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President Bola Tinubu has marked the halfway point of his term in office with a reflection on key achievements, asserting that his administration has bolstered security across the country and achieved substantial economic progress.
The president celebrated the surge in Nigeria’s external reserves, which he said had grown by nearly 500%—from $4 billion in 2023 to over $23 billion by the end of 2024.
In a detailed statement commemorating his mid-term in office, President Tinubu explained the rationale behind his government’s removal of fuel subsidies and the devaluation of the naira.
Tinubu stated: “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.
“The economic and general situation of the country 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.”
Reflecting on the path his administration has taken, Tinubu emphasised that “while our administration has implemented reforms to restore and reinvigorate our national economy and strengthen our social fabric as a strong and united country, I must thank my fellow citizens for your unrelenting support and belief in the grand vision we share to uplift our nation and renew our collective hopes and aspirations.”
He noted the significance of the two-year milestone, saying, “We are halfway through the journey that began 24 months ago. Today, May 29, 2025, offers our administration the opportunity to share again how far we have gone and our progress in steering our country along the critical path of socio-economic development.”
Reaffirming his dedication to confronting Nigeria’s challenges, Tinubu said: “When we embarked on this journey, propelled by a burst of hope and abiding faith in Nigeria’s unity and progress, I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on by rebuilding trust, fostering prosperity, and restoring our nation’s economic health.”
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“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” he declared.
Outlining the pillars of his administration’s agenda, Tinubu explained: “Under our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift our people out of poverty.”
He acknowledged the challenges and sacrifices these reforms have required, saying, “While implementing the reforms necessary to strengthen our economy and deliver shared prosperity, we have remained honest by acknowledging some of the difficulties experienced by our compatriots and families. We do not take your patience for granted.”
Highlighting the stakes, Tinubu said, “I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall. Despite the bump in the cost of living, we have made undeniable progress.”
He noted, “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.”
On the nation’s fiscal health, the president affirmed, “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,” he stated.
He detailed further reforms: “We have discontinued Ways and 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.”
He added, “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.”
“Thanks to our reforms, state revenue increased by over N6 trillion in 2024, ensuring that sub-national governments can reduce their debt burden, meet salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development,” he said.
The president highlighted taxation as a major area of reform: “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.”
He promised relief for small businesses and households, saying, “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.”
He added, “We are ending the era of wasteful and opaque tax waivers. Instead, we have introduced targeted and transparent incentives supporting high-impact manufacturing, technology, and agriculture sectors. These reforms are not just about revenue but about stimulating inclusive economic growth.”
Tinubu spoke on the government’s approach to ensuring fairness, noting, “There is a deliberate focus on our youth, who a friendlier tax environment for digital jobs and remote work will empower. Through export incentives, Nigerian businesses will be able to compete globally. Our National Single Window project streamlines international trade, reduces delays, and enhances Nigeria’s competitiveness.”
“To promote fairness and accountability, we are establishing a Tax Ombudsman, an independent institution that will protect vulnerable taxpayers and ensure the system works for everyone, especially small businesses,” he said.
The president outlined a new fiscal policy to guide future spending: “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.”
He stressed, “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.”
On efforts to diversify the economy, Tinubu said, “We have breathed new life into the solid minerals sector as part of our efforts to diversify the economy. Revenue has increased phenomenally, and investors are setting up processing plants as the sector dumps the old pit-to-port policy and embraces a new value-added policy. We have also repositioned our health sector despite all odds.”
“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,” he said.
He added, “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.”
The president underscored the progress in economic output, saying, “As a result of our bold and deliberate policies, the economy is growing stronger again. Real GDP rose by 4.6% in Q4 2024, with full-year growth of 3.4%. This is one of the strongest in a decade.”
Acknowledging that security is foundational to all progress, Tinubu stated, “Without a responsive and reliable national security infrastructure that can protect lives and properties, our economy will not perform optimally, and those who seek to harm us will impair and disrupt our way of life. Our administration is committed to the security and safety of our people. For our government, protecting our people and their peaceful way of life is the utmost priority.”
He praised the dedication of security personnel, saying, “Since I assumed our country’s leadership, our administration has improved collaboration among security agencies, increased intelligence-driven operations, and better ensured the welfare of our armed forces and security personnel.
“I use this opportunity to salute the courage and everyday sacrifice of our service men and women. We may not always witness the tremendous efforts they make to keep us safe, but we benefit every day from the results of their dedication. Even if we do not thank them often enough, they willingly face danger so we can go about our lives freely and without fear.
“Our military, police, and intelligence agencies are committed to always responding to emerging security threats and new challenges because it is the patriotic duty they owe a grateful nation.”
He said progress has been made in restoring safety, particularly in the North-West: “Amid the new security challenges, we can report some successes. In some areas of the North-West, hitherto under the control of bandits, our gallant armed forces have restored order, reducing and eliminating threats to lives and livelihoods.”
“With the success achieved, farmers are back tilling the land to feed us. Highways, hitherto dangerous for travellers, have become safer. Our security agencies have succeeded many times in rescuing the abducted citizens from the hands of their tormentors,” he said.
Tinubu promised unwavering vigilance: “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.”
Beyond security, Tinubu stressed his focus on human capital development: “Outside of security, we have prioritised human capital development as a central pillar of our national development strategy.
“To this end, we have significantly expanded access to quality education through infrastructure investments and the student loan scheme to support indigent students in tertiary institutions. Through the Renewed Hope Health initiative, our administration has begun equipping health facilities and deploying skilled personnel to unserved areas.”
He also spoke of social initiatives: “We are also strengthening our response to public health threats and implementing targeted social investment schemes. Our youth empowerment initiatives include access to funds, skills development, and creating employment opportunities. Through our MSME support, we empower the next generation and bridge inequality.”
“In our mission to empower the next generation, we have taken bold steps to place young Nigerians at the heart of national development,” he stated.
He praised efforts at the National Agency for Science and Engineering Infrastructure (NASENI): “Nowhere is this more evident than at the National Agency for Science and Engineering Infrastructure, NASENI, where the current management is making giant strides. NASENI has embraced a digital-first approach, introduced real-time dashboards, and implemented end-to-end e-procurement through its Unified ERP System—setting a new governance benchmark for public institutions.”
“Through bold, high-impact programmes like Innovate Naija, Irrigate Nigeria, the Asset Restoration Programme, and the Renewable Energy and Innovation Park in Gora, NASENI drives inclusive industrialisation at scale,” he said.
He added, “From assembling electric vehicles and reviving idle assets to launching Africa’s most advanced Rapid Diagnostic Kit Factory and training female drone engineers through the NASCAV programme, these initiatives are creating jobs, restoring dignity to work, and opening up a future of possibilities for our youth.
“This is the movement we promised—a government of action powered by the energy and innovation of young Nigerians.”
He reaffirmed that agriculture and food security remain key pillars of his administration’s Renewed Hope Agenda: “Agriculture and food security are top priorities of our Renewed Hope Agenda. We have launched aggressive initiatives to boost local food production, support farmers, and stabilise food prices. We have also invested in mechanised farming by procuring thousands of tractors, other farming tools, and fertilisers.”
On infrastructure, Tinubu said, “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-Ogbomoso Road, 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 further outlined progress in energy access: “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.”
He also highlighted an upcoming cultural milestone: “In the spirit of democracy and national renewal, we are preparing to welcome the world to Nigeria soon for the Motherland Festival. This landmark gathering will spotlight our rich heritage, dynamic creative industries, and the vibrant energy of our people. It will showcase Nigeria’s beauty through tourism, culture, and innovation, inviting the world to rediscover our nation.”
He acknowledged the contributions of Nigerians abroad: “The Nigerian Diaspora plays a vital role in our national transformation. Their expertise, investment, and global perspective are key to shaping the future we seek. In recognition, the government has introduced policies like the diaspora bond and the non-resident Bank Verification Number to make it easier for Nigerians abroad to invest, engage, and contribute meaningfully to the country’s progress.”
In closing, Tinubu said, “The Motherland Festival will bring together voices from across the continent and the diaspora in a decisive moment of unity and purpose, affirming that Nigeria is not only a leader in Africa but a committed global partner ready to engage, inspire, and lead.”
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