“The Worst Is Behind Us” — Tinubu Tells Nigerians After Two Years in Office

President Bola Ahmed Tinubu has marked the second anniversary of his administration with a nationwide address, asserting that his government’s bold economic and structural reforms are bearing fruit, despite the pain they have caused many Nigerians.

In a 25-minute broadcast on May 29, 2025, the President expressed gratitude to Nigerians for their “resilience and undaunted spirit” in the face of what he called “historic challenges” he inherited upon assuming office.

“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,” he said.

Tinubu defended his decision to end the fuel subsidy and unify the foreign exchange windows — two of the most controversial policy moves under his leadership.

“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,” he said.

The President insisted that the alternative would have been “a fiscal crisis” marked by “runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in free fall.”

According to Tinubu, reforms under the Renewed Hope Agenda are already yielding results. He cited key macroeconomic indicators:

• Inflation, especially in food prices like rice, is easing.

• The oil and gas sector is rebounding, with a reported 400% increase in rig counts since 2021.

• Over $8 billion in new investments have been secured in the sector.

• Gross government revenue exceeded ₦6 trillion in Q1 2025.

• Nigeria’s external reserves grew from $4 billion in 2023 to over $23 billion by the end of 2024.

• “Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” Tinubu declared.

He added that the country’s fiscal deficit had narrowed from 5.4% of GDP in 2023 to 3.0% in 2024, and Nigeria had fully paid off its IMF debts.

Tinubu highlighted what he called “one of our administration’s most impactful achievements” — the tax reform agenda. He said the tax-to-GDP ratio had increased from 10% to 13.5% within a year.

He promised a fairer system, with 0% VAT on essential goods and exemptions for items like rent, public transport, education, healthcare, and renewable energy.

“We are ending the era of wasteful and opaque tax waivers… These reforms are not just about revenue but about stimulating inclusive economic growth.”

A Tax Ombudsman will soon be launched to protect vulnerable taxpayers, he added.

Tinubu outlined major strides across several sectors:

• Health: Over 6,500 Primary Health Centres are being revitalised or upgraded; free dialysis is now available in pilot centres; and cancer centres are being built nationwide.

• Education: The student loan scheme has been activated, and more infrastructure is being delivered to improve tertiary education access.

• Youth and Tech: Through NASENI and other programs, youths are being trained in digital skills, drone engineering, and renewable energy innovation

• Solid Minerals: The sector has moved from a “pit-to-port” policy to value-added processing, increasing revenue and attracting investment.

The President reaffirmed his administration’s commitment to road construction and rehabilitation, listing projects such as the Lagos-Calabar Coastal Highway, the Abuja-Kaduna-Zaria-Kano Dual Carriageway, and the Second Niger Bridge Access Road.

He also promised continued focus on agriculture to boost local food production and stabilise food prices.

“Farmers are back tilling the land… Highways, hitherto dangerous for travellers, have become safer.”

Security, Tinubu said, remains a top priority, noting improved coordination among the military, police, and intelligence agencies.

“Even if we do not thank them often enough, they willingly face danger so we can go about our lives freely and without fear.”

Looking ahead, Tinubu said Nigeria is preparing to host the Motherland Festival, a global cultural and tourism event that would “spotlight our rich heritage” and reaffirm Nigeria’s place as “a leader in Africa and a committed global partner.”

He praised the Nigerian diaspora, describing them as “key to shaping the future we seek,” and cited policies like the diaspora bond and non-resident BVN as ways to encourage their investment in the country.

In closing, Tinubu reassured citizens that the most difficult part of the journey is behind.

“Our journey is not over, but our direction is clear. By the Grace of God, we are confident that the worst is behind us.”