Two Yrs After, Renewed Hope Agenda Working, Nig Rakes in N6trillion in 3Months, Economy, Food Prices Stabilizing- Tinubu

President Bola Tinubu has reassured Nigerians that the “worst is behind us” as the “direction is clear” that the country is rebound for economic prosperity and progress.

Speaking to Nigerians through an address to mark the second anniversary of his government on Thursday morning, President Tinubu acknowledged that he understands that the policies embedded in his “Renewed Hope Agenda” have created a “bump” of economic distortion in the living standard of Nigerians, he said that “We do not take your patience for granted.”

The President stated that he had no choice than to take bold steps in order to ensure a reversal of Nigeria’s economic decline.

 

According to him, the Nigeria “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.”

Looking ahead after two years in the saddle, President Tinubu said that “, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation.”

Reeling out some of the visible milestones his government has achieved in the last two years, Tinubu stated that with the removal of the petrol subsidy which freed up revenue for the government to be able to attend to infrastructure development and social services. According to the President, due to the bold economic policies and dynamic decisions Nigeria has begun to save again which has led to the growing of Nigeria’s foreign reserve from a paltry $4billion in 2023 to $23billion in 2025.

The president announced that, “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.”

Showcasing a steadily improving economic outlook, President Tinubu stated that, “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.

Speaking on the recently passed tax reform bills in the National Assembly, President Tinubu described the tax reform bills as the “most impactful achievement” as it will lay foundation for a solid SME-driven economy that will guarantee massive creation of jobs and its attendant prosperity.

He stated:

“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.

 

“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.

In the area of security, President Tinubu assured Nigerians that his government is focused ensuring that Nigeria becomes a nation where everyone lives without fear of being attacked, in his words, “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.”

In the area of rod infrastructure, the president revealed that, “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.

He also announced that, “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.

In the power sector, Tinubu stated that, “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.

Urging Nigerians to keep faith with his government, President Tinubu assured that, “The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”