In his nationwide address commemorating two years since assuming office, President Bola Tinubu outlined the strides made under his Renewed Hope Agenda to build a sustainable and prosperous Nigeria.
Elected on May 29, 2023, Tinubu emphasized that his administration’s reforms aim to reduce the cost of living, promote economic justice, and create a business-friendly climate that attracts investment.
“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,” he stated.
He praised Nigerians for their perseverance during difficult times and credited their support for enabling his government to confront inherited challenges decisively. Tinubu recalled the immediate measures taken to eliminate fuel subsidies and reform foreign exchange policies, describing these as critical to averting fiscal disaster.
“The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future,” he asserted.
The President highlighted key economic indicators, noting easing inflation, a rebound in the oil and gas sector with rig activity quadrupling since 2021, and fresh investments topping $8 billion. He introduced a new fiscal policy framework to ensure fair taxation, responsible borrowing, and disciplined spending, including the creation of a Tax Ombudsman to safeguard taxpayers.
Fiscal improvements include a sharp decline in the budget deficit, enhanced debt servicing ratios, and a surge in foreign reserves. The government has ceased Ways-and-Means borrowing, and the Nigerian National Petroleum Corporation (NNPC) has become a net contributor to the Federation Account.
Tinubu also spoke about social investments, including upgrading thousands of health centers, expanding cancer and dialysis treatment, increasing health insurance coverage, and supporting education through infrastructure and student loans.
On security, he noted enhanced cooperation among security agencies, successful operations against bandits, and safer transportation routes.
The President concluded by reaffirming his administration’s resolve to build an inclusive Nigeria, expressing gratitude for the sacrifices made by Nigerians and optimism about the country’s future.
