President Bola Tinubu on Thursday declared that the several reforms embarked on by his government in the last two years, including the removal of subsidies on petrol, and unification of multiple exchange rates into a single, market-driven rate, effectively allowing the naira to float freely, although painful temporarily, were working.
The President in a statement to mark his second year anniversary in office, said the toughest phase of the administration’s reforms were over, with the country now on a path to economic stability, improved security, and inclusive national development.
President Tinubu described the past two years as a period of “bold decisions and shared sacrifice,” citing the removal of fuel subsidies and the unification of foreign exchange rates as crucial steps taken to prevent national fiscal collapse.
“These were necessary actions to stop our country from further drifting into the precipice,” he said. “Our economic reforms are working. We are on course to building a greater, more economically stable nation.”
President Tinubu noted that inflation has begun to ease, rice and staple food prices are stabilizing, and the oil and gas sector has attracted over $8 billion in new investments in 2025 alone.
According to President Tinubu, Nigeria’s debt service-to-revenue ratio has dropped significantly, external reserves have risen to over $23 billion, and the fiscal deficit has narrowed from 5.4 percent to 3.0 percent of GDP.
He highlighted a leap in state revenues, a more transparent tax system, and rising confidence among international investors as signs that the economic restructuring is taking root.
The new national fiscal policy, targeted incentives for industries, and the introduction of a Tax Ombudsman were also revealed by the President as key reforms meant to deliver economic justice and promote small businesses.
Speaking on security, President Tinubu acknowledged ongoing threats but credited improved coordination among security agencies for the restoration of order in bandit-hit areas and safer highways.
“We shall remain vigilant,” he declared.
The President praised the Armed Forces for their sacrifices and promising continued investment in national defense and provided updates on other pillars of his Renewed Hope Agenda.
The pillars he said include;
- Revitalization of over 1,000 Primary Health Centres, free dialysis services, and expansion of health insurance coverage from 16 to 20 million.
- Launch of the student loan scheme and infrastructure expansion to increase access to tertiary education.
- Deployment of digital governance at NASENI and support for youth-led innovation through programmes like *Innovate Naija* and *Irrigate Nigeria*.
- Mechanised farming initiatives to boost food security and reduce dependence on imports.
- Major road and energy infrastructure projects across the country.
- Preparations for the upcoming *Motherland Festival*, aimed at celebrating Nigeria’s heritage and strengthening diaspora engagement.
President Tinubu therefore, appealed for continued unity and faith in the future.
He said “Our journey is not over, but our direction is clear. So is our resolve to tackle emerging challenges. By the Grace of God, we are confident that the worst is behind us. Together, we will build a stronger,
