Nigerian President Bola Ahmed Tinubu, who was elected on May 29, 2023, gave a speech earlier today to commemorate his second year in office
In his speech, Tinubu spoke about the achievements his administration has accomplished, stating that his office has laid a sustainable foundation for a more prosperous Nigeria. He also stated that his Renewed Hope Agenda was working to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian.
“We are laying the foundation for a more sustainable future…together, we are creating a system where prosperity is shared, and no one is left behind,” Tinubu stated in his nationwide address.
President Tinubu took time in his nationwide address to thank Nigerians for standing firm through what he described as two difficult years. He acknowledged that the challenges weren’t small but said the country has made real progress thanks to the support and resilience of its people.
“Two years ago, you gave me the responsibility to lead this nation during a time of deep uncertainty,” Tinubu said. “Together, we’ve faced these challenges head-on. From day one, we knew the old ways couldn’t continue. That’s why we took bold steps—removing fuel subsidies and reforming the foreign exchange system—to stop Nigeria from heading toward an even worse crisis.”
He described the subsidy system and the multiple exchange rates as major obstacles, calling them a “chokehold” on the country’s future. Tinubu insisted that these reforms, though painful, were necessary if the government was to remain functional and able to serve Nigerians in the long term.
The President emphasized that the journey of economic recovery is well underway and he pointed to progress in key areas, including improved fiscal stability. According to him, Nigeria’s budget deficit dropped from 5.4% of GDP in 2023 to 3.0% in 2024. External reserves also grew significantly—from $4 billion to over $23 billion—while the country paid off its IMF debts.
“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.
“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
Tinubu credited this turnaround to better revenue collection, ending the reliance on Central Bank overdrafts, and a renewed focus on transparency and accountability in governance.
Beyond the numbers, he highlighted public investment in healthcare and infrastructure. Over 1,000 Primary Health Centres have been revitalised, and more Nigerians now have access to health insurance. Through the Presidential Maternal Health Initiative, over 4,000 free C-sections have been carried out, and three out of six proposed cancer treatment centres are already up and running.
“We are establishing Six new cancer treatment centres. 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.”
“…Through the Renewed Hope Health initiative, our administration has begun equipping health facilities and deploying skilled personnel to unserved areas. We are also strengthening our response to public health threats and implementing targeted social investment schemes.”
On education, the student loan programme and ongoing upgrades to school facilities were presented as key efforts to build up Nigeria’s human capital.He also gave kudos to the National Agency for Science and Engineering Infrastructure (NASENI) for pushing innovation through projects like electric vehicle assembly, Africa’s most advanced Rapid Diagnostic Kit Factory, and programmes like Innovate Naija and NASCAV.
“This is the movement we promised—a government of action powered by the energy and innovation of young Nigerians”
As President Tinubu marked his second year in office, his message was clear: tough reforms have been made, and while the road hasn’t been easy, the administration believes it’s building a stronger economic future. With two more years to go, all eyes are on how those promises and policies will translate into everyday relief and real change for Nigerians.
