals. For our authorities, defending our individuals and their peaceable lifestyle is the utmost precedence.
Since I assumed our nation’s management, our administration has improved collaboration amongst safety companies, elevated intelligence-driven operations, and higher ensured the welfare of our armed forces and safety personnel. I exploit this chance to salute the braveness and on a regular basis sacrifice of our service women and men. We could not at all times witness the super efforts they make to maintain us secure, however we profit each day from the outcomes of their dedication. Even when we don’t thank them usually sufficient, they willingly face hazard so we are able to go about our lives freely and with out concern.
Our navy, police, and intelligence companies are dedicated to at all times responding to rising safety threats and new challenges as a result of it’s the patriotic responsibility they owe a grateful nation.
Amid the brand new safety challenges, we are able to report some successes. In some areas of the northwest, hitherto beneath the management of bandits, our gallant armed forces have restored order, decreasing and eliminating threats to lives and livelihoods. With the success achieved, farmers are again tilling the land to feed us. Highways, hitherto harmful for travellers, have turn out to be safer. Our safety companies have succeeded many instances in rescuing the kidnapped residents from the fingers of their tormentors. I promise you, we will stay vigilant, as I informed safety chiefs over the past assembly to up their sport and collaborate to finish this plague of evil males. Each Nigerian deserves to reside with out concern.
Exterior of Safety, now we have prioritised human capital growth as a central pillar of our nationwide growth technique.
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To this finish, now we have considerably expanded entry to high quality schooling via infrastructure investments and the scholar mortgage scheme to help indigent college students in tertiary establishments. By means of the Renewed Hope Well being initiative, our administration has begun equipping well being amenities and deploying expert personnel to unserved areas. We’re additionally strengthening our response to public well being threats and implementing focused social funding schemes.
Our youth empowerment initiatives embrace entry to funds, talent growth, and creating employment alternatives. By means of our MSME help, we empower the following technology and bridge inequality. In our mission to empower the following technology, now we have taken daring steps to put younger Nigerians on the coronary heart of nationwide growth. Nowhere is that this extra evident than on the Nationwide Company for Science and Engineering Infrastructure (NASENI), the place the present administration is making big strides. NASENI has embraced a digital-first method, launched real-time dashboards, and applied end-to-end e-procurement via its Unified ERP System—setting a brand new governance benchmark for public establishments.
By means of daring, high-impact programmes like Innovate Naija, Irrigate Nigeria, the Asset Restoration Programme, and the Renewable Vitality and Innovation Park in Gora, NASENI drives inclusive industrialisation at scale. From assembling electrical automobiles and reviving idle property to launching Africa’s most superior Speedy Diagnostic Package Manufacturing facility and coaching feminine drone engineers via the NASCAV programme, these initiatives are creating jobs, restoring dignity to work, and opening up a way forward for potentialities for our youth. That is the motion we promised—a authorities of motion powered by the vitality and innovation of younger Nigerians.
Agriculture and meals safety are prime priorities of our Renewed Hope Agenda. We’ve launched aggressive initiatives to spice up native meals manufacturing, help farmers, and stabilise meals costs. We’ve additionally invested in mechanised farming by procuring hundreds of tractors, different farming instruments, and fertilisers.
Beneath the Renewed Hope Agenda, the federal authorities has continued with main street development and rehabilitation initiatives throughout all geopolitical zones, from the Abuja-Kaduna-Zaria-Kano Twin Carriageway, the ninth Mile-Oturkpo-Makurdi Street, the Lagos-Calabar Coastal Freeway, Abuja-Lokoja-Benin Street, Enugu-Onitsha Expressway, Oyo-OgbomosoRoad, Sokoto-Badagry Street, Enugu-Port Harcourt Expressway, Second Niger Bridge Entry Street to Bodo-Bonny Street amongst tons of of ongoing street initiatives throughout the nation.
We’ve launched initiatives to enhance electrical energy technology by upgrading technology and transmission infrastructure and investing in off-grid photo voltaic vitality to energy our properties, enterprise premises, industries, colleges and hospitals.
Within the spirit of democracy and nationwide renewal, we’re getting ready to welcome the world to Nigeria quickly for the Motherland Pageant. This landmark gathering will highlight our wealthy heritage, dynamic artistic industries, and the colourful vitality of our individuals. It can showcase Nigeria’s magnificence via tourism, tradition, and innovation, inviting the world to rediscover our nation.
The Nigerian diaspora performs an important function in our nationwide transformation. Their experience, funding, and world perspective are key to shaping the longer term we search. In recognition, the federal government has launched insurance policies just like the diaspora bond and the non-resident {Bank} Verification Quantity to make it simpler for Nigerians overseas to speculate, have interaction, and contribute meaningfully to the nation’s progress.
The Motherland Pageant will convey collectively voices from throughout the continent and the diaspora in a decisive second of unity and function, affirming that Nigeria isn’t solely a frontrunner in Africa however a dedicated world accomplice prepared to interact, encourage, and lead.
As soon as once more, I acknowledge the sacrifices many Nigerians have made and proceed to make as we reposition our nation, not only for right this moment however for generations but unborn. Our journey isn’t over, however our route is obvious. So is our resolve to sort out rising challenges. By the Grace of God, we’re assured that the worst is behind us. The true affect of our governance targets is starting to take maintain. The long run is vivid, and collectively, we are going to construct a stronger, extra inclusive Nigeria that we are able to all be happy with.
Thanks all, and Could God proceed to bless the Federal Republic of Nigeria.
PRESIDENT BOLA AHMED TINUBU,
ASO ROCK,
ABUJA
29/5/2025
