ABUJA — President Bola Ahmed Tinubu has highlighted major milestones under his leadership, asserting that both the nation’s economy and security architecture have significantly improved since he assumed office two years ago. According to him, Nigeria’s external reserves surged from a meager $4 billion in 2023 to over $23 billion by the end of 2024, marking an almost 500% growth. In a mid-term address, President Tinubu justified the controversial removal of fuel subsidies and the devaluation of the naira, decisions that have drawn both criticism and praise across political lines. While Tinubu lauded his administration’s economic direction, opposition parties such as the Peoples Democratic Party (PDP), Labour Party (LP), and the Coalition of United Political Parties (CUPP) countered his claims, labeling his tenure as one of the most disappointing in Nigeria’s democratic history. He reflected, “Exactly two years ago, you gave me the mandate to lead this nation through unprecedented challenges. With collective resolve, we tackled those difficulties head-on.” Acknowledging the dire state of the nation upon his assumption, Tinubu said his immediate economic reforms were necessary to stop Nigeria’s downward spiral. He emphasized the need to eliminate unsustainable fuel subsidies and overhaul the foreign exchange system that had become rife with corruption and inefficiency. Expressing gratitude to Nigerians, he stated, “Despite the pain some of these reforms have caused, your patience and belief in our shared future remain the backbone of our renewed hope.” As of May 29, 2025, Tinubu reiterated that Nigeria is halfway through a transformation journey, driven by hope and grounded in pragmatic reforms. His economic strategy under the Renewed Hope Agenda has been centered on stabilizing the economy, enhancing security, promoting transparency, and reducing poverty. Although acknowledging the economic hardship facing many Nigerians, he insisted the only alternative would have been a national fiscal collapse. Tinubu noted that inflation is beginning to ease, citing falling prices of staples like rice. In the oil and gas industry, production has surged, rig counts have climbed by over 400% since 2021, and new investments exceeding $8 billion have been secured. He stressed, “We’re now more resilient and positioned for growth amid global economic uncertainties.” Fiscal Health and Revenue Mobilization In 2025, Nigeria’s fiscal metrics remain aligned with strategic goals. Crude oil revenues are stable, and the fiscal deficit has narrowed from 5.4% of GDP in 2023 to just 3.0% in 2024, mainly due to improved revenue inflow and enhanced financial transparency. First-quarter revenues for 2025 reached N6 trillion. Discontinuation of Ways and Means financing helped curb inflation. With the end of fuel subsidies, the Nigerian National Petroleum Company (NNPC) is now a net contributor to the Federation Account, and increased local refining ensures energy security. Although forex revaluation pushed debt-to-GDP ratio to 53%, the debt service-to-revenue ratio dropped to under 40% by 2024. IMF debts have been cleared, and external reserves rose impressively. Sub-national governments also saw gains, with states generating over N6 trillion in 2024—enabling them to service debts, pay salaries and pensions, and fund infrastructure. Tax Reforms and Inclusive Growth A significant reform success includes raising the tax-to-GDP ratio from 10% to 13.5% in 2024. Tinubu credited deliberate tax administration improvements and fairer policy structures for this achievement. The tax system now protects low-income earners while allowing small businesses to thrive by eliminating multiple taxation. Essential services like food, healthcare, education, public transport, rent, and renewable energy are VAT-exempt. Wasteful tax waivers have been replaced with transparent incentives for sectors like manufacturing, tech, and agriculture. A Tax Ombudsman is being established to ensure accountability and protect vulnerable taxpayers. Infrastructure, Healthcare, and Education Gains President Tinubu emphasized progress in economic diversification and healthcare infrastructure. The solid minerals sector has seen exponential revenue increases and investment in local processing. Over 1,000 Primary Health Centres (PHCs) have been revitalized, with plans to upgrade 5,500 more under the Renewed Hope Health Agenda. Three out of six planned cancer centers are ready, while free and subsidized dialysis is now available. The Presidential Maternal Health Initiative has assisted over 4,000 women with free cesarean sections. Health insurance coverage expanded from 16 million to 20 million people in just two years. Security Enhancements and National Unity Tinubu highlighted improved collaboration among security forces, intelligence-led operations, and better welfare for personnel. He honored their sacrifices, especially in reclaimed North-West regions where farmers have returned to their lands and highways are safer again. Youth Empowerment and Technological Innovation Human capital development remains a central pillar, with investment in education infrastructure and student loan programs. Institutions like NASENI are pioneering industrialization, embracing e-governance, and implementing groundbreaking projects like Innovate Naija, Irrigate Nigeria, and the Asset Restoration Programme. From electric vehicle assembly to Africa’s most advanced diagnostic kit factory, Nigeria is building a future driven by youth innovation and empowerment. Food Security, Infrastructure, and Energy Aggressive agricultural policies have been launched to boost food production and stabilize prices. Mechanized farming is advancing through large-scale procurement of tractors and fertilization. National road infrastructure is also undergoing major upgrades across geopolitical zones—spanning Lagos-Calabar Coastal Highway, Second Niger Bridge Access Road, Abuja-Kaduna-Zaria-Kano dual carriageway, and others. Electricity generation is being scaled via transmission upgrades and off-grid solar investments for rural electrification. Diaspora and Global Engagement Tinubu announced Nigeria’s preparation to host the Motherland Festival, designed to promote Nigeria’s culture and tourism. He praised the diaspora’s role in national transformation and unveiled initiatives like diaspora bonds and the non-resident BVN to enhance diaspora investments. The President closed by emphasizing Nigeria’s growing global role and reaffirming his administration’s commitment to a prosperous, secure, and unified nation. APC, PDP, LP, CUPP Disagree Over Tinubu’s Two-Year Performance Opposition parties—the Peoples Democratic Party (PDP), Labour Party (LP), and the Coalition of United Political Parties (CUPP)—have sharply criticized President Bola Tinubu’s administration, clashing with the ruling All Progressives Congress (APC) over his performance in office. While the APC insists that President Tinubu is on course with delivering the dividends of democracy, the opposition argues otherwise, accusing his administration of worsening economic and security conditions in
