Delivering his anniversary speech in Abuja, President Tinubu described his first two years in office as a period of “historic challenges” but insisted that his government’s decisive interventions — notably the removal of fuel subsidies and consolidation of the foreign exchange system — have reversed Nigeria’s economic decline.
“These two policies were no longer sustainable and had become a chokehold on our nation’s neck,” Tinubu said. He highlighted progress in stabilising the naira, ramping up oil production, and achieving a 4.6% GDP growth in Q4 2024.
The President also claimed notable gains in security, with armed forces “restoring order” in parts of the northwest previously beset by banditry. He praised the military’s “courage and everyday sacrifice,” while urging continued vigilance to safeguard lives and property.
On fiscal policy, Tinubu pointed to a narrowing deficit — from 5.4% of GDP in 2023 to 3.0% in 2024 — and a surge in national revenue that allowed for greater investment in critical infrastructure and social services. He also announced that tax reforms have pushed Nigeria’s tax-to-GDP ratio from 10% to 13.5% within one year.
“Despite the bump in the cost of living, we have made undeniable progress,” the President said, promising that his administration’s reforms would ultimately lower the cost of living, spur inclusive growth, and create opportunities for all Nigerians.
Security, education, health, and youth empowerment formed core themes of Tinubu’s address, with the President listing the revitalisation of over 1,000 primary health centres and initiatives to expand youth access to jobs and skills.
Looking ahead, Tinubu declared, “Our journey is not over, but our direction is clear… By the Grace of God, we are confident that the worst is behind us.”
The President concluded his address with a nod to national unity and the upcoming Motherland Festival, which he said will highlight Nigeria’s rich culture and creative industries, inviting the world to “rediscover our nation.”
