President Bola Ahmed Tinubu delivered a comprehensive national address on May 29, 2025, marking his second year in office. In his speech, he emphasized that his administration has “rescued Nigeria from the brink of collapse,” noting significant improvements in economic stability, national security, and long-term developmental planning.
Reflecting on the challenges faced since taking office, Tinubu explained how urgent reforms were implemented to reverse the country’s downward economic trajectory. He stated that two bold measures—the removal of fuel subsidy and the unification of foreign exchange rates—were critical to preventing fiscal collapse.“We had no choice,” Tinubu said. “If we had continued on the old path, Nigeria would have faced an unsustainable economic crisis. These reforms, though painful, have placed our nation on a firmer footing.”
The president acknowledged the public frustration resulting from increased living costs following the subsidy removal but insisted that these sacrifices are already yielding benefits. He cited improved macroeconomic indicators such as GDP growth, a narrowing fiscal deficit, and rising external reserves.
“In the last quarter of 2024, Nigeria’s real GDP grew by 4.6%, and we closed the year with an average growth rate of 3.4%—one of the highest in recent memory,” he announced.
He went on to list milestones in revenue generation and debt management, including a sharp drop in the debt service-to-revenue ratio and an increase in external reserves from $4 billion to $23 billion between 2023 and 2024. The government has also discontinued Ways and Means financing, a move he said would curb inflationary pressures.
Additionally, Tinubu highlighted the impact of tax reforms, reporting a tax-to-GDP ratio increase from 10% to 13.5%. He promised that essential goods and services such as food, education, healthcare, public transport, and renewable energy will be VAT-exempt moving forward.
“To ensure fairness in tax implementation, we are launching an independent Tax Ombudsman to protect the rights of taxpayers, particularly small businesses,” he added.
In terms of infrastructure, Tinubu mentioned several federal road projects including the Lagos-Calabar Coastal Highway, the Abuja-Kaduna-Zaria-Kano Road, and the Second Niger Bridge Access Road. He also referenced progress in electricity generation through grid upgrades and solar energy investments.
Health sector gains were also discussed, with over 1,000 Primary Health Centres revitalized and plans for 5,500 more underway. Tinubu announced that three out of six proposed cancer centres were operational and praised the Presidential Maternal Health Initiative for offering over 4,000 free cesarean procedures. Health insurance coverage has also expanded to 20 million Nigerians.
On the education front, Tinubu cited new student loan programs and infrastructure investments aimed at improving access and quality. Youth and MSME empowerment initiatives are being expanded, and the National Agency for Science and Engineering Infrastructure (NASENI) is pioneering efforts in electric vehicle assembly and drone technology training for women.
Regarding national security, Tinubu reported enhanced inter-agency collaboration and intelligence-sharing, which has led to a reduction in violence in previously volatile regions. He praised the military and security forces for restoring peace in parts of the North-West and supporting farmers’ return to their fields.
“Security is foundational to our development. Without safety, nothing else will work,” Tinubu declared. “Our armed forces and intelligence agencies remain vigilant and committed to protecting lives and property.”
He also outlined Nigeria’s ambitions on the global stage, introducing the Motherland Festival—a cultural and tourism initiative to showcase Nigeria’s rich heritage and engage the diaspora. The president expressed optimism that diaspora bonds and new policies would help attract investments from Nigerians living abroad.
“Nigeria is not only a leader in Africa but a committed global partner,” Tinubu said. “Through the Motherland Festival and other initiatives, we are telling our story, opening our doors, and inviting the world to witness our transformation.”
Despite the administration’s optimistic outlook, opposition parties have offered a contrasting view. The Peoples Democratic Party (PDP) called Tinubu’s performance a “monumental disaster,” while the Labour Party said the country had been “plunged into untold hardship.”
Tinubu, however, remained resolute, thanking Nigerians for their patience and assuring them that the current sacrifices are paving the way for shared prosperity and sustainable development.