In a comprehensive national address marking his administration’s second anniversary, President Bola Ahmed Tinubu struck a tone of cautious optimism, declaring that “the worst is behind us” following the implementation of bold but painful economic reforms.
Speaking against the backdrop of Nigeria’s gradual economic recovery, the President offered a detailed account of his administration’s achievements while acknowledging the significant hardships endured by citizens during this transitional period.
With measured conviction, Tinubu defended his controversial decisions to remove the decades-old fuel subsidy and unify the foreign exchange windows, describing these as unavoidable choices that rescued the nation from impending fiscal disaster. “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,” he explained, adding that “The two were no longer sustainable and had become a chokehold on our nation’s neck, strangling our nation’s future.”
The President presented an array of economic indicators to demonstrate tangible progress, painting a picture of a nation gradually emerging from crisis. Inflation, which had soared to alarming heights, has begun its downward trajectory, bringing modest relief to households struggling with high prices.
The energy sector shows remarkable revival, with oil rig counts surging by an impressive 400% and $8 billion in new investments flowing into the sector. Perhaps most strikingly, Nigeria’s external reserves have rebounded from a precarious $4 billion to a more robust $23 billion, while the fiscal deficit has been nearly halved from 5.4% to 3% of GDP – achievements the administration attributes to disciplined fiscal management and improved revenue generation.
Tinubu particularly emphasized the success of tax reforms that have increased government revenue without placing additional burdens on ordinary Nigerians. Through careful policy design, essential items including basic foodstuffs, educational materials, and healthcare services now carry zero VAT, while rents and public transportation enjoy full exemptions. “By the end of 2024, our tax-to-GDP ratio rose from 10% to over 13.5%, a remarkable leap in just one year,” the President noted with evident satisfaction, promising further reforms to create an even more business-friendly environment that would spur economic growth and job creation.
Beyond economic metrics, the address covered significant ground in other critical areas. On security, Tinubu praised the gallantry of Nigeria’s armed forces in reclaiming territories previously controlled by bandits and terrorists, though he cautioned against complacency. “Every Nigerian deserves to live without fear,” he declared, pledging continued support for security personnel while warning criminal elements that the government would not relent in its efforts to restore peace and order across the nation.
The President also highlighted substantial investments in healthcare, including the establishment of six new cancer treatment centers, the provision of free dialysis services in pilot hospitals, and a maternal health initiative that has facilitated over 4,000 free c-sections. The administration’s ambitious plan to revitalize primary healthcare is seeing over 1,000 centers undergoing renovation nationwide, with an additional 5,500 slated for upgrades.
Infrastructure development formed another cornerstone of the address, with Tinubu detailing progress on major projects like the historic Lagos-Calabar Coastal Highway, the Abuja-Kaduna-Zaria-Kano Dual Carriageway, and the Second Niger Bridge access roads. These projects, spread across all geopolitical zones, represent what the administration calls its “infrastructure revolution” designed to boost economic connectivity and create jobs.
Looking to the future, the President announced plans for a grand “Motherland Festival” that would showcase Nigeria’s rich cultural heritage to the world, combining tourism promotion with economic diplomacy. He also recognized the vital role of the Nigerian diaspora, noting new policies like the diaspora bond and non-resident BVN program designed to facilitate their contributions to national development.
In his closing remarks, Tinubu struck a unifying tone, acknowledging the sacrifices made by ordinary Nigerians while expressing confidence in the nation’s collective future. “The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of,” he affirmed, his words carrying both a promise and a challenge to the nation.
The address, while celebrating measurable progress, also subtly acknowledged the work remaining to fully realize the administration’s Renewed Hope agenda, setting the stage for what promises to be a crucial third year in office.
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