May 29 Speech: Our Economic Reforms Are Working – Tinubu

By Ologeh Joseph Chibu

President Bola Ahmed Tinubu, in a national broadcast commemorating the second anniversary of his administration, declared that Nigeria is on course toward economic stability and growth, citing the impact of his government’s sweeping reforms and the enduring resilience of the Nigerian people.

“Fellow Nigerians, as we mark the second anniversary of our administration, I salute your resilience and undaunting spirit,” Tinubu said in his speech from Aso Rock. “Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination.”

Reflecting on his administration’s economic policy decisions, the president defended the removal of fuel subsidies and the overhaul of the foreign exchange system. “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. The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future,” he stated.

The president noted that his government is halfway through its first term and outlined key achievements under the “Renewed Hope Agenda,” including tackling economic instability, improving national security, and initiating tax reforms.

“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” he said, while acknowledging the hardships many Nigerians are experiencing. “We do not take your patience for granted.”

He highlighted signs of economic recovery, including a decrease in inflation and improved investor confidence. “Inflation has begun to ease, with rice prices and other staples declining. The oil and gas sector is recovering… over $8 billion in new investments have been committed,” he said.

Tinubu also cited a narrowing fiscal deficit, increased state revenue, and reforms in the taxation system. “By the end of 2024, our tax-to-GDP ratio rose from 10% to over 13.5%, a remarkable leap in just one year,” he said. Essential goods and services including food, education, healthcare, rent, and public transportation will now attract zero VAT, he added.

On national security, the president emphasized the ongoing collaboration among security agencies and improvements in intelligence-led operations. “In some areas of the northwest, hitherto under the control of bandits, our gallant armed forces have restored order… Highways, hitherto dangerous for travellers, have become safer.”

In healthcare, Tinubu listed milestones such as revitalising over 1,000 primary health centres and launching the Presidential Maternal Health Initiative. “Over 4,000 women have undergone free cesarean sections,” he said, adding that health insurance coverage had expanded from 16 million to 20 million Nigerians in just two years.

Turning to infrastructure, the president enumerated road and energy projects across the nation and reaffirmed the administration’s commitment to human capital development. “We have significantly expanded access to quality education… and student loan schemes to support indigent students in tertiary institutions.”

The president hailed the strides made by the National Agency for Science and Engineering Infrastructure (NASENI), singling out digital transformation and job creation initiatives such as the Innovate Naija programme and the Renewable Energy and Innovation Park in Gora.

On agriculture and food security, Tinubu assured citizens that “We have launched aggressive initiatives to boost local food production, support farmers, and stabilise food prices.”

He also unveiled plans to host the Motherland Festival, a global cultural event meant to highlight Nigeria’s creative industries and diaspora engagement. “It will showcase Nigeria’s beauty through tourism, culture, and innovation,” he said.

Addressing the diaspora directly, Tinubu said: “Their expertise, investment, and global perspective are key to shaping the future we seek.”

President Tinubu concluded his speech with a message of hope and resolve: “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. The real impact of our governance objectives is beginning to take hold. The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.”