In a nationwide address marking his second anniversary in office, Nigerian President Bola Tinubu on Wednesday declared that “the worst is over” for Nigeria and that the country is poised for a more prosperous future. Reflecting on the progress and challenges of the past two years, Tinubu said that tough economic reforms implemented by his administration are beginning to bear fruit, signaling renewed optimism in Africa’s most populous nation.
Two Years of Tough Decisions and Economic Reforms
President Tinubu, who was sworn in on May 29, 2023, inherited a country grappling with multiple crises: high inflation, surging debt, insecurity, and a weak currency. His administration’s early decisions—most notably, the removal of the longstanding fuel subsidy and the unification of Nigeria’s multiple foreign exchange rates—sparked immediate economic pain, driving up the cost of living and fueling discontent.
However, in his second anniversary speech delivered from the Presidential Villa in Abuja, Tinubu argued that these policies were necessary to save the economy from collapse and set Nigeria on a path to sustainable growth.
“Two years ago, I pledged to make tough choices for our nation’s sake,” Tinubu said. “I know these decisions have not been easy, but today, I can say with conviction that they were the right ones.”
Signs of Economic Recovery
According to the President, the initial hardships caused by subsidy removal and forex reforms are beginning to subside. He cited recent economic indicators showing signs of recovery:
- Inflation: Tinubu said inflation, which peaked at nearly 30% earlier this year, has begun to moderate due to targeted agricultural interventions and the stabilization of the naira.
- Agriculture and Commodities: He noted a decline in the price of rice and other staples, attributing this to government efforts to boost domestic food production and support farmers through credit facilities and fertilizer subsidies.
- Revenue Generation: The President highlighted record revenue generation in the oil and gas sector and a growing tax-to-GDP ratio, which he said rose from 10% to 13.5% within a year thanks to tax reforms led by the Presidential Fiscal Policy and Tax Reforms Committee.
- GDP Growth: Tinubu said Nigeria’s economy grew by 3.5% in the first quarter of 2025, compared to 2.4% in the previous quarter, showing a return to positive growth.
“Despite the bumps in the road, these figures confirm that our reforms are laying the foundation for long-term prosperity,” Tinubu asserted.
Security and National Unity
Beyond the economy, President Tinubu also addressed security challenges that have plagued the nation, including terrorism, banditry, and separatist tensions in parts of the country. He praised the Nigerian armed forces and security agencies for their sacrifices, promising continued investment in modern equipment, intelligence gathering, and community policing initiatives.
“Every Nigerian deserves to live in safety, dignity, and freedom,” Tinubu said. “We will not rest until our communities are secure and our people live without fear.”
Investments in Social Services and Infrastructure
Looking ahead, Tinubu outlined his administration’s continued focus on improving education, healthcare, and infrastructure. He pointed to ongoing road and rail projects, as well as investments in renewable energy and digital technology, as essential building blocks for a more inclusive and competitive economy.
He also pledged to strengthen social safety nets through targeted cash transfer programs and microcredit initiatives aimed at lifting millions out of poverty.
A Message of Unity and Hope
In closing, President Tinubu called on Nigerians to remain patient and united as the country navigates its economic transformation. “I know these past two years have tested our resolve,” he said. “But I assure you that the worst is over. We are on the right track, and the future is bright for Nigeria.”
The President’s speech was met with mixed reactions from citizens and analysts, with some praising his commitment to reforms while others caution that the impact of these policies on ordinary Nigerians remains a critical test of their ultimate success.
